Global markets are heading down this morning as the Bank of
Japan declined to offer more monetary stimulus.
With a mostly silent economic calendar,
(INDEXDJX:.DJI) futures are down 0.75% at 15,114 before the opening
(INDEXSP:.INX) futures sank 0.19% to 1,627.30 and
(INDEXNASDAQ:.IXIC) futures fell 0.85% to 2,961.75. Oil and gold
futures are both off considerably this morning.
The Bank of Japan left its stimulus program unchanged in its latest
meeting. This led to a 1.5% fall in the
(INDEXNIKKEI:.NI225) and a 1.73% strengthening of the yen against
the dollar. The yen now trades for 97.05 to the greenback. The
central bank noted the recent uptick in the economy, especially
exports and increasing inflation expectations, as reason to stay
the course and double the monetary base over the course of two
Markets are mostly down in Europe. Germany's constitutional court
is hearing a case on the legality of OMT, the European Central
Bank's promise to buy the bonds of any eurozone country that
promises to enact economic reforms. OMT is credited with the
decline of Italian and Spanish borrowing costs, even though the ECB
has yet to buy the country's bonds.
) developer conference continues into its second day today.
Yesterday, the company announced a refresh of the Mac OSX operating
system and its mobile phone and tablet interface and a new pro
desktop. Those updates will be available in the fall. The new
MacBook Air laptops are already on sale. It also unveiled an
Internet streaming radio service to compete with
Pandora Media Inc.
). The announcements did little to the stock, which declined
slightly yesterday. Apple continues to decline in pre-market
trading. Despite Cupertino's formidable competition, Pandora shares
rose yesterday and continue to point north this morning.
) announced earnings that beat the street, but shares are off 14%
this morning on news that CEO Christine Day will resign. The luxury
athletic wear company has yet to find and name a successor.
(TYO:9984) sweetened its contested bid for
Sprint Nextel Corporation
). The Japanese telecom raised its bid by $1.5 billion to $21.6
billion and increased the cash portion of the deal.
Dish Network Corp
) is also vying for Sprint. Sprint shares rose 3.9% before the bell
on the news.
(COCO) shares fell 20% in the pre-market after the Securities and
Exchanges Commission opened an investigation into the for-profit's
student data. The Department of Education requires for-profit
schools to derive no more than 90% of revenue from federal student