Concerns over Greece and Europe resulted in another weekly loss for stocks. Tech stocks lost ground with losses from Oracle and Micron leading declines across the sector as investors reacted negatively to those companies’ quarterly earnings reports. Brocade Communications fell more than 7%, after the company said its CEO had resigned June 20. Notable declines also came from Research In Motion, Apple, Google, Microsoft and Hewlett-Packard. Implied volatility climbed above the 20 level on moderate volumes. This week the market will be sensitive to manufacturing data, as well as to the news from the EU and the end of the second quarter, which could have an influence on trading as investors re-adjust their portfolios ahead of the quarter end. In upcoming earninings, 61 companies in the S&P 500 have issued negative earnings guidance, compared with 34 companies issuing positive guidance, according to FactSet Research.
Monday, June 27, 2011
Slid on global economy concerns
Concerns over Greece and Europe resulted in another weekly loss for stocks. Tech stocks lost ground with losses from Oracle and Micron leading declines across the sector as investors reacted negatively to those companies’ quarterly earnings reports. Brocade Communications fell more than 7%, after the company said its CEO had resigned June 20. Notable declines also came from Research In Motion, Apple, Google, Microsoft and Hewlett-Packard. Implied volatility climbed above the 20 level on moderate volumes. This week the market will be sensitive to manufacturing data, as well as to the news from the EU and the end of the second quarter, which could have an influence on trading as investors re-adjust their portfolios ahead of the quarter end. In upcoming earninings, 61 companies in the S&P 500 have issued negative earnings guidance, compared with 34 companies issuing positive guidance, according to FactSet Research.
