Market Wrap: Greece On The Brink; Traders Applaud Groupon Earnings; Best Buy's Dunn Under Fire; Drew Leaves JPMorgan
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Market wrap-up for May 14th
End of the Day: Dow Jones down 125.3 to 12,695.35; Nasdaq down 31.2 to 2,902.58; S&P 500 down 15.0 to 1,338.35
The following is a brief summary of events moving markets today:
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End of the Day: Dow Jones down 125.3 to 12,695.35; Nasdaq down 31.2 to 2,902.58; S&P 500 down 15.0 to 1,338.35
The following is a brief summary of events moving markets today:
- Greece may get kicked out of Eurozone, but will retain delicious gyro's: Finance ministers fired warnings shots at Greece Monday, saying the nation had to either stay the course of get ejected from the Eurozone. Though contagion fears initially gripped markets in 2010 and 2011 over weakness in the region, moves to stem the spread of debt issues have been working. Dutch Finance Minister Jan Kees De Jager said contagion from the exit of one Eurozone member now would be much less severe than 18-months ago.
For more color, click here.
- Buying frenzy commences as Groupon delivers the goods: Groupon (Nasdaq: GRPN) is ripping in after-hours trading Monday following its first-quarter earnings release. Groupon reported revenue of $559.3 million and EPS of 2 cents, besting views calling for revs of $30.6 million and EPS of just 1 cent. Operating cash flow improved 357 percent to $83.7 million. The company is looking for second-quarter sales of $550-$590 million. For more color, click here.
- Are CEOs really running that low on options?: Best Buy (NYSE: BBY) concluded an internal investigation into CEO Brian Dunn which found he was engaged into a relationship with a female subordinate which "negatively impacted the work environment." The investigation is leading to Chairman Richard Schulze stepping down from his role, being that Dunn was his handpicked successor.
- Drew flew, Zames named CIO: JPMorgan Chase (NYSE: JPM) said Ina Drew, Chief Investment Officer, has made the decision to retire from the firm. Ina has served the firm for more than 30 years, most recently as head of our Chief Investment Office. Co-head of Global Fixed Income in the Investment Bank and head of Capital Markets within the Mortgage Bank Matt Zames will assume the CIO role.
Some have also called for the ousting of CEO Jaime Dimon in the wake of the losses akin to what happened at UBS last year, though that scenario is highly-unlikely to play out.
- Paul going old school: GOP hopeful Ron Paul said he was suspending money on primaries, instead focusing more on obtaining delegates via a state convention process.
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UBS, JPMorgan, Standard & Poor's, Earnings, Ron Paul
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