Cyprus Bailout Lifts U.S. Futures - Ahead of Wall Street
25 März 2013 - 10:24AM
Zacks
March 25, 2013
(This is Mark Vickery substituting for Sheraz Mian this morning
and all this week.)
Far from a certainty up to the 11th hour, Cyprus finally decided to
bail out its failing banking system to the tune of 10 billion
euros, or roughly $13 billion. The small Eurozone island country
has thus escaped bankruptcy, which would have made it the first
nation to abandon the euro as its currency.
The bailout is already being received quite well in Europe and
Asia, where most market indexes are up today. U.S. futures are also
solidly green in pre-trading this morning, with the S&P 500
ticking back up toward 1560.
This is the final week of Q1, as well as a holiday-shortened week
with Friday as a holiday. Earnings season will begin to pick up in
a couple weeks, but until then, market catalysts will mostly be
relegated to news coming from abroad, such as today's Cyprus
bailout story.
That said, shares of major for-profit educator Apollo
Group (APOL) are up over 9% in the pre-market after a
quarterly earnings beat, although enrollment at its University of
Phoenix is down. Chinese solar panel manufacturer JA
Solar (JASO) is down roughly 1% on its quarterly earnings
miss this morning, with revenues now having fallen for the past six
quarters.
Finally, speculation continues about Dell Inc.
(DELL) going private -- will Blackstone (BX) offer
more than $13.65 per share and bring former H-P chief Mark Hurd on
board? Will Carl Icahn entice with a $15 per share bid? We'll stay
tuned, assuming anyone can talk about anything besides Cyprus
today.
Mark Vickery
Senior Editor
APOLLO GROUP (APOL): Free Stock Analysis Report
BLACKSTONE GRP (BX): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
JA SOLAR HOLDGS (JASO): Free Stock Analysis Report
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