Lots of financial tomfoolery last week in money:
JP Morgan Chase makes a $2 Billion trading blunder
Mother of Terrell Owens’ child received $1 million in child support, still wants more money, appears on Dr. Phil show.
Yahoo CEO fired for lying on his resume.
What is the world is wrong with these people? Find out in this week’s Money Monday.
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The Market
It was a great week to have the opening round of March Money Madness as the market performed very well. The S&P500 Index closed the week at 1,404, topping 1,400 for the first time since the financial crisis in 2008.
The Dow Jones Industrial Average closed at 13,232, and is now less than 1000 points away from it’s all time closing high of 14,164 reached in 2007.
The Nasdaq Composite Index passed 3,000 for the first time since the tech bubble in 2000.
Key Takeaways From Each Region
RIMM + 5.89% defeats NFLX +.76%
It’s quite a shocker that the 16 seed, Blackberry maker Research In Motion (RIMM), knocked off Netflix (NFLX) in the first round of March Money Madness. RIMM’s stock has plummeted 75% over the past year as the popularity of its handheld devices has lost ground to the Apple iPhone. However, the stock was up almost 6% last week amid speculation that Samsung is looking to make a minority investment in the company and to develop phones based on RIM’s “BB10″ operating system.
AAPL +7.41% defeats AMZN +.4%
Apple shares rode the wave of its release of the new iPad and defeated Amazon by a wide margin. Apple shares also nudged over the 600 mark for the first time this week as the stock continues its meteoric rise.
Financial Region
In the Financial Region, it was clearly about banks versus non banks as Bank of America, JP Morgan Chase, Wells Fargo, Citigroup, Morgan Stanley & Goldman Sachs all won their match ups. Investors apparently gained more confidence in the country’s financial institutions as most of them passed the stress test from the Federal Reserve, although Citigroup shares rose despite failing the test.
ETFC +14.17% defeats BK +7.67%
ETrade was one of the non banks that was able to take out a bank this week. The company released a report highlighting that its trading activity was up 16% over the previous month. This is not surprising as investors tend to trade more when the market misdoing well.
Trying to make changes in your financial life is a lot like trying to get healthy. Here’s how to get financially fit in 2012.
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Guess who just hit the genetic lottery? Beyonce and Jay Z have their first child.
You’re not as lucky? Here’s how to create your own luck and success.
Start your own business or make money freelancing.
This week’s stores:
Beyonce and Jay Z have daughter:
http://bit.ly/wluY2d
Economy created 200k jobs in December:
http://bit.ly/xuv2H5
Freelance Sites:
http://guru.com
http://elance.com
Middle class thinks they will have to work until 80?
Deficit Supercommittee fails?
How can you save 1 million?
Check to the vid and leave a comment!
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The #Occupy movement is taking over America! We’ll maybe it’s not quite that big, but people are taking notice.
Here’s my take on it and what it means to you.
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You can learn a great deal from Steve Jobs, the founder of Apple who died on October 5, 2011. Here’s a quick review of a great book on Mr. Jobs that will help you find your greatness. Had no idea he would be gone so soon.
iCon Steve Jobs: The Greatest Second Act in the History of Business
Find it on Amazon.com: http://amzn.to/pmp0U7
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6 celebrities that lost everything
I was quoted in this great piece by Heather Larson for Bankrate.com. Here’s an excerpt, and you can check out the full article on Bankrate.com
Baltimore Colts quarterback Johnny Unitas excelled at football, setting several records that may never be broken. However, he lacked business sense. He invested in bowling alleys, land deals, an air freight company, a circuit-board manufacturer and restaurants — all unsuccessfully. In 1991, he filed for Chapter 11 bankruptcy.
“Expertise in one area does not translate into success in another,” says Rob Wilson, vice president of Blazer Capital Management in Pittsburgh. “Unitas should have partnered with a trustworthy individual who knew how to run a successful bowling alley or experts in other businesses he wanted to invest in, instead of venturing out on his own.”
The movie stars have the Oscars, and the market stars have…The Benjis! The stock market version of the Academy Awards. Check out who wins Best Director and Best Performance.
Also, find out how to sign up for the March Money Madness Bracket Challenge. In this year’s competition you have the chance to win a GoogleTV, iPad and more! Sign up Today!
Even though the economy is still rocky, folks are definitely still tying the knot. Here’s how to do a little financial planning for your big day.
