Stocks posted another weekly loss, with Facebook’s debut on Wall Street failing to live up to the hype and on concerns about prospects for global growth. A Belgian newspaper on Friday reported the European Commission and the ECB were working on contingency plans in the event of a Greece exit from the 17-nation euro zone. Facebook closed just 0.61% higher in volatile trading after the co. priced its offering at the high end of the previously anticipated range. Tech stocks also closed on negative note as the much-awaited debut of Facebook sputtered. Meanwhile, Yahoo rose 3.70% following reports that the company was close to a deal to sell part of its stake in Alibaba Group. Decliners were led by Autodesk which fell almost 13% after the co. gave a weaker-than-expected second-quarter forecast late Thursday. Netflix was off by 3% after Caris & Co. cut price target to $56 a share from $72. In after-hours trading Facebook was up 0.2% on heavy volumes. This week investors will likely to continue the move into U.S. Treasuries and gold in search of safety as doubts over Greece's future in the eurozone continue to build. On the corporate front, Facebook's first full week on the stock market will be watched closely. Also, Hewlett-Packard and Dell are among a few major companies reporting earnings this week. U.S. reports on key sectors of the economy, including data on existing home sales and new-home sales, could influence sentiment. Implied volatility inched higher on huge trading volumes.
