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business newsMidday Market Report: Poor Retail Sales Drag Down Equities
By
Vincent Trivett
Feb 14, 2012 2:10 pm
American wallets aren't opened up just yet.
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Retail sales rose in January, but not the way we wanted them to. Sales only grew by 0.4%, far below expectations. The data shows that customers were exceedingly picky, and focused on discounts.
The Eurogroup of finance ministers postponed tomorrow's crucial meeting on the Greek bailout. They were scheduled to meet to decide whether the fiscal reforms that Greece passed are sufficient to deserve more rescue funds. Eurogroup president Jean-Claude Juncker opted to have a telephone conference because he "did not yet receive the required political assurances from the leaders of the Greek coalition parties on the implementation of the programme."
European markets all closed on a downside. US markets are also declining today.
Shares of social game company Zynga (ZNGA) rose about 6% today ahead of its earnings release. The game company that makes hit titles like Farmville is the number-one source of Facebook revenue. Since Facebook filed for an IPO with the SEC, Zynga shares have increased by 36.4%.
Shares of Fossil (FOSL) rose 12.63% as the company's earnings exceeded analyst expectations. Fossil's European market share was boosted by the acquisition of a Danish watchmaker.
Treasury Secretary Timothy Geithner testified before the Senate Finance Committee today, voicing support for tax increases preferred by President Obama and arguing that deep budget cuts to programs like Medicare would hurt the economy at this juncture.
Twitter: @vincent_trivett
The Eurogroup of finance ministers postponed tomorrow's crucial meeting on the Greek bailout. They were scheduled to meet to decide whether the fiscal reforms that Greece passed are sufficient to deserve more rescue funds. Eurogroup president Jean-Claude Juncker opted to have a telephone conference because he "did not yet receive the required political assurances from the leaders of the Greek coalition parties on the implementation of the programme."
European markets all closed on a downside. US markets are also declining today.
- The Dow (^DJI) sank 0.37% to 12,826.58.
- The S&P 500 (SPY) also fell 0.37% to 1,346.80.
- The Nasdaq (^IXIC) fell 0.55% to 2,915.60.
Shares of social game company Zynga (ZNGA) rose about 6% today ahead of its earnings release. The game company that makes hit titles like Farmville is the number-one source of Facebook revenue. Since Facebook filed for an IPO with the SEC, Zynga shares have increased by 36.4%.
Shares of Fossil (FOSL) rose 12.63% as the company's earnings exceeded analyst expectations. Fossil's European market share was boosted by the acquisition of a Danish watchmaker.
Treasury Secretary Timothy Geithner testified before the Senate Finance Committee today, voicing support for tax increases preferred by President Obama and arguing that deep budget cuts to programs like Medicare would hurt the economy at this juncture.
Twitter: @vincent_trivett
No positions in stocks mentioned.
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