Markets are unimpressed by Cyprus. And fallout from the country's bailout may be far from over. Here's the latest: Cypriot banks, which were supposed to re-open today are now closed until Thursday. Even when they do re-open, word is capital controls will remain in place, though it's not clear what they'll be. Yesterday, markets both here and abroad fell into the red when the Dutch Finance Minister said the Cyprus bailout could serve as a template for future problems with the euro zone banks. He later tried to walk-back the remark.
Here at home it's going to be a day of data. Numbers on durable goods are being released. So is the Case-Shiller housing index, plus new home sales. The Feds will also issue a report on consumer confidence.
The fight over Dell (DELL) may be turning into a game of Survivor with a new alliance taking shape. Activist investor Carl Icahn says he is now in talks with private equity firm Blackstone Group. Both submitted separate proposals ahead of a Friday deadline. A special committee of Dell board members has already said that Blackstone's proposal is potentially better than Michael Dell's original proposal with Silver Lake Management. That plan was to take the company private for $24.4 billion dollars.
STOCKS TO WATCH
BlackBerry (BBRY) has been taking shareholders on a roller coaster ride. Right now it's up in premarket trading here on the NASDAQ. But yesterday shares gave up more than 4.5%. Last Friday's release of the Z10 is what's behind the recent volatility. First there were high hopes for the smart phone, but now that's turned to disappointment. A Goldman Sachs analyst now gives the device just a 20% chance of being a sales success. BlackBerry reports its quarterly earnings on Thursday, though they won't include sales from the U.S. launch of the Z10. But take note: shares have moved an average of 16% the last three times the company reported.
JC Penney (JCP) shares were down more than 1.6% yesterday. An analyst at BMO Capital Markets downgraded Penney's from marketperform to underperform, and said at this rate the company may go bankrupt next year. The company's stock is now at less than 40% of its 52-week high, which was a year ago tomorrow.
Veeco (VECO) Instruments has soared more than 8.5% on an analyst upgrade. Its price target was also raised from $25 to $48. Veeco makes equipment which is used in the manufacture of LEDs and hard-disk drives. Over the past year shares have traded between $26 and $40. Right now it's just about $2 short of its high.
Shares of Tesla (TSLA) spiked more than 5% yesterday afternoon when company co-founder Elon Musk sent out a tweet. It read, "Really exciting announcement coming on Thursday. Am going to put my money where my mouth is in "v" major way." It was retweeted more than 450 times. But also sparked outrage like this tweet: "Is the S.E.C. going to look at Elon Musk after that cryptic Tesla tweet. Stock now up 4% on heavy volume."
What do you think? Did the teasing tweet cross the line? That's the subject of today's "Hot Stock Minute" poll question. Vote below, and feel free to elaborate in our comments section.
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