Daily Market Commentary for June 21, 2011
The street appeared in good spirits with high anticipation that Greek Prime Minister George Papandreou will win a confidence vote later today which would be a major step toward averting a sovereign debt default. (read more at Millennium-Traders.Com)
Into the lunchtime hour, the Dow Jones Industrial Average was hosting a nice, triple digit gain. Standard & Poor 500 and Nasdaq were both nicely in positive territory, hosting favorable gains as well. The Federal Open Market Committee began its two-day policy meeting today. Wednesday at 12:30pm ET the Fed will announce their decision on interest rates. Additionally, around 2:15pm ET, Fed Chairman Ben Bernanke will present his post-announcement, press conference.
Google (NasdaqGS: GOOG ) has been ordered by city police of Bangalore, India to suspend collection of images for its online mapping service in India due to concerns about security. Google launched a fleet of cars and tricycles mounted with cameras in May 2011 to photograph streets in the southern Indian city of Bangalore. Google said drivers of the Street View vehicles would photograph streets in Bangalore and that the service would eventually cover the rest of the country. In May 2011, Google was in talks with both local and federal government of Bangalore on the launch of Street View services in India. In a effort to protect privacy, Google reported that vehicles would capture images of public places alone and blur faces of individuals as well as vehicle-license plates to make them unidentifiable. Google additionally said it will accommodate requests from users to additionally blur any images that feature them.
Tower Bancorp (NasdaqGS: TOBC) shares surged 31% into early afternoon trading after agreeing to a buyout in the range of $343 million from Susquehanna Bancshares (NasdaqGS: SUSQ).
Walgreen (NYSE: WAG) shares were lower by 5% into early afternoon trading after contract talks with Express Scripts (NasdaqGS: ESRX ) had failed and that Walgreen won’t handle prescriptions for the pharmacy benefits manager past 2011.
Barnes & Noble (NYSE: BKS) reported Q4 loss of $59 million or $1.04 a share, compared to $32 million or 58 cents a share, in the year-ago period.
International Paper (NYSE: IP) shares were higher by 4% into early afternoon trading. IP will be meeting with rival Temple-Inland (NYSE: TIN) regarding their effort to buy Temple.
Whole Foods Market (NasdaqGS: WFM) shares were higher by 6% into early afternoon trading on upbeat sales outlook.
Economic data released today:
Redbook: U.S. Retail Sales +4.2% Wk End Jun 18 vs. year ago; U.S. Retail Sales First 3 Weeks Jun +3.9% vs. Jun Year-Ago; U.S. Retail Sales First 3 Weeks Jun +1.0% vs. May.
Existing Home Sales: U.S. May Existing Home Sales -3.8% to 4.81M Rate; U.S. May Existing Home Sales Consensus 4.80M Rate; U.S. Inventory of Unsold U.S. Homes at 9.3 Months Supply; U.S. May Median Existing Home Price -4.6% on year to $166,500.
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