Stocks closed higher for the week, with bullish sentiment curbed a bit ahead of a long weekend that’s expected to include resolution on another round of financial aid to Greece. Tech stocks closed on a largely negative note following losses from Applied Materials and Netflix, as well as reaction to Brightcove’s IPO. Applied Materials ended the day down by 1.67% after a better-than-expected quarterly report and outlook. Netflix shed a penny after the co. recently launched its first original series with the show “Lilyhammer.” Brightcove surged 30% after the co. made its debut as a public company. In the evening trade Brocade was off 0.7% following a report that Blackstone Group has closed negotiations to acquire Brocade because its share price has risen too high to make a leveraged buyout attractive. Over the weekend, China’s central bank said it would cut the amount banks must hold in reserve by 0.5% to boost lending and sustain strong economic growth. China’s decision comes as the fast-growing country tries to keep inflation under control without thwarting economic growth. After weeks of delays, eurozone finance ministers meeting in Brussels are expected to make a decision on a €130 billion bailout from the European Union, International Monetary Fund and European Central Bank. So, this week investors will focus on Greece and U.S. data for a better picture on the housing market and weekly jobless claims. Implied volatility inched lower on modest trading volumes.
Tuesday, February 21, 2012
Greece and U.S. housing data in focus
Stocks closed higher for the week, with bullish sentiment curbed a bit ahead of a long weekend that’s expected to include resolution on another round of financial aid to Greece. Tech stocks closed on a largely negative note following losses from Applied Materials and Netflix, as well as reaction to Brightcove’s IPO. Applied Materials ended the day down by 1.67% after a better-than-expected quarterly report and outlook. Netflix shed a penny after the co. recently launched its first original series with the show “Lilyhammer.” Brightcove surged 30% after the co. made its debut as a public company. In the evening trade Brocade was off 0.7% following a report that Blackstone Group has closed negotiations to acquire Brocade because its share price has risen too high to make a leveraged buyout attractive. Over the weekend, China’s central bank said it would cut the amount banks must hold in reserve by 0.5% to boost lending and sustain strong economic growth. China’s decision comes as the fast-growing country tries to keep inflation under control without thwarting economic growth. After weeks of delays, eurozone finance ministers meeting in Brussels are expected to make a decision on a €130 billion bailout from the European Union, International Monetary Fund and European Central Bank. So, this week investors will focus on Greece and U.S. data for a better picture on the housing market and weekly jobless claims. Implied volatility inched lower on modest trading volumes.
