Stocks Drag Along as European Economic Data Worsens (CAT, FB)
Concerns over the European debt crisis and specifically weak data from Germany and France led to slightly lower stocks on Monday. Despite recent encouragement from central banks, fears continue as different leaders disagree on how to confront the crisis. The US stocks that led losses were mostly in the technology sector, including Apple, (AAPL) declining 1.5% and Facebook (FB), whose shares dropped 9% after a weekend report that their stock was overpriced. Caterpillar (CAT) reported a disappointing forecast just before the close of the markets.On a positive note, TiVo (TIVO) saw shares rise after coming to $250.4 million agreement with Verizon (VZ) over their patent-licensing litigation. The US dollar decreased against both the euro and the Japanese yen, and in metals trading gold, silver and copper all inched lower as well.
Word on the Street
- European leaders disagree on how to best confront the debt crisis and US stocks fall.
- Facebook (FB) stocks decline the most in almost two months due to mobile device concerns.
- Shares hit an all-time high on Monday for Google (GOOG).
- Homebuilder Lennar Corp's (LEN) quarterly profit quadruples as new house demand rises.
- TiVo (TIVO) and Verizon (VZ) settle their patent lawsuit for $250.4 million.
- UK-based industrial company Tomkins agrees to sell its air distribution division for $1.1 billion.
- Growing worries over a Spanish bailout push the euro lower and gold down.
- KB Home (KBH) Rallies After Posting a Surprising Profit.
- The shift towards mobile platforms for users seems to have caught Facebook (FB) by surprise - is the stock still too pricey?
- What needs to be addressed when it comes to student loans when high quality education is so powerful?
Published on Sep 24, 2012By InvestorGuide Staff