Markets End Lower as Cyprus Reaches Last-Minute Deal (APOL, DELL)
On Monday global markets and particularly shares of major banks retreated after Cyprus reached a deal for an aid package worth $13 million. The late agreement will keep Cyprus within the euro zone but comes at a great cost to investors. Stocks in the US were down also as many became wary of the Cyprus deal. In London today Ben Bernanke made statements that backed the US' current bond-buying program and compared it to other G-7 monetary policies. In corporate news, Apollo Group (APOL) gained 9.2% today after sharing its Q2 earnings that beat expectations and Dell (DELL) rose as well on news that two alternative buyout proposals were offered to the company.Dollar General Corp. (DG) also posted earnings that topped investor forecasts. Research in Motion (BBRY) fell about 4%, extending losses from its release of its newest smartphone on Friday. Oil futures trimmed early gains but eventually settled at the highest level in over one month.
Word on the Street
- Cyprus reaches a last minute deal for a 10 billion euro rescue plan.
- Bernanke says on Monday that he sees a mixed picture for the euro zone.
- Dell (DELL) climbs over 3% after news of two additional acquisition proposals.
- Research in Motion (BBRY) continues to fall despite recent z10 smartphone launch.
- The SEC approves a $62 million fund to reimburse those who invested in Facebook's (FB) IPO.
- Dollar General (DG) keeps pace with growth goals despite the rising payroll tax.
- Gold futures settle after Cyprus makes deal, euro weakens against the dollar.
- To improve your financial performance, try tracking one number at a time.
- Sometimes pursuing your dream doesn't play out, but failure still teaches important lessons.
Published on Mar 25, 2013By InvestorGuide Staff