Here's the rundown of today's five top stories, compiled
from around the Web.
1. Ken Lewis to step down.
The
Bank of America (NYSE: BAC) CEO will retire
at the end of 2009. Check out the full story at
BusinessWeek
:
In the end, that addiction to dealmaking proved to be
Lewis' undoing. The same executive who told
BusinessWeekin 2002 that he was "highly
skeptical that I'll ever think an investment bank is worth
what they think it's worth" couldn't restrain himself when
the opportunity presented itself last year to take over
venerable Merrill Lynch, even as it was reeling from its
fateful foray into subprime lending. But within mere
months, it was clear that his acquisition of Merrill --
coming on the heels of BofA's deal for Countrywide
Financial, the equally troubled mortgage giant -- was far
more than Lewis could manage. And after a tumultuous year
in which he endured attacks from shareholders, lawmakers,
and regulators, on Sept. 30 Lewis abruptly announced his
plans to retire at the end of the year.
The Bank of America board has yet to name a successor.
2. Stocks had a strong third quarter.
Things ended with a whimper during yesterday's
session, but the Dow had its best quarter since 1998 (read
more at
The Wall Street Journal
), and the U.K.'s FTSE 100 index, which tracks British
blue chips such as
BP (NYSE: BP), just finished its best
three-month span since its creation 25 years ago (read more
at
BBC
News).
3. Cisco Systems (Nasdaq: CSCO)
keeps merger mania rolling.
Xerox (NYSE: XRX) and
Abbott Laboratories (NYSE: ABT) announced
deals earlier in the week. Now it's Cisco's turn: It will
acquire Norwegian video-conferencing company Tandberg ASA for
nearly $3 billion in cash (read more at
Bloomberg).
4. Comcast (Nasdaq: CMCSA)
to buy NBC Universal?
Rumors are circulating that the cable giant
has made a bid for NBC Universal, currently majority-owned by
General Electric (NYSE: GE). Comcast,
however, says no deal has been made (read more at
Portfolio.com).
5. High-frequency trading getting high-frequency
media mentions.
The Daily Show'sSamantha Bee spoofed "HFT" last
night, and it's also the subject of an article from
Knowledge@Wharton, "The Impact of High-Frequency Trading:
Manipulation, Distortion, or a Better-Functioning Market?" A
quick refresher on HFT: Continued... |