BOSTON (TheStreet) -- The dramatic spike in Italian bond yields leads your quick fix of company, market, economic and investing news for Wednesday, Nov. 9.
Wednesday's 5 Biggest Stories
Silvio Berlusconi says he's going to stick around just a little bit longer for the austerity vote. The Italian 10-year bond yield spikes above 7.2%. This is not a coincidence. [NYT]
Greek Prime Minister George Papandreou is expected to offer his resignation at 10 a.m. New York time. [Reuters]
Even in Europe, banks will do whatever they can to avoid capital rules. Time to read up on "risk-weighted asset optimization." [Bloomberg]General Motors (GM) says it earned $1.7 billion in the third quarter and the stock falls 5%. [Detroit Free Press] Microsoft (MSFT) + Yahoo! (YHOO) + AOL (AOL). I'm totally sure Google (GOOG) is quaking in its boots right now. [WSJ]
Quote of the Day"If we do not act, and act together, we could enter a downward spiral of uncertainty, financial instability, and a collapse in global demand. Ultimately we could face a lost decade of low growth and high unemployment," Christine Lagarde, head of the International Monetary Fund, said of the risks to the global economy. [Bloomberg Businessweek]
Company NewsInteractive Brokers (IBKR) Chairman and CEO Thomas Peterffy bought 8 million shares of MF Global as the company fell into bankruptcy. [Bloomberg] Stealing cars and shooting terrorists are extremely popular businesses. Just ask Activision Blizzard (ATVI) and Take-Two Interactive (TTWO). [Hollywood Reporter] The fraud scandal involving Japanese camera maker Olympus grows more interesting by the day. [NYT] Looks like the late Apple (AAPL) co-founder Steve Jobs was right. Adobe (ADBE) will stop developing Flash for mobile browsers. [ZDNet]
MarketsBill Clinton and Newt Gingrich both admit they were wrong to repeal Glass-Steagall. [Slate] Your good-news alert for today: Job openings hit a three-year high in September, which means companies are planning to hire. [Bloomberg] Inflation? What inflation? The International Energy Agency says oil could reach $150 a barrel in the near term. [Reuters]
Investment StrategyTaking a closer look at the financial sector. [Market Anthropology] The hedge fund managers that millionaires trust the most. [Reuters]
Odds and EndsHow a financial professional lost his house. Occupy Wall Street has their violins ready. [NYT] It's always fun when hedge fund managers and politicians clash. [Bloomberg] Heavy D died yesterday at the age of 44. If you were a kid in the 1980s learning about hip hop, you have nothing but love for Heavy D and the Boyz. [YouTube] -- Written by Robert Holmes in Boston.
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