From The Trading Floor: Equities are trading higher this morning as an agreement between Greece and Cyprus helped lift some worries over the European situation in addition to some strong earnings from the likes of Tiffany and Nike
Marin Software priced 7.5 million shares at $14 above the $11 - $13 range. It opened at $19 on a print of 931,247 shares.
Cyprus failed to secure aid from Russia and has now been left to arrive at a deal with the EU by March 25.
Cyprus agreed with Greece on a takeover of the Greek units of Cypriot banks, which ended uncertainty over the fate of those operations.
German business confidence fell to 106.7 in March, from 107.4 the previous month. This missed expectations of a rise to 107.8.
Nike reported adjusted earnings of $0.73 per share, on revenue of $6.19 billion. Analysts were looking for earnings of $0.67 per share, on revenue of $6.23 billion
Ahead of the Bell: Dow futures are trading up 42 points and S&P futures are trading up 4 points. Investor sentiment was dampened on fears Cypress will default on its debt obligations and credit risk will spread throughout the euro zone. The uncertainty and ramifications of what will happen if the former Greek colony were to leave the EU are still undetermined. The ECB has given the government until next Monday to address its next payment to bond holders or face stricter austerity measures. The country needs to restructure its banking system and come up with about 6 billion euros to secure a bailout.
On the economic calendar today, no reports are due. Federal Reserve Governor, Sarah Bloom Raskin will be speaking on labor market conditions in Washington.
The dollar is up against the Japanese yen and down against the euro and British pound. Gold is currently trading at 1,611...
On international World Water Day, Join the Pipe sounds the gong to highlight the importance of clean drinking water.
The two organizations have inaugurated a tap water dispenser in the ING office on the Rokin so that in addition to coffee, clients can also enjoy a glass of tap water in their new coffee bar. The cost of the Join the Pipe tap installation in Amsterdam includes a donation from ING to finance a water pump in Tanzania.
Jointhepipe.org is the first global community of tap water drinkers; their dream is to ensure that clean drinking water is fairly distributed over the entire world. Join the Pipe finances water and sanitation projects in Africa and Asia by selling tap installations to the hotel and catering industry. The campaign has already resulted in the installation of close to 300 taps and projects. In the...
Stocks ended lower as investors digested mixed economic reports and noted that the U.S. House of Representatives approved a spending bill to avoid a government shutdown. Overseas, the European Union gave Cyprus a deadline of Monday to raise the billions of euros it needs to obtain an international bailout. Cyprus was further warned that it may be forced out of the euro zone. Late this afternoon, Cyprus announced that Laiki Bank declared a resolution that would avert bankruptcy and protect depositors with up to 100,000 euros.
On the economic front, weekly jobless claims rose 2,000 according to the Labor Department. However, the four week average is down 7,500 which is a new recovery low. Existing Homes Sales rose 0.8% as higher prices are bringing more homes into the market. Overall, the positive trend in the housing market continues.
Today’s 2.0 level for the Philadelphia Fed Survey is a pleasant surprise as...
On Thursday, March 21, 25 recipients of the Medal of Honor, our nation’s highest award for military valor, will visit the New York Stock Exchange and ring The Closing Bell.
About the Medal of Honor:
The Medal of Honor is the highest award for valor in action against an enemy force which can be bestowed upon an individual serving in the armed services of the U.S. Generally presented to its recipient by the President of the United States in the name of Congress, it is commonly referred to as the Congressional Medal of Honor.
The creation of the Medal of Honor began in 1861 during the Civil War. Later, in August 1958, President Dwight Eisenhower signed legislation sent to him by Congress chartering the Congressional Medal of Honor Society. Unlike other organizations, this group’s members hope that there will be no other inductees. From all walks of life, the recipients share a love for the...