Monday, April 20, 2009

Wall Street Declined At The Opening (April 20, 2009)

U.S. stock market were opened lower although there is no significant bad news, even some good news didn't make any increase to the market. Probably this drop was caused by profit taking made by investors.

Some news that circulated today are the announcement of Bank of America's first quarter result. Bank of America announced a profit of around $ 2.81 billion (44 cents per share), which exceeded analysts' expectations (4 cents per share). But nevertheless, their loans problem were also bounced, causing the bank stock prices fell.

On the other side, Oracle Co. announced that they will buy Sun Microsystems for $7.4 billion. Previously, IBM also expressed its intention to buy Sun Microsystems. But IBM did not give further confirmation about its plan.
PepsiCo also announced a bid to purchase the Pepsi Bottling Group and PepsiAmericas for $ 6 billion, which aimed to cut expenditure, in order to become more efficient, and to control its distribution..

Stay alert!


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