Before trading, Microsoft (MSFT) announced plans to buy Yahoo (YHOO) for $31 per share. Microsoft is down 1.50 while Yahoo is up 8.51 to 27.59. This will be tricky because they have to integrate 2 different cultures plus government approval will be needed. Oddly, the major injured party is Google (GOOG). Google is down 51 following last night's disappointing earnings announcement.
The Dow started the day up 100 on the news but has pulled back to near flat on worries that Moodys will downgrade bond insurers. The two majors, AMBAC & MBIA, carry the elite rating of AAA. The leading winner in recent days has been gold at 930, another record.
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