BlackBerry announced Wednesday it will no longer produce its once-dominant devices and instead focus on software. The strategy shift will end all BlackBerry’s internal hardware development. The move was largely anticipated for the company who helped create the smart phone revolution. Investors seemed to like the company’s new direction as the stock closed higher, up 5.71% on Wednesday. I want my crackberry…
We Are Done…
California Treasurer, John Chaing, served the first direct blow to Wells Fargo’s business on Wednesday when he announced the state will suspend several key banking relationship. The state will halt investments in Wells Fargo for 12 months. During that time, the state treasurer will stop using Wells Fargo as a broker-dealer for buying investments and the state will not use the bank as an underwriter for the its bonds. California is one of the largest bond issuers in the nation. The move comes as Wells Fargo’s CEO heads to the Capitol Hill Thursday, where he is scheduled to testify before the House Financial Services Committee.
Asia: Asian markets closed higher on Thursday after oil prices rose on the back of Wednesday’s potential production deal.
Europe: European markets closed slightly higher on Wednesday after shares of Deutche Bank rose.
U.S: U.S. markets gained ground on Wednesday after OPEC announce an agreement to cut back global oil production. DJIA: +110.94 18,339.24 NASDAQ: +12.84 5,318.55 S&P: +11.44 2,171.37
Word of The Day:
North American Free Trade Agreement (NAFTA)
An agreement implemented January 1, 1994 in Mexico, Canada, and the United States to eliminate most tariffs on trade between the nations.
Dinner or Drink:
1 bottle vodka
8 cans beer
2 cans frozen lime juice concentrate
In a large container, fill half way with ice. Pour in all contents and mix well. You are ready to serve.