Stocks finished mixed as investors considered developments in Cyprus that placed a financial bailout at risk. Profit-taking was also likely at play for much of the session. Housing starts rose 0.8% in February, to 917,000 homes on an annualized basis, slightly better than expected. Tech stocks closed mostly in the red. Juniper slid 5.3% after Goldman Sachs downgraded the co. to sell, citing “competitive and disruptive pressures.” Electronic Arts shed 8.3% after CEO John Riccitiello has resigned. Dell rose 0.99% after an analyst said the company could get a higher bid from Blackstone “that is superior” to the current $13.65 a share offer from Silver Lake Partners and Chief Executive Michael Dell. EBay edged up 1.97% after JMP Securities named the company as its “top pick” among 10 Internet firms that it started coverage on Tuesday morning. The broker also set buy ratings for Google and AOL but tagged Amazon.com and Facebook with neutral views. In the evening trade Adobe Systems soared 6.3% on heavy volume as the co. posted better-than-expected first-quarter results.
Wednesday, March 20, 2013
Sell-off on Cyprus worries and profit-taking
Stocks finished mixed as investors considered developments in Cyprus that placed a financial bailout at risk. Profit-taking was also likely at play for much of the session. Housing starts rose 0.8% in February, to 917,000 homes on an annualized basis, slightly better than expected. Tech stocks closed mostly in the red. Juniper slid 5.3% after Goldman Sachs downgraded the co. to sell, citing “competitive and disruptive pressures.” Electronic Arts shed 8.3% after CEO John Riccitiello has resigned. Dell rose 0.99% after an analyst said the company could get a higher bid from Blackstone “that is superior” to the current $13.65 a share offer from Silver Lake Partners and Chief Executive Michael Dell. EBay edged up 1.97% after JMP Securities named the company as its “top pick” among 10 Internet firms that it started coverage on Tuesday morning. The broker also set buy ratings for Google and AOL but tagged Amazon.com and Facebook with neutral views. In the evening trade Adobe Systems soared 6.3% on heavy volume as the co. posted better-than-expected first-quarter results.
