Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

In the Face of a Crisis in Cyprus, Stocks Show Tenacity

By

Today's financial recap and tomorrow's financial outlook.

PrintPRINT
Stocks rose on Friday to close out the week on a positive note as investors looked past the strife in Cyprus.

Cyprus is debating the terms of a bailout, and the country is in talks with the International Monetary Fund, the European Central Bank, and the European Commissioner. The ECB has indicated that Cyprus has until March 25 to finalize an agreement, or emergency funds will be withheld.
We saw two earnings reports this morning, with Darden Restaurants (NYSE:DRI) and Tiffany (NYSE:TIF) beating expectations, following a very optimistic report from Nike (NYSE:NKE) yesterday. The solid numbers, particularly from Nike, reinforced investor confidence in consumer spending, which has been building following a recent stream of positive economic data.

In terms of market action, Apple (NASDAQ:AAPL) was in positive territory, indicating that it may be breaking out of its long-standing downtrend, and driving outperformance in the Nasdaq Composite (INDEXNASDAQ:.IXIC). Commodities were also up, though the bulls were likely disappointed by relative weakness in financial and small caps.

One notable decliner today was smartphone maker BlackBerry (NASDAQ:BBRY), which fell sharply in what looks like a sell-the-news reaction to a massive run-up into the US launch of its new BlackBerry 10 devices. That stock could be a big mover on Monday should the company put out an official press regarding sales, or if analysts upgrade or downgrade the stock.

Monday's Financial Outlook

Looking forward to next week, there are no US economic data releases scheduled for Monday. However, there will be some companies reporting earnings. Notable names include Apollo Group (NASDAQ:APOL) and Dollar General (NYSE:DG) before the open, and Focus Media (NASDAQ:FMCN) and Sonic (NASDAQ:SONC) after the close.

Otherwise, the action may be affected by news out of Cyprus. This week, the market largely shrugged off the crisis that begin last weekend, but if the news gets appreciably worse, traders may get more skittish and look for the exits.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
Minyanville Studios, a division of Minyanville Media, has a business relationship with BlackBerry.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE