Today's stock market news, March 10, 2014: The Dow Jones Industrial Average gained 0.19% on Friday to close at 16,452.72. The Nasdaq lost 0.37%, closing at 4,336.22. The S&P 500 remained flat, finishing at 1,878.04.
Gold prices fell 0.86% to $1,340.50 an ounce. Silver prices slumped by 3.05% to close at $20.92 an ounce. West Texas Intermediate gained 1.00%, trading at $102.58 a barrel.
What time is it? Remember, daylights savings time happened on Sunday morning, springing clocks forward by an hour. Be sure to set those car clocks and microwaves.
Now here's the news to watch today:
Five Biggest Stories in Today's Stock Market, March 10, 2014
Big Money in Whistle Blowing: The U.S. government announced it will award J.P. Morgan Chase & Co.(NYSE: JPM) whistleblower Keith Edwards a staggering $63.9 million for his assistance. Edwards provided tips about the bank's alleged scheme to offer false data and information since 2002 to the Federal Housing Administration and the Department of Veterans Affairs. The sum represents more than 10% of the total figure that the company paid last month in a $614 million settlement over its mortgage lending practices. According to multiple reports, federal agencies faced "substantial losses" from JPMorgan's actions, which included the approval of thousands of loans that failed to adhere to underwriting guidelines.
Whom Does Earth Owe? Since the onset of the financial crisis, global debt has now soared by 40% to top $100 trillion. As countries and central banks took advantage of low interest rates, and companies sold a record total of bonds, high borrowing accelerated the international debt markets, according to the Bank for International Settlements. This figure is now well ahead of global GDP of roughly $71.83 trillion in nominal terms.
This Deal Is Bananas: Two of the world's largest fruit companies, Chiquita Brands International Inc.(NYSE: CQB) and Ireland-based Fyffes PLC (OTC: FYFFF) agreed this morning to merge in an all-stock deal worth nearly $1.07 billion. The deal creates ChiquitaFyffes, the world's largest banana supplier with $4.6 billion in revenue and more than 32,000 workers. Shareholders of the newly combined company will benefit from significant tax savings by domiciling in Ireland.
The Cell Phone Wars Continue: AT&TInc. (NYSE: T) announced plans to slash prices on wireless plan subscriptions for the second time in 2014. The company is attempting to stave off a charge from rival T-Mobile US Inc. (NYSE: TMUS) while aiming to reduce a surge in phone subsidies across the United States. The company announced cuts in monthly plan costs offering unlimited calls and texts on individual smartphones with two gigabytes of data by $15, or 19%. Subscribers must use an existing phone or purchase a new device at full price to take advantage of the cost savings. This comes at a time that rival T-Mobile actually increased its pricing as it adds subscribers.
Buffett Wins Big: Billionaire Warren Buffett's Berkshire Hathaway Inc.(NYSE: BRK/B) announced its largest weekly gain in 14 months. Berkshire shares have jumped 5.8% since Feb. 28 to drive its market cap above $300 billion for the first time ever. Company B shares hit a new high of $121.44, with a one-year increase of almost 17%.
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U.S. Economic Calendar March 10, 2014
Philadelphia Federal Reserve Bank President Charles Plosser speaks in Paris at 4:45 a.m.
4-Week Bill Announcement at 11 a.m.
3-Month Bill Auction at 11:30 a.m.
6-Month Bill Auction at 11:30 a.m.
TD Ameritrade IMX at 12:30 p.m.
Chicago Fed President Charles Evans speaks at 12:40 p.m.
Key Companies Reporting Earnings March 10, 2014
Consensus earnings per share for Urban Outfitters Inc. (Nasdaq: URBN) is $0.55.
Consensus earnings per share for United Natural Foods Inc. (Nasdaq: UNFI) is $0.56.
Consensus earnings per share for Tribune Co. (OTC: TRBAA) is $0.99.
Consensus earnings per share for Resolute Energy Corp. (NYSE: REN) is $0.06.
Consensus earnings per share for Ferrellgas Partners L.P. (NYSE: FGP) is $0.89.
Consensus earnings per share for TICC Capital Corp. (Nasdaq: TICC) is $0.28.
Consensus earnings per share for Full House Resorts Inc. (NYSE: FLL) is $-0.04.
Consensus earnings per share for Men's Wearhouse Inc. (NYSE: MW)is$-0.13.
Others Reporting Earnings
American Midstream Partners LP (AMID), Atlas Financial Holdings Inc. (AFH), Douglas Dynamics Inc. (PLOW), Globalstar Inc. (GSAT), Tree.com Inc. (TREE), Nuverra Environmental Solutions Inc. (NES), Vista Gold Corp. (VGZ), Scientific Games Corp. (SGMS), Pengrowth Energy Corp. (PGH), Global Ship Lease Inc. (GSL)
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.