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5 Things You Need to Know Before the Stock Market Opens

BOSTON ( TheStreet) -- The decision on rates by the European Central Bank ahead of the emergency European Union summit leads your quick fix of company, market, economic and investing news for Thursday, Dec. 8.

Thursday's 5 Biggest Stories

Listen, Mario, the ECB rate cut is nice and all. But tell us about more bond purchases, man! [<a href="http://www.marketwatch.com/story/ecb-cuts-key-lending-rate-to-1-from-125-2011-12-08-745440" target="blank" rel="nofollow">MarketWatch</a>]

Meanwhile, all eyes are on Brussels as the emergency European Union summit on the debt crisis begins. [<a href="http://www.latimes.com/business/la-fi-stocks-europe-20111208,0,1741867.story" target="blank" rel="nofollow">LA Times</a>]

The outlook for a resolution can't be too positive if European central banks are prepping for a euro breakup. [<a href="http://online.wsj.com/article/SB10001424052970203413304577084483874422516.html" target="blank" rel="nofollow">WSJ</a>]

Jon Corzine should be scared. If we've learned anything, testifying before Congress ruins everyone. Just ask Lloyd Blankfein and Vikram Pandit. [<a href="http://www.washingtonpost.com/business/corzine-could-face-tough-questions-from-former-colleagues-on-role-in-leading-failed-mf-global/2011/12/08/gIQAlLUTeO_story.html" target="blank" rel="nofollow">Washington Post</a>]

Your Mildly Positive News Alert: French banks' capital shortfall shrank from the gaps reported in October. [<a href="http://www.bloomberg.com/news/2011-12-07/french-banks-capital-gap-said-to-have-shrunk-in-new-stress-test.html" target="blank" rel="nofollow">Bloomberg</a>]

Quote of the Day

"I simply do not know where the money is ... There were an extraordinary number of transactions during MF Global's last few days," former MF Global CEO Jon Corzine will tell the House Agriculture Committee, according to prepared remarks. [<a href="http://online.wsj.com/article/SB10001424052970203413304577085953794621344.html" target="blank" rel="nofollow">WSJ</a>]

Company News

Costco Wholesale (COST - Get Report) is also seeing costs rise. [<a href="http://www.bloomberg.com/news/2011-12-08/costco-first-quarter-profit-trails-analysts-estimates-on-rising-costs.html" target="blank" rel="nofollow">Bloomberg</a>]

How serious is Apple (AAPL - Get Report) about television? The new iMac refresh could include TV functionality. [<a href=" http://www.forbes.com/sites/ericsavitz/2011/12/07/apple-will-next-gen-imac-have-apple-tv-built-in/" target="blank" rel="nofollow">Forbes</a>]

McDonald's (MCD - Get Report) comp store sales for November crush it around the world. [<a href="http://www.marketwatch.com/story/mcdonalds-delivers-strong-performance-worldwide-november-comparable-sales-rise-74-2011-12-08" target="blank" rel="nofollow">MarketWatch</a>]

Local banks are on high alert after a letter bomb was found at Deutsche Bank (DB - Get Report) in Germany. [<a href="http://www.foxnews.com/us/2011/12/07/nypd-puts-local-banks-on-alert-after-parcel-bomb-found-in-germany/" target="blank" rel="nofollow">Fox News</a>]

Markets

I don't want to alarm you, but the market is testing the same levels it broke through after the Lehman Brothers collapse. [<a href="http://www.marketanthropology.com/2011/12/return-to-scene-of-crime.html" target="blank" rel="nofollow">Market Anthropology</a>]

Everyone is so caught up in the euro crisis that the U.K. feels a little left out. After all, they'll sink along with the eurozone countries. [<a href="http://www.nytimes.com/2011/12/08/world/europe/britain-suffers-as-a-bystander-to-europes-crisis.html" target="blank" rel="nofollow">NYT</a>]

Nearly 40,000 full-time jobs in Australia were lost last month as the unemployment rate rose to 5.3%. [<a href="http://www.canberratimes.com.au/news/local/news/general/jobs-lost-but-act-steady/2386140.aspx" target="blank" rel="nofollow">Canberra Times</a>]

Investment Strategy

Bank of America (BAC - Get Report) shares have been on a tear lately. Here's how they could get back to $7. [<a href="http://slopeofhope.com/2011/12/chartwork-on-bac-paulenoff.html" target="blank" rel="nofollow">Slope of Hope</a>]

How the euro debt crisis has created plenty of opportunity in emerging markets stocks. [<a href="http://pragcap.com/nomura-the-primary-reason-to-be-bullish-lehman-2-0-isnt-coming" target="blank" rel="nofollow">Pragmatic Capitalism</a>]

It's the most wonderful time of the year ... for small-cap stocks! [<a href="http://blog.stocktradersalmanac.com/post/Almost-Free-Lunch-Time--Small-Cap-Strength-Starts-Mid-December" target="blank" rel="nofollow">Stock Traders' Almanac</a>]

Odds and Ends

So much for conviction: An Occupy Wall Street protestor now has a job on Wall Street. [<a href="http://www.cnn.com/2011/12/07/us/occupy-wall-street-job/index.html" target="blank" rel="nofollow">CNN</a>]

"Europe," "Occupy," and "Merkozy" lead a completely arbitrary list of top finance terms in 2011. [<a href="http://www.thereformedbroker.com/2011/12/07/top-twenty-financial-words-of-2011/" target="blank" rel="nofollow">Reformed Broker</a>]

All of this repeated talk of Europe has my favorite U.K. band on my mind. Your Thursday morning video comes from The Smiths. [<a href="http://www.youtube.com/watch?v=kGnjrTkv1gs" target="blank" rel="nofollow">YouTube</a>]

-- 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.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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