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The CEOs had their moment at the mic and now it’s time for the market to react.
Research In Motion’s annual general meeting went off without a hitch last night – it was orderly, polite, very Canadian. It was shareholders’ first opportunity to voice their worries directly to the co-CEOs after a year in which the value of the stock has been cut in half. Very few took advantage of the opportunity. Instead, of contrition the audience was treated to a display of confidence and fightin’ words.
This morning we’ll see just how them fightin’ words sit with the market: did they convince most shareholders to hang on? Did they convince new investors to step in? Did the words fall on deaf and tired ears? Was it too little too late, or just enough? The market will let us know as we continue to advance this story.
Gold has pushed through to another record high this morning after closing at a record yesterday. There are two major risks facing financial markets right now: the U.S. and Europe. Europe’s worsening debt crisis will have the greatest impact on financial conditions while the bickering and dithering in Washington, DC over the debt ceiling will have the greatest impact on fiscal policy over the next few years. Gold is reflecting the increasing threat from both these regions. Time to buy? Time to sell? Will the gold producers catch up? There’s plenty of work to do on the gold front today.
Ben Bernanke gets another chance to convince Congress that taking steps now to cut the deficit will pay off in the long run. Members of Congress get another chance to read questions carefully prepared by their youthful staffs to make Bernanke appear naïve and mistaken and themselves appear authoritative. Bernanke’s semiannual testimony begins today at 10 am Eastern and we’ll take it live.
