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Stock Grind Higher Despite Mixed Earnings, Banco Espirito Santo Troubles
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Portuguese financial institution Banco Espirito Santo S.A. (ELI:BES) was back in the news today after coming under fire from credit ratings agencies.

Both Standard & Poor's and Moody's cut their credit ratings on BES due to its ties to the troubled Espirito Santo International, which recently missed commercial paper payments amid concerns over accounting irregularities.

S&P took its long-term counterparty credit rating on BES to B+ from BB-.

Moody's lowered its long-term debt ratings on BES to B3 from Ba3, and its long-term deposit ratings to B2 from Ba2.

Both agencies also downgraded related debt instruments, and said that additional downgrades could be forthcoming.

The trouble in Portugal has investors on edge, but US markets were stable today.

The S&P 500 (INDEXSP:INX) closed up 0.2% at 1,967.57.

The Nasdaq (INDEXNASDAQ:.IXIC) fared better, rising 0.4%. The tech-heavy index was pulled up by Amazon.com (NASDAQ:AMZN), which rose 5.6% to $346.20.

On Thursday evening, e-commerce company ChannelAdvisor (NYSE:ECOM) said that Amazon's sales rose an estimated 34.4% in June, a notable acceleration from May.

EBay (NASDAQ:EBAY) also showed an improvement, and that stock was up 2.3% on the news.

In domestic-earnings news, banking giant Wells Fargo (NYSE:WFC) reported in-line second-quarter earnings and slightly-better-than-expected revenues. However, the stock sold off over concerns about the company's ability to continue generating profits through reserve releases.

Industrial equipment seller Fastenal (NASDAQ:FAST) fell 4.2% to $46.15 after delivering its own second-quarter numbers. Its earnings were in line, but revenues fell short of Wall Street's expectations, and the company announced store closings.

Monday's Financial Outlook

Citigroup
(NYSE:C) will report earnings before the open on Monday. There are no US economic data releases on schedule, but overseas, Japan and Eurozone Industrial Production numbers will be issued.

Volatility ticked up just a bit this week, and the most likely catalyst for a follow-through is additional BES trouble.

However, in recent years, the market has shrugged off many similar situations, and it's possible that the troubles in Portugal will be largely overlooked within the grand scheme of global markets. 

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.
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No positions in stocks mentioned.

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.

Stock Grind Higher Despite Mixed Earnings, Banco Espirito Santo Troubles
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Portuguese financial institution Banco Espirito Santo S.A. (ELI:BES) was back in the news today after coming under fire from credit ratings agencies.

Both Standard & Poor's and Moody's cut their credit ratings on BES due to its ties to the troubled Espirito Santo International, which recently missed commercial paper payments amid concerns over accounting irregularities.

S&P took its long-term counterparty credit rating on BES to B+ from BB-.

Moody's lowered its long-term debt ratings on BES to B3 from Ba3, and its long-term deposit ratings to B2 from Ba2.

Both agencies also downgraded related debt instruments, and said that additional downgrades could be forthcoming.

The trouble in Portugal has investors on edge, but US markets were stable today.

The S&P 500 (INDEXSP:INX) closed up 0.2% at 1,967.57.

The Nasdaq (INDEXNASDAQ:.IXIC) fared better, rising 0.4%. The tech-heavy index was pulled up by Amazon.com (NASDAQ:AMZN), which rose 5.6% to $346.20.

On Thursday evening, e-commerce company ChannelAdvisor (NYSE:ECOM) said that Amazon's sales rose an estimated 34.4% in June, a notable acceleration from May.

EBay (NASDAQ:EBAY) also showed an improvement, and that stock was up 2.3% on the news.

In domestic-earnings news, banking giant Wells Fargo (NYSE:WFC) reported in-line second-quarter earnings and slightly-better-than-expected revenues. However, the stock sold off over concerns about the company's ability to continue generating profits through reserve releases.

Industrial equipment seller Fastenal (NASDAQ:FAST) fell 4.2% to $46.15 after delivering its own second-quarter numbers. Its earnings were in line, but revenues fell short of Wall Street's expectations, and the company announced store closings.

Monday's Financial Outlook

Citigroup
(NYSE:C) will report earnings before the open on Monday. There are no US economic data releases on schedule, but overseas, Japan and Eurozone Industrial Production numbers will be issued.

Volatility ticked up just a bit this week, and the most likely catalyst for a follow-through is additional BES trouble.

However, in recent years, the market has shrugged off many similar situations, and it's possible that the troubles in Portugal will be largely overlooked within the grand scheme of global markets. 

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 >
No positions in stocks mentioned.

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.

Stock Grind Higher Despite Mixed Earnings, Banco Espirito Santo Troubles
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Portuguese financial institution Banco Espirito Santo S.A. (ELI:BES) was back in the news today after coming under fire from credit ratings agencies.

Both Standard & Poor's and Moody's cut their credit ratings on BES due to its ties to the troubled Espirito Santo International, which recently missed commercial paper payments amid concerns over accounting irregularities.

S&P took its long-term counterparty credit rating on BES to B+ from BB-.

Moody's lowered its long-term debt ratings on BES to B3 from Ba3, and its long-term deposit ratings to B2 from Ba2.

Both agencies also downgraded related debt instruments, and said that additional downgrades could be forthcoming.

The trouble in Portugal has investors on edge, but US markets were stable today.

The S&P 500 (INDEXSP:INX) closed up 0.2% at 1,967.57.

The Nasdaq (INDEXNASDAQ:.IXIC) fared better, rising 0.4%. The tech-heavy index was pulled up by Amazon.com (NASDAQ:AMZN), which rose 5.6% to $346.20.

On Thursday evening, e-commerce company ChannelAdvisor (NYSE:ECOM) said that Amazon's sales rose an estimated 34.4% in June, a notable acceleration from May.

EBay (NASDAQ:EBAY) also showed an improvement, and that stock was up 2.3% on the news.

In domestic-earnings news, banking giant Wells Fargo (NYSE:WFC) reported in-line second-quarter earnings and slightly-better-than-expected revenues. However, the stock sold off over concerns about the company's ability to continue generating profits through reserve releases.

Industrial equipment seller Fastenal (NASDAQ:FAST) fell 4.2% to $46.15 after delivering its own second-quarter numbers. Its earnings were in line, but revenues fell short of Wall Street's expectations, and the company announced store closings.

Monday's Financial Outlook

Citigroup
(NYSE:C) will report earnings before the open on Monday. There are no US economic data releases on schedule, but overseas, Japan and Eurozone Industrial Production numbers will be issued.

Volatility ticked up just a bit this week, and the most likely catalyst for a follow-through is additional BES trouble.

However, in recent years, the market has shrugged off many similar situations, and it's possible that the troubles in Portugal will be largely overlooked within the grand scheme of global markets. 

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 >
No positions in stocks mentioned.

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.

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