Stocks have kicked off the trading session in positive fashion after
finishing lower in the previous two sessions. There has been plenty of
news for market participants to digest.
Crude hit a new all-time high in electronic trading, crossing the $135
per barrel threshold. Crude is currently trading around $133.35 per
barrel.
Ford Motor Company (F 7.20, -0.60) announced it will lower production
volume of large trucks and sport-utility vehicles, while shifting more
focus toward models in-line with consumers' preferences. Ford also
trimmed its profit outlook.
Swiss banking giant UBS (UBS 29.61, +0.27) announced plans to raise some $15 billion through a rights offering to existing shareholders. Shares available in the offering will be priced at a 31% discount to yesterday's closing price. Additionally, UBS finalized the sale of $15 billion of subprime and Alt-A mortgage assets to investment management outfit BlackRock (BLK 200.32, -0.46).