BOSTON (TheStreet) - The latest developments from the emergency European Union summit leads your quick fix of company, market, economic and investing news for Friday, Dec. 9.
Friday's 5 Biggest Stories
A full euro zone fiscal compact doesn't get unanimous support. Whether this is good or bad news, honestly, I don't think anyone knows. [MarketWatch]
According to the new plan, European central banks will loan $266 billion to the IMF to fight the debt crisis. [Bloomberg]
One thing that is clear: Angela Merkel can't be too happy. The European Union now says investors will not share in the cost of bailouts. [Bloomberg]The EU summit continues today, but some say Merkozy have already failed to save the eurozone. [FT] Moody's provides the EU with another kick in the pants, downgrading the debt of Societe Generale, BNP Paribas and Credit Agricole. [Reuters]
Quote of the Day"We're not in the euro and I'm glad we're not in the euro. We're never going to join the euro and we're never going to give up this kind of sovereignty that these countries are having to give up," said U.K. Prime Minster David Cameron, defending his stance on the revisions of the euro treaty. [Sky News]
Company NewsHewlett-Packard (HPQ) will likely decide the fate of Palm's webOS software today. [PreCentral] Bad news for chipmakers: Texas Instruments (TXN) and Altera (ALTR) both cut their guidance on weaker demand. [WSJ] Toyota (TM) expects a 54% drop in net income this fiscal year. [Reuters] Four in, four out: AGL Resources (AGL), BorgWarner (BWA), Perrigo (PRGO) and Dollar Tree (DLTR) will be added to the S&P 500 next week. [CBS News]
MarketsIn Russia, populous rage swells over election fraud allegations. Russian equity markets are down 3% overnight. [Bloomberg] China's inflation is the lowest since September 2010, another bad sign for the country's economic growth. [CNN] Jon Corzine is stunned by MF Global's missing cash. So are your investors, dude. [NYT DealBook]
Investment StrategyWhy is Apple (AAPL) stuck in a range, and how do you trade it? [MarketWatch] Want to invest like George Soros? Buy a bunch of European sovereign debt from Jon Corzine! [WSJ] Gluskin Sheff's David Rosenberg wants you to buy safety and income at a reasonable price in 2012. [Pragmatic Capitalism]
Odds and EndsU.S. household wealth had its biggest quarterly loss since 2008. Who says things are improving for Americans? [LA Times] Kiss your frack goodbye. The EPA has found fracking chemicals in a Wyoming drinking-water aquifier. [Bloomberg] Happy Friday. Welcome to the weekend. Here's an Iggy Pop song to get you excited. [YouTube] -- Written by Robert Holmes in Boston.
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