Market Wrap: Greece Strikes Debt Deal; Netflix Feels Cold Pinch of Reality; You Wynn Some, You Lose Some

Market wrap-up for February 21st

End of the Day: Dow Jones up 15.8 to 12,965.69; Nasdaq down 3.2 to 2,948.57; S&P 500 up 1.0 to 1,362.21

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

• Dear Whitney Tilson: You still have time to go short: Comcast (Nasdaq: CMCSA) is taking it right to Netflix (Nasdaq: NFLX) with the launch of its new Xfinity Streampix service, which was confirmed Tuesday afternoon following earlier rumors.
  
  Worse, pricing is very competitive. According to the release, Streampix will either: a) be included as part of many Xfinity triple-play packages, Blast!+ and Blast! Extra video/high-speed Internet packages, or b) separately for $4.99 a month with other video packages.
  
  Netflix felt it Tuesday, closing about 3.7 percent lower.
  
  
• It's a Wynn-win situation: Over the weekend, Wynn Resorts (Nasdaq: WYNN) said a year-long investigation into Aruze USA, Inc., its parent company Universal Entertainment Corporation, and its principal shareholder, Kazuo Okada concluded. Wynn commented that after "receiving an independent report detailing numerous apparent violations of the U.S. Foreign Corrupt Practices Act (FCPA)," the Board determined that Aruze USA, Inc., Universal Entertainment Corporation and Mr. Okada are "unsuitable" under the provisions of the Company’s Articles of Incorporation.
  
  
• Greece debt issues are resolved for now: On Tuesday, after more than 12 hours of talks, Eurozone finance ministers agreed on the new 130 billion euros ($173 billion) bailout of Greece. The much-needed funding will thwart a potential default of the debt-laden country which was expected as early as next month.
  
  Under the deal, Greece needs to reduce its debt to just 120.5 percent of its gross domestic product by 2020, versus the current level of about 160 percent.
  
  Markets responded for the most part today, with the Dow Jones topping 13,000 for the first time since May 2008 (though it ended up closing lower).
  
  
• A giant trifecta of retail clout indirectly updates on U.S. spending...through earnings: Home Depot (NYSE: HD), Wal-mart (NYSE: WMT), and Macy's (NYSE: M) all issued earnings reports today to mixed results. Of note, many executives cautioned that consumer spending was still lower.
  
  Wal-mart EPS was $0.44 on revs of $122.3 billion, a miss on both accounts. Home Depot beat EPS expectations with a report of 50 cents per share and revs of $16.01 billion. Macy's also beat with EPS of $.70 and revs of $8.72 billion.
  
  
• Got an awesome asset? Why sell it?: Alibaba Group made a proposal to the Board of Directors of Alibaba.com to privatize the company. The Offeror and concert parties together hold 73.45 percent of Alibaba.com.
  
  The proposal offers minority shareholders HK$13.50 per share in cash, which implies a premium of 60.4 percent over the 60-day average closing price of Alibaba.com shares, and a premium of 55.3 percent over the 10-day average closing price.
  
  Today's news reaffirm's Alibaba's desire to cancel a transaction with Yahoo! (Nasdaq: YHOO), which has been ongoing for well over a year. Rumors that the deal was done begain surfacing last week, though Yahoo! said it hasn't heard anything of the sort.

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