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." BloombergGeneral Motors ( GM) says it earned $1.7 billion in the third quarter and the stock falls 5%. Detroit Free PressMicrosoft ( 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
Interactive 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
Bill 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
Taking a closer look at the financial sector. Market Anthropology The hedge fund managers that millionaires trust the most. Reuters
Odds and Ends
How 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. BloombergHeavy 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. >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: firstname.lastname@example.org.