WTI crude futures were down 7 cents ,-0.08%, to $83.84 and gold futures were up $8.80 ,.54%, to $1,628.40.
Moody’s Investor Service Downgraded Nokia Corp.’s (NOK) credit rating to Baa3, a junk status, due to worse than expected earnings. Nokia was downgraded by Fitch Ratings and Standard and Poor’s in April. Nokia was trading at $2.47, up 12 cents ,5.11%.
American International Group (AIG) rose .84% after reducing its support from the U.S. government. The U.S. treasury still owns $30 billion of AIG’s common stock.
Gamestop (MVIS) fell -22.74% after they reported their sales of videogame hardware, software and accessories dropped -28% from a year ago. This fall is linked to the loss KOTM and Andrew mentioned on the blog and Bloomberg TV, respectively. Like Microsoft and Sony, Gamestop is faltering due to lower product sales as gamers await new systems to buy and delay their purchases until a later time.
The Royal Bank of Scotland Group PLC’s (RBS) shares rose 8.12% after yesterday’s speech by Chancelor George Osborne that the Bank of England is preparing to support markets if needed after Sunday’s Greek presidential election.
David Cornes holds a degree in economics from the University of Montana.