Markets Flat in Slow Trading

Markets were essentially flat in trading today, with some light losses on lower than average volume. The Dow fell slightly, losing 3.41 points and snapping what had been a 4-day streak in the black for the index. The NASDAQ led the way on losses, dropping 0.12%, or 5.95 points, to close the day at 5,098.94. The S&P 500 mirrored the Dow, losing 1.55 points and closing the day at 2,107.40.

Bank of America (BAC) Up on Downsizing Plan

Bank of America's (BAC)investors are out for blood, it seems.
They're rallying behind the company's plan to cut their workforce by 15% and close 10% of branches, in favor of ATMs. The company, which is one of the largest banking chains in America, saw share prices rise when they made the plans public. In trading today, Bank of America climbed 3.21% on the downsizing plan. The stock added 0.55 points to close at $17.68 per share.

Macy's (M) at Year-Long Highs

Thanks to a hedge fund manager's remarks at the Delivering Alpha conference, Macy's (M) found their share price skyrocketing today. Starboard Value, a so-called activist fund that gives unsolicited advice to its investments in the hopes of increasing value, suggested that Macy's would be worth quote a bit more if it would consider a real estate spinoff. The suggestion came from Jeff Smith, who plainly called for a lease and buy-back move from Macy's.

Macy's (M) does own a lot more than just department stores. They're also sitting on some hot real estate. The suggestion would have Macy's spin-off their real holdings and lease them back to the company and possibly others. In trading today, Macy's was up big on the chatter. They added almost 8% to their stock price, closing the day up 5.28 points to $72.01 per share.

Euro Drops Through $1.10 Support Level

It might only be a penny or two, but the Euro has fallen through one of its most consistent support levels. It's no secret that the drama in Greece has had the Euro plummeting, but up until this point it had managed to keep its head above $1.10. This marks a new low point for the currency, and although it has reached these levels before in inter-day trading, it's news that the Euro is closing under $1.10.

This comes on the back of a third bailout deal with Greece's EU and IMF creditors. There are real rumblings on the horizon of a Greek return to the drachma, which would have unpredictable results for the European Union's Euro.

Published on Jul 15, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2020. Content published with author's permission.

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