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Author Topic: Steve Jobs, The Man Behind The Brain  (Read 1349 times)

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Steve Jobs, The Man Behind The Brain
« on: August 25, 2011, 03:36:49 PM »
Daily Market Commentary for August 25, 2011

Resignation of Steve Jobs, the man behind the brain, as Apple (NasdaqGS: AAPL) chief executive. (read more at Millennium-Traders.Com) http://www.millennium-traders.com/news/newscommentary.aspx

After a three-day rise, the markets did an about face and turned lower early in the trading session. Labor Department reported claims for U.S. jobless benefits rose by 5,000 to 417,000 in the week ending August 20.

All eyes remain focused on Federal Reserve Chairman Ben Bernanke speech to prominent economists on Friday at 10:00 am ET, in Jackson Hole, Wyoming. Markets are expected to hold flat ahead of and into his speech. Investors are hoping that Bernanke will use his speech to promise another round of asset purchases or QE3. Expectations are for Bernanke to say the Fed will do whatever it has to do to avoid recession.

Warren Buffett announced a $5 Billion investment by Berkshire Hathaway, in Bank of America (NYSE: BAC) that sent BofA's stock charging higher with gains of over 11% into the mid-day trading session. Berkshire will purchase 50,000 shares of cumulative preferred stock with a liquidation value of $100,000 a share in a private offering. The preferred stock carries an annual dividend yield of 6% and is redeemable by the company at any time at a 5% premium. "I am impressed with the profit-generating abilities of this franchise, and that they are acting aggressively to put their challenges behind them," Buffett said in a statement.

Gold for December delivery fell $38.90 or 2.2% to $1,721.40 an ounce on the Comex division of the New York Mercantile Exchange, in early morning trading. Effective at the end of trading today, margin requirements to trade gold is increase to 27%. CME had increased margins to trade a gold contract, earlier this month. Speculative financial investors were clearly closing long positions on a large scale. Gold was down over $104 as a result of the news after a loss of $30 yesterday.

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