This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bernanke Speech: Wednesday's Headlines

NEW YORK (TheStreet) -- Here are the top stock market headlines for the morning of Wednesday, June 9, 2010.

Wednesday's Early Headlines

  • Bernanke Set to Testify Before House Budget Committee on Economy -- Federal Reserve Chairman Ben Bernanke will testify on Capitol Hill on economic and financial conditions as well as the federal budget beginning at 10 a.m. ET. Later, Bernanke will speak on workforce development at the Richmond Federal Reserve following the release of the central bank's Beige Book report on economic activity in its 12 districts.
  • Mortgage Applications, Rates Fall During Holiday Week -- The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, fell by a seasonally adjusted 12.2% last week, or 21.1% when unadjusted for the Memorial Day holiday. Refinancing applications were down 14.3% from the prior week, while purchasing applications fell 5.7% compared with the previous week, the survey showed. Michael Fratantoni, MBA's Vice President of Research and Economics, said purchase applications are now 35% below their level of four weeks ago, "as homebuyers have not yet returned to the market following the expiration of the homebuyer tax credit at the end of April." The average 30-year fixed-rate mortgage rate dipped to 4.81% last week from 4.83% the previous week, the MBA said.
  • China's AgBank Plans Record IPO -- Agricultural Bank of China's plans for an initial public offering in Shanghai and Hong Kong has been approved by China's stock regulator. The IPO, which expected to raise between $23 billion and $30 billion depending on where shares are priced, would exceed the world record previously set by Industrial & Commercial Bank of China, whose $21.9 billion dual Hong Kong-Shanghai IPO in October 2006.
  • Allscripts to Buy Eclipsys for $1.3 Billion -- Health care software company Allscripts (MDRX) agreed to acquire rival Eclipsys (ECLP), a provider of software for hospitals and clinicians, for $1.3 billion in stock. Eclipsys stockholders will receive 1.2 shares of Allscripts for each share of Eclipsys. The deal represents a 19% premium based on the closing stock price of Eclipsys on Tuesday of $18.51.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,985.61 +78.99 0.47%
S&P 500 1,972.83 +9.12 0.46%
NASDAQ 4,419.0340 +27.5710 0.63%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs