Stocks were mixed today as Cyprus faded from the headlines and worries about Italy moved to the forefront. At this point Italy doesn't even have a government, so a solution to the nation's debt troubles seems out of reach. The DJIA edged lower by 0.23% to 14,526 and the S&P 500 ticked lower by 0.05% to 1,563 -just two points below its record closing high. The tech-heavy Nasdaq bucked the trend and rose 0.14% to 3,257.
BlackBerry (BBRY) shareholders are bracing for tomorrow morning. That's when the Canada-based company is set to release its quarterly earnings report. BlackBerry stock has been on a wild ride of late, bouncing up and down on developments with the z10 smart phone. The device launched in the U.S. last week with high hopes. But sales so far have been disappointing. Shares of the BlackBerry have nearly doubled in the past six months. But they're still at just a tiny fraction of their 2008 high of $140 a share.
Wal-Mart (WMT) now says it's probable the company will incur a loss due to ongoing bribery investigations. The company is accused of failing to notify authorities that some of its own employees had shelled out money in Mexico where there was a push to open more stores at a rapid pace. The allegations first surfaced last April. Wal-Mart says it's too early to predict the cost of the damage. Separately, Wal-Mart is making news with a new push against Amazon (AMZN). The big box retailer is soon to test in-store lockers where online shoppers can pick up merchandise they've already purchased.
Shares of Cliffs Natural Resources (CLF) fell 14% today. The drop for the iron ore and metallurgical coal producer came after a downgrade from Morgan Stanley. The firm cut Cliffs from equal weight to underweight and lowered its price target from $36 to just $14. Credit Suisse also lowered its target price on Cliffs from $30 to $10.
LogMeIn (LOGM) gave back half the gains it made yesterday afternoon, when trading was actually halted on a rapid rise. Shares tumbled another 10% today. LogMeIn provides cloud-based services. It was being sued by a Canadian company for allegedly violating patents with its remote access software. But a jury in Virginia found there was no wrongdoing.