U.S. stocks are deep in the red today, giving back any gains made in yesterday’s trading session. The economic troubles in Greece show few signs of improving as protesters turned violent as EU officials failed to come to an agreement on a new austerity plan that involved bringing in private investors are part of a bailout package. Greece’s prime minister George Papandreou even offered to step down if the opposing party can come to an agreement.In the U.S., economic data showed that manufacturing activity in New York shrank, and the consumer-price index rose in May by 0.2 percent. Economists were expecting only a 0.1 percent rise. Food prices led the increase in costs, rising 0.4 percent. Not all stocks are down, however, as Internet radio company Pandora (P) made its market debut today. The Pandora’s IPO saw shares rise over 60 percent, increasing valuation to $4.2 billion despite the company not being profitable.
Major U.S. Stock Indices
DJIA: 11,921.11 (-1.28 percent)
S&P 500: 1,266.91 (-1.68 percent)
NASDAQ: 2,638.49 (-1.50 percent)
Russell 2000: 783.66 (-1.30 percent)
In other news:
- Why Pandora (P) is already overvalued. (Look what happened to LinkedIn (LNKD), Renren (RENN), Dangdang (DANG), Yandex (YNDX) after their successful IPOs). [Marketwatch]
- Apple (AAPL) is known as one of the most successful technology companies in the world, but its strengths as a retailer often gets overlooked. Ron Johnson’s departure to J.C. Penney (JCP) could leave a huge void. [WSJ]
- Standard and Poor’s cut its outlook on Chinese developers from “Stable” to “Negative.” Could the Chinese real estate bubble pop be near? [Bloomberg]
- Money manager sees $60 oil and 10,000 on the Dow. Is he a genius or the stock market’s version of Harold Camping? [Breakout]
- Carlyle Group, though not an Internet company, is one of the biggest private equity firms on Wall Street and could be looking to get in on the IPO frenzy. The company would be joining other public PE firms like Blackstone (BX), KKR (KKR) and Apollo (APO).
Check back for more news.