Trade Remains Choppy on Cyprus Worries; Techs Retreat (ORCL, SCHL)
Stocks slumped on Thursday as worries over Cyprus' bailout continued to grow. The European Central Bank gave Cyprus an ultimatum and said they would only offer their support until next Monday. In the US, several economic reports were released including initial jobless claims which ticked higher from last week. Home prices have risen to the highest level in over three years and manufacturing in the US rose to 54.9, matching most economic forecasts. Tech stocks were negatively affected by a miss in earnings by Oracle (ORCL) earlier today while Yahoo (YHOO) traded higher after its stock was upgraded from "perform" to "outperform." Shares of Scholastic Corp. (SCHL) stumbled 15% today after the company lowered its yearly forecast.Despite sliding earlier from a disappointing manufacturing report in the euro zone, the euro started to ease against the dollar by the day's end as leaders near a solution for Cyprus.
Word on the Street
- Congress votes to extend government funding until the end of September, avoids a shutdown.
- Manufacturer purchasing index rises 1.1% in March, consistent with a solid rate of growth.
- Apple (AAPL) has rallied 7.8% since its one-year low at the start of March.
- The EU lays out an ultimatum for Cyprus to come up with the billions of euros for its bailout.
- BP (BP) finalizes sale of its stake in Russian affiliate TNK-BP for about $12.5 billion.
- AstraZeneca Corp (AZN) shares jump 3.5% after more job cuts.
- Aeropostale (ARO) Crashes as the Brand Continues to Deflate.
Published on Mar 21, 2013By InvestorGuide Staff