Panasonic Corp gained 3.9% on announcement that the company plans to drop 50% of the 7000 strong workforce at its headquarters.
The worst hit of equities was the Renesas Electronic Corp dropping 16.4% to a record low after announcement that the company plans to raise 100b yen for a restructuring.
The FRSEurofirst 300 is up .1% being held by Spanish concerns. The Spanish 10 year bond yield remains at close to 6.5% where they see 7% as being unsustainable. The Spanish IBEX dropped 1.9%.
Commodities are looking alright this morning with crude, gold and silver up while natural gas remains a laggard.
Amazon is one stock to keep your eye on; regardless of being put on Goldman’s top 50 short positions they are making moves. They announced a deal last week with paramount to bring movies to their Prime Instant Video service over the next few years. They also plan on offering prepaid internet service for smart phones and tablets in Japan, which could shortly thereafter be launched in the US.
Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market.
Comments can be directed to ryghcw19@uww.edu