Anxiety over Greece Sends Stocks Down (GM, K)
Though positive progress has been made in Greece over the past week, the continuing uncertainty brought major indices down today. In economic news, the NAHB/Wells Fargo Housing Market Index showed an increase in home building confidence in February, making it the fifth consecutive month to see an increase. In corporate news, General Motors (GM) announced that there would be pay freezes as well as bonus decreases in order to maintain profitability. Despite an expected strong earnings call, this news sent the stock down by almost 2 percent.Kellogg's (K) will by buying Proctor & Gamble's (PG) Pringles business for $2.7 billion.
Word on the Street
- As negotiations slowed in Greece, investor anxiety increased.
- China's treasury holdings are at their lowest level in a year.
- Home building sentiment is at its highest in four years.
- Manufacturing output rose in January.
- General Motors (GM) is going to eliminate pension contributions and scale back on bonuses.
- Kellogg's (K) is buying Pringles for billions.
- Comcast (CCZ) reported a strong Q4.
Published on Feb 15, 2012By InvestorGuide Staff