Major Indices Down as Investors Expect Greek Debt Deal to be Delayed (WEN,PBY)

Markets were slightly down today, as the Greek debt negotiations dragged on without an end in sight. The Commerce Department also released a batch of economic data; including the fact that consumer spending were basically unchanged in December from November. Income, however, increased 0.5 percent, meaning that the savings rate of the nation went up. In corporate news, Wendy’s (WEN) saw a 29.5 percent decline in net income last quarter, despite the fact that revenue rose 5.6 percent. Pep Boys (PBY) announced that it had agreed to be acquired by Gores Group for $15 a share, almost 25 percent higher than the price the stock opened at this morning.

Word on the Street

• Rumor that the Greek debt deal will be delayed has investors nervous.
• Consumer spending stalled in December while income grew.
• Wendy’s (WEN) revenue is up, but profits fell by almost one third.
• Pep Boys (PBY) will be purchased by Gores Group.

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