Market Wrap: Caesars IPO Explodes; Diamond Foods Defines 'Bad News Day'; 3M Appoints New Leader

Market wrap-up for February 8th

End of the Day: Dow Jones up 5.8 to 12,883.95; Nasdaq up 11.8 to 2,915.86; S&P 500 up 2.9 to 1,349.96.

The following is a brief summary of events moving markets today:

• Greece might have a deal on its hands: According to reports out Wednesday, Greece and the troika -- the IMF, EU, and ECB -- may have reached an agreement over Greek debt, setting up a second bailout for the beleaguered nation.
  
  Some concessions to be made in Greece for the funds include: cutting the minimum wage 20 percent, lowering pension payments, and trimming government workers.
  
  Total funds expected in the package are €130 billion.
  
  
• Like casino, like stock: Caesars Entertainment (Nasdaq: CZR) held its IPO to much demand today. So much, in fact, the stock was halted for volatility not 6 minutes after it started trading. With an initial float of just 1.8 million shares, or 1.4 percent of its total authorized amount, some volatility should be expected.
  
  Shares ended closing 71 percent higher to $15.39. Not bad for its first day.
  
  
• One shell of a company: Diamond Foods (Nasdaq: DMND) is probably going to have a rough trading session Thursday. Following the close of the market, Diamond said "...the Audit Committee of its Board of Directors has substantially completed its investigation of the Company's accounting for certain crop payments to walnut growers. The Audit Committee has concluded that the Company's financial statements for the fiscal years 2010 and 2011 will need to be restated. Over the course of the last three months, the Audit Committee has carefully reviewed the accounting treatment of certain payments to walnut growers" [emphasis ours]. For more color from the release, click here.
  
  Following the report, Proctor & Gamble (NYSE: PG) is now evaluating the next steps in its previously proposed Pringle's brand sale The company said it has received "considerable interest" from other parties. A WSJ report said the P&G is "now unlikely" to sell Pringles to Diamond.
  
  
• Ascension to rule: 3M (NYSE: MMM) promoted Chief Operating Officer Inge Thulin to the position of CEO. This is a big deal not only for 3M, but also Thulin himself. The end result of the following is the Thulin is basically a 3M lifer, in one form or another, and it pays to be dedicated to one company over the long haul through thick and thin (assuming you don't get hit with downsizing). Below is his bio from BusinessWeek, unformatted, but shortened to exclude education:
  
  "Thulin has been Chief Operating Officer and Executive Vice President of 3M Hong Kong Ltd. and 3M Co. since May 1, 2011. Mr. Thulin has also served as Executive Vice President of International Operations of the subsidiaries of 3M Co. 3M Precision Optics, Inc. and 3M Canada Company since 2003. Mr. Thulin served as Executive Vice President of International Operations of 3M Co. from September 12, 2003 to May 1, 2011. He served as Vice President of Europe and Middle East of 3M Co. Operations from 2002 to 2003, Division Vice President of Skin Health Division from 2000 to 2002, General Manager of Skin Health Division from 1999 to 2000 and Marketing Operations Director of Skin Health Division from 1998 to 1999. Mr. Thulin also served as Skin Health Business Unit Director of Skin Health Division since 1997; Managing Director of 3M Russia since 1995; European Business Unit Manager of Surgical Devices, 3M Europe since 1993; Business Manager of Vision Care and Orthopedic Products, 3M Europe since 1991; Group Manager of Life Sciences Sector, 3M Sweden since 1987 and various Sales & Marketing positions of 3M Sweden since 1979."
  
  Keep in mind, Thulin is succeeding SirGeorge W. Buckley, meaning if he plays his cards right, there's still one promotion left!
  
  
• Cisco (Nasdaq: CSCO) topped analyst fourth-quarter estimates handily. EPS in the quarter was 47 cents on revs of $11.53 billion, beating views calling for EPS of 43 cents and revs of $11.25 billion. For more color on the quarter, click here.

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