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Stock Market & Financial Investment News

News Breaks
December 7, 2012
12:09 EDTNFLX, AIG, UNXL, AMRN, RGCOn The Fly: Midday Wrap
Stocks on Wall Street were higher out of the gate following the better than expected jobs report, but pared some gains and turned mixed after the University of Michigan consumer sentiment survey disappointed... ECONOMIC EVENTS: In the U.S., the November non-farm payrolls report showed a seasonally adjusted 146,000 jobs were added last month, versus an expected 85,000. The unemployment rate fell to 7.7% from 7.9%, beating expectations for it to remain flat. The Reuters/U of Michigan consumer sentiment reading, expected to slip to 82 from the end-November reading of 82.7, fell more than forecast to 74.5 in the initial look for December. In Europe, Germany's central bank reduced its forecast for the country's GDP growth in 2013 to 0.4% from its earlier call for 1.6% growth. Also, in Greece, the nation's three biggest banks agreed to take part in the country's bond buyback program. In Asia, a 7.3-magnitude earthquake struck off northeastern Japan... COMPANY NEWS: Netflix (NFLX) and CEO Reed Hastings each received a "Wells Notice" from the SEC indicating its intent to recommend to the SEC that it institute a cease and desist proceeding and/or bring a civil injunctive action against Netflix and Hastings for violations of Regulation Fair Disclosure. Hastings responded on Facebook to defend the earlier post that got him scrutinized and contend that he and the company were not acting wrongly... MAJOR MOVERS: Among the notable gainers were Uni-Pixel (UNXL), up 13% after revealing it has entered a multi-million dollar license agreement with a "major PC maker," and American International Group (AIG), up over 2% after confirming that it is in talks to sell a 90% interest in International Lease Finance Corporation to a Chinese investor group. Among the noteworthy losers were Amarin (AMRN), down more than 19% after disclosing plans to raise money and hire a sales force, and Regal Entertainment (RGC), down 3% following a downgrade of its stock to Neutral at Piper Jaffray... INDICES: Near noon, the Dow was up 28.43, or 0.22%, to 13,102.47; the Nasdaq was down 18.61, or 0.62%, to 2,970.66; and the S&P 500 was down 1.33, or 0.09%, to 1,412.61.
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