Stocks Rise; RIMM and Merrill Lynch in Focus
The major indices are higher on Friday, with strength coming from technology and financial stocks. Research in Motion is surging, after the company reported much better than expected earnings yesterday, and Merrill Lynch is higher, after reports it will become the latest U.S. bank to receive a capital infusion from an overseas government fund.
The Federal Reserve and European Central Bank pumped another $30 billion into the money markets today as part of their ongoing efforts to ease the credit crunch. While the almost daily operations are designed to provide liquidity and prevent a collapse of the banking system, the amount of capital required, and its frequency, continues to worry investors.
The Wall Street Journal reported that Merrill Lynch
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PowerRating) may receive a $5 billion cash infusion from Singapore state-owned investment company Temasek Holdings (read more).
Shares of Research in Motion
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Respironics
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PowerRating) for $5.1 billion in cash (read more).
Circuit City Stores
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PowerRating) is plunging after the company reported a wider than anticipated loss for the third quarter (read more).
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