Stocks Retreat from Four-Year Highs, Dell Outlook Falls Short (BBY, BKS)
Many large companies are around multi-year highs, some such as IBM (IBM), Wal-Mart (WMT) and Oracle (ORCL) are near five-year highs. Despite declines in the major US indices, the markets have been rallying quickly recently. Optimism continues to grow based on ECB talks and the hope that the bank will follow through with defending the euro and resume buying sovereign bonds. Best Buy (BBY) cut their forecast after weak revenue results.Facebook (FB) shares dropped further after its investor Peter Thiel sold the majority of his holdings. Crude-oil futures are above $97 a barrel. The dollar inched lower against both the euro and the yen.
Word on the Street
- Best Buy (BBY) suspends earnings forecast after sales and second-quarter profit drop.
- The euro rallies as optimism rises for investors and ECB members discuss future plans.
- Although Barnes & Nobles (BKS) faces tough competition, the company reports profits.
- Warren Buffett's Berkshire Hathaway has ended a large wager on the municipal-bond market 5 years early.
- Samsung Electronics plans to invest $4 billion more at its Austin chip plant.
- Dell Inc. (DELL) reports revenues down from the previous fiscal second-quarter.
- China's oil and natural-gas producer Cnooc Ltd. (CEO) sees a 19% decline after massive spill.
- Aetna (AET) Buys Coventry (CVH) for $5.7 billion.
Published on Aug 21, 2012By InvestorGuide Staff