Cyprus is now pitching a new bailout plan. But even if it passes Parliament, will it pass muster with the people? Right now lawmakers are preparing to vote on the proposal. It would spare bank accounts of less than 20,000 euros from a bailout tax. Meanwhile all Cypriot banks, and the country's stock market remain closed until Thursday.
Lots of other headlines to share with you on what's shaping up to be a very busy business day. First up: analysts at both Goldman Sachs (GS) and Morgan Stanley (MS) have raised their targets for the S&P 500 this year, saying it will hit at least 1,600. Next, a report being released today from the Employee Benefit Research Institute shows 57% of U.S. workers have less than $25,000 in savings when you exclude their homes. Finally, a separate study out today from CoreLogic finds 1.7 million homes underwater at the end of 2011 are no longer in the hole because of rising home prices.
STOCKS TO WATCH
Lululemon (LULU) is down sharply this morning on problems with a problematic "bottom line" quite literally. The company has pulled many yoga pants off its store shelves because the fabric is too sheer. Lululemon says it expects the problem to shrink sales about 5%percent. At least they're transparent about it. Lululemon has been trading within a $10 range for the past six months. But it dropped 4% yesterday and is now at its lowest level since the summer.
Next we look at Dell (DELL), which has been up more than 2% in extended trading. The rise comes amid reports that Blackstone may take part in a bid for the company. Silver Lake has already offered $24.4 billion dollars in a proposal that critics have called undervalued. Competitors have until Friday to initiate counteroffers.
Skullcandy (SKUL) has scared-up a 6% climb in extended trading. The company named a new CEO yesterday afternoon. He comes from Nike. Skullcandy makes things like headphones and iPod cases, all with its bony logo. It has been a headache for shareholders recently because of increased competition. Shares hit their 52-week high last April. Since then they've lost more than two-thirds of their price.
Uniform-maker Cintas (CTAS) will report earnings after the closing bell. The company's shares rose 1.7% to hit their 52-week high. Cintas stands to benefit as the job market shows more signs of recovery. Analysts are expecting the company to post earnings of 61-cents a share, which would be a 5% increase over last year.