S&P Falls for Third Session After Cyprus Rejects Tax Proposal (LULU, ADBE)
Most stocks fell for a third session on Tuesday after the proposed bailout for Cyprus was rejected by lawmakers, causing the euro to drop to its lowest level against the dollar since November. After coming close to its record high last week, the S&P has dropped about 1% in the last three days of trading. Major declines in the US included Caterpillar (CAT) and Lululemon (LULU) who announced a large product recall of its clothing. Adobe Systems (ADBE) reported a slip in revenue but beat investor expectations and saw shares rise after the bell.Positive news came from the housing industry on Tuesday after it was shared that both new home construction and building permits rose in February. Permits have reached the highest level in nearly five years.
Word on the Street
- Housing starts and future construction permits rise in February, pointing to recovery.
- Cyprus rejects bailout plan that would rescue Greece's banks but charge savers.
- Walgreen Co. (WAG) to buy stake in AmerisourceBergen with partner Alliance Boots.
- Lululemon Athletica Inc. (LULU) falls on recall of women's pants.
- ASCE releases its 2013 infrastructure report card for the US and says it is falling behind.
- Blackstone Group may (BX) outbid Dell (DELL) and Silverlake's takeover plan.
- PIMCO reduces its euro holdings in response to Cyprus bailout and reconsiders euro zone forecasts.
- Shares of Renren (RENN) faceplant after posting a net loss.
Published on Mar 19, 2013By InvestorGuide Staff