U.S. fell sharply on Monday as concerns grows as investors worried about Greece's potential exit from the euro zone and rising Spanish and Italian bond yields. Greek anti-bailout party Syriza said over the weekend it would not take part in a coalition government to help put austerity measures in place. If President Karolos Papoulias can’t put a coalition together by Thursday, new elections will be held in June, and concerns that Greece could exit the euro zone are building. Also, Spain’s new requirements that banks increase the amount of money they set aside to cover potentially bad real-estate loans. And a decline in industrial output affirmed that the 17-nation euro zone has returned to recession.
The Dow Jones Industrial Average fell 86.88 (-0.68%) to 12,733.72, and the Standard & Poor's 500-stock index fell lost 9.34 (-0.69%) at 1,344.05. The Nasdaq Composite slumped -17.17 (-0.59%) at 2,916.65.
Avon Products, Inc.(NYSE:AVP) rose 4% after the company said its board will consider Coty Inc.’s revised acquisition bid. The board, working in conjunction with management and financial and legal advisers, expects to render a decision “within a week,” Avon said Sunday.
Chesapeake Energy Corporation(NYSE:CHK) soared 7.50% after . The Wall Street Journal reported that activist investor Carl Icahn is looking to buy a significant stake in the embattled company, citing people familiar with the matter.
Yahoo! Inc.(NASDAQ:YHOO) added 2.57% as it ended the brief tenure of its latest chief executive--Scott Thompson--after a flap over a flawed biography of him in a regulatory filing spiraled into a major embarrassment for the ailing Internet company and a big victory for an activist investor. Separately, The Wall Street Journal reported that Thompson had disclosed to the board of directors that he had been diagnosed with thyroid cancer. Shares rose as the Internet company also announced a deal to end a proxy fight with Third Point LLC, which is a large shareholder of the company.
Calavo Growers, Inc.(NASDAQ:CVGW) lost 5.50% to $28.54 after analyst at &T Capital downgraded its stock-investment rating to hold citing valuation. The stock has jumped more than 50% since mid-October, and the firm said while it remains comfortable with its earnings projections it believes the shares discount its current fiscal year earnings view.
BMC Software, Inc.(NASDAQ:BMC) soared 9.50% as its has adopted a stockholder rights plan with a 10% trigger to prevent a hostile takeover after hedge funds Elliott Associates LP and Elliott International LP pushed for the company's sale. Elliott has acquired more than 5% of the BMC's common stock, and put forward a slate of five nominees for the company's board, in connection with its proposal that the board form a special committee to pursue a sale. BMC said the board had rejected the proposal.
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