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5 Things You Need to Know Before the Stock Market Opens

BOSTON (TheStreet) -- The global reaction to the Federal Reserve's latest statement on interest rates leads your quick fix of company, market, economic and investing news for Wednesday, Dec. 14.

Wednesday's 5 Biggest Stories

The Federal Reserve did nothing yesterday with interest rates or the central bank's communications strategy. But there still were some noticeable changes. [Aleph Blog]

Nokia (NOK) will reportedly sell its smartphone unit to Microsoft (MSFT) early next year. [IntoMobile]

Remember Germany's disastrous bond auction a few weeks ago? Today, Germany sold 2-year debt at near zero percent. [Reuters]

On the other hand, Italy's borrowing costs surged after its own bond auction, with the 10-year yielding 7% and the 5-year yielding 6.6%. [WSJ]

OPEC reportedly sets a production limit of 30 million barrels per day to rebuild global inventories. [Reuters]


Quote of the Day

"You know, I mean, I can argue that someone else could think that a -- being short in front of a 'sell' recommendation is a non-event because it's not going to move the stock, and somebody else would think, you know, that's trading on material nonpublic information regardless if it moves the stock or not. These are judgment calls," Steven Cohen, manager of hedge fund SAC Capital, said during a two-day deposition on the subject of insider trading, according to a transcript. [Reuters]


Company News

There is a lot of research out on Groupon (GRPN) as the quiet period ends today, but was yesterday's pop the biggest reaction we'll see? [WSJ]

Avon (AVP) shows its long-tenured CEO the door after a 45% drop in share price this year. [WSJ]

More bad news for the solar industry: First Solar (FSLR) slashes its full-year forecast. [RTT News]

After a rash of Internet and social media IPOs, Michael Kors (KORS) brings some fashion to Wall Street. [WSJ]

Olympus finally gives investors a restatement of financial accounts that includes a $1.1 billion hit. Did somebody say "merger"? [Reuters]


Markets

Unemployment in the U.K. hits a 17-year high. The drumbeat of recession grows louder. [Bloomberg]

While testifying Tuesday before Congress about the MF Global collapse, Jon Corzine had a Nixon moment. [TheStreet]

Goldman Sachs (GS) loses out on the busiest IPO market by avoiding China. [Bloomberg]


Investment Strategy

Even your money manager is worried about a potential eurozone breakup. [MarketWatch]

Several stocks are flashing a golden cross, which is a bullish signal for technical analysts. [Trade With Pete]


Odds and Ends

Time magazine names "The Protestor" as Person of the Year, narrowly beating out my suggestion of "The Can," which has been continually kicked down the road this year. [NPR]

Speaking of the can, the House passed a payroll tax cut bill that will never get past Democrats. [CBS News]

And speaking of Congress, the Stock Act dies before it can go to a Congressional vote. [WGRZ]

It's Wednesday, the middle of your week. Here's Jimmy Eat World with an appropriate song to mark hump day. [YouTube]

-- 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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