Austerity Opposition in Greece Sends Stocks Down (AMX, ALU)
PUBLISHED ON: Feb 10, 2012
Major indices fell today by as much as 0.8 percent as a cadre of Greek ministers fought against the austerity measures required to get the latest bailout deal. The University of Michigan's survey on consumer sentiment just came out and found that it had fallen to 72.5, when analysts had expected it to be 75 or better. In corporate news, América Móvil (AMX) saw profits fall by an astounding 36 percent as their debt costs skyrocketed. In more positive news, Alcatel-Lucent (ALU) went from a €334 this time last year to a €1.1 billion net profit last quarter.
Word on the Street
- An opposition has emerged in Greece to the budget cuts on which the latest bailout is contingent.
- US consumer sentiment slumped this month.
- The monthly federal budget deficit shrank year over year in January.
- MF Global Holdings has $1.6 billion in missing funds.
- América Móvil (AMX) reported a 36 percent decline in net profits last quarter.
- Alcatel-Lucent (ALU) saw soaring year over year profits.
Posted in ...Daily Market Commentary