The past week saw a lot of off-the-trading-floor action from some of Wall Street’s biggest names, including Bank of America (NYSE:BAC) and Amazon (NASDAQ:AMZN), but some of the biggest buzz came from the private sector’s tech giants, such as Facebook and Living Social.
Let’s take a look at some of the biggest corporate news from the past week:
Amazon trotted out its supposed low-cost iPad killer — the Kindle Fire — to much fanfare Wednesday. The $199 tablet undercuts Apple’s (NASDAQ:AAPL) iPad by $300 — and although Amazon is losing about $50 per unit, it puts that much more Amazon marketplace purchasing power in the hands of a lot more users — an exciting long-term growth prospect. Amazon spiked to around $235 on the news but finished the week in the red, down about 3% at $216.23.Bank of America Debit-Card Fees
On Thursday, Bank of America added more fuel its dumpster fire of a year by announcing it would begin charging customers $5 per month to use a debit card. While other banks, such as JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC), have been trying out fees of their own, BAC didn’t need the bad press. Despite a $5 billion infusion from Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A), Bank of America still is buckling under toxic assets from its Countrywide acquisition, and BAC is sitting at $6.12, down 54% year to date.Carl Icahn Interested in RIM
After giving up on his bid to take over Clorox, mega-investor Carl Icahn didn’t stay out of the news for long, taking a supposed interest in troubled BlackBerry maker Research In Motion (NASDAQ:RIMM). The question is: Even if Icahn could wrest away some control of the company, would he allow it to stay the course and continue trying to take on the Apple and Google (NASDAQ:GOOG) Android-powered giants of the mobile world as-is, or would he pursue a split much like he did with Motorola? RIMM finished the week down almost 5% at $20.30.IPO Market Sours
This week saw two major online players give up on the idea of a 2011 public offering. On Friday, All Things Digital reported that travel site Kayak was postponing its IPO, citing market turbulence. This despite the fact that the company has seen decent growth this year, to the tune of a 36% increase in revenues through the first six months of this year. Daily-deals player LivingSocial also called it quits for the year, it was reported Tuesday, and instead will opt to raise $200 million in private capital.That’s All for a Crummy September
The markets gave up around 13% since June, ending the quarter with a string of big swings in the major indices. So, what’s in store for October? Unfortunately, maybe more of the same. But while traders have to worry about riding the sentiment, the buy-and-hold crowd should focus on finding opportunities amid the mayhem.
As of this writing, Kyle Woodley did not own any positions in the aforementioned stocks.
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