Market News – Bank of America (NYSE:BAC), Morgan Stanley (NYSE:MS), Best Buy (NYSE:BBY), Starbucks (NYSE:SBUX), Alcoa (NYSE:AA)
Bank of America (NYSE:BAC) has announced they’ve hired a former Morgan Stanley (NYSE:MS) executive, Futoshi Ago. The new hire will begin work for BofA’s Merrill Lynch division in Japan, in order to boost their prime mortgage business in the Land of the Rising Sun. It’s been estimated by Deutche Bank that the hedge fund industry as a whole will bring in approximately $222 billion in capital this calendar year.
The popular microblog website Twitter has announced that they’re planning to begin selling advertising to companies in an effort to being adapting their business model towards profitability. Companies Best Buy (NYSE:BBY) and Starbucks (NYSE:SBUX) have already committed to running so-called “promoted tweets” during the initial roll out, which are reported to be unveiled to 2-10% of users today. Twitter, a private company, turned heads when they turned down a $400 million buyout offer from Facebook a number of months ago. This new ad model is an attempt to get the site to profitability, and will be watched closely by both potential customers and investors.
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Greece has taken its first big step in its bailout recovery, selling 1.5 billion Euro’s worth of its Treasury bills today. The International Monetary Fund and European Union agreed this week to offer a bailout plan to the indebted nation, and investors watched the Euro’s price climb relative to the dollar on the news. In domestic news, prices for US imports and exports rose last month, both by 0.7 percent according to the US labor department. The US trade deficit rose during this period unexpectedly an estimated 7.4%, in part because of the increase in import prices. Import price increases can be attributed to increasing oil prices, but it’s important to remember it was also tempered by the recent increase in the dollars value.
Overall, the stock market is down to start the day. The increasing trade deficit, oil prices, and weakening US dollar can be attributed to this decline, which brought the Dow slightly below the 11,000 milestone reached yesterday. It can also be attributed in part to the poor performance of Alcoa (NYSE:AA), which was one of the first companies to report first-quarter earnings for 2010. The aluminum seller reported disappointing losses, but they reportedly remain confident that the year will end positively.
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