5 Things You Need to Know Before the Stock Market Opens
BOSTON (TheStreet) -- The reported death of deposed Libyan leader Moammar Gaddafi leads your quick fix of company, market, economic and investing news for Thursday, Oct. 20.
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Thursday's Biggest Stories
The guy responsible for chiseling the tombstone needs some help: Gaddafi? Gadhafi? Qaddafi? [Reuters]
How do you say "recession" in German? The country is now predicting economic growth of only 1% next year, down from the previous estimate of 1.8%.[BBC]
Bank of America (BAC) must feel like it's in the Bill Murray movie Groundhog Day: California has reportedly subpoenaed the bank over mortgage-backed securities sold by Countrywide. [LA Times] Initial jobless claims fall but still stay above 400,000. [MarketWatch] Groupon is giving this IPO thing another try, this time with less accounting fuzziness and a valuation of only $12 billion. [NYT DealBook]Quote of the Day
"You cannot sustain these deficits. You cannot undercut the people that create the jobs ... the Democratic agenda of spend-and-bribe-the public is bankrupting this country, and until it stops, the citizens of this country are in for more hard times," Wynn Resorts (WYNN) Chairman and CEO Steve Wynn said during the company's quarterly conference call, in another shot at President Obama's administration. [CNBC]Other Company News
Jerry Yang says Yahoo! (YHOO) may not necessarily be for sale, even as the company bans bidders from cross-talk. [Bloomberg] If you sold your Apple (AAPL) shares after yesterday's selloff, someone is calling you an idiot. [Tech Crunch] One day after Microsoft (MSFT) CEO Steve Ballmer said he was lucky his company didn't buy Yahoo! for $45 billion, he's now thinking of buying Yahoo! at closer to $20 billion. [Wall Street Journal]Markets
German Chancellor Angela Merkel is risking her political livelihood on fixing the European debt crisis. [Bloomberg] The standard of living for Americans keeps dropping like a stone. [Christian Science Monitor] The father of computer trading now says high-speed trading is bad for the stock market. [Wall Street Journal]Investment Strategy
Three Dow stocks coming to life after doing nothing for a decade. [ChessNWine] Why moving to cash now is a mistake. [iShares Blog]Odds and Ends
A useful Venn diagram of where the Tea Party and Occupy Wall Street differ and agree. [The Atlantic] Usually I try to start your trading day with a music video. Today, though, I'm giving you a video on AIG (AIG) that is too unbelievable to be true. [Wall Street Journal] -- Written by Robert Holmes in Boston.>To contact the writer of this article, click here: Robert Holmes. >To follow Robert Holmes on Twitter, go to http://twitter.com/RobTheStreet. >To submit a news tip, send an email to: tips@thestreet.com.
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