Markets Suffer a Case of the Monday's Thanks to Euro Zone (JPM, GRPN)
PUBLISHED ON: May 14, 2012
Markets began the week with gloom as the Dow recorded triple digit losses and the S&P 500 hits it's lowest point in months. Scapegoats include continued Euro Zone fears and more fall out from JP Morgan's (JPM) $2 billion debacle. In other controversial news, Yahoo (YHOO) has appointed yet another CEO in Ross Levinsohn after the most previous was found to be a fraud. Another surprising event in tech is Groupon's (GRPN) impressive earnings, beating expectations, and sending shares up nearly 20%.
Word on the Street
- Euro Zone woes depress markets, S&P 500 hits February low point.
- Yahoo (YHOO) appoints another CEO in Ross Levinsohn.
- Billionaire corporate raider Carl Icahn has set his sights on Chesapeake Energy (CHK).
- Daily deal giant Groupon (GRPN) beats forecasts, shares spike almost 20 percent.
- Crude oil dips to 2012 lows, under $95 a barrel.
- Ally Financial's mortgage unit files for bankruptcy.
- Best Buy (BBY) founder Richard Schulze is stepping down from his post as chairman.
- Tesla Motors (TSLA) brings Silicon Valley smarts to Detroit.
Posted in ...Daily Market Commentary