In Spite of Greek Debt Swap, Stocks Mixed (AIG, PEP)
The Nasdaq was down today, while the Dow and S&P 500 were only slightly up, after news that the Greek bond swap arrangement had gone through. The valuation of all the bonds involved in the swap is estimated to be around $232 billion, a record amount. In corporate news, the Treasury sold of $6 billion shares of American International Group (AIG) for $29 each, further reducing the stake the government has in the company. Pepsi Co. (PEP) created the new position of president and moved John Compton, currently CEO of the Americans Foods division, to fill the post.This has increased speculation that CEO Indra Nooyi will be leaving the company soon.
Word on the Street
- US stocks ended mixed for today.
- Spain is going to be the test case for the EU's new, more unified fiscal policy.
- The Greek bond swap involved bonds totaling north of $232.
- The dollar fell in anticipation of an announcement from the Federal Reserve.
- The US government sold off substantial amounts of its shares in American International Group (AIG).
- Pepsi Co. (PEP) brought on more executive level management, increasing speculation that the current CEO may be leaving.
Published on Mar 12, 2012By InvestorGuide Staff