by Marc Bastow | June 4, 2012 5:23 pm
Investors managed to shake off the fears that engulfed the markets heading into the weekend, avoiding panic and instead treading water throughout the day.
When it was all said and done, the Nasdaq saw its first burst of enthusiasm in more than a week, up 0.46% to finish at 2,760; the Dow dropped 0.14% to 12,101 and the S&P was essentially flat at 1,278.
Lingering below the surface are anxieties over the health of the Spanish banking system and the possibility that Greece could soon exit the euro. Also, 10-year Treasury yields remain near all-time record lows as investors appear willing to take small returns for the safety of holding debt backed by the U.S. government. Worries about slowing growth in China and India also persist.
Nevertheless, investors slowly made their way back to the market today, with the technology sector in particular drawing interest. Cisco (NASDAQ:CSCO) gained nearly 1%, while Oracle (NASDAQ:ORCL, +0.77%), Apple (NASDAQ:AAPL, +0.39%) and Microsoft (NASDAQ:MSFT, +0.35%) all made slight gains as well.
Not as fortunate was Facebook (NASDAQ:FB), which dropped 3% to extend its post-IPO slide, which now stands around 30%. Groupon‘s (NASDAQ:GRPN) lock-up expiration problems continued with a 7.6% loss, putting the company’s worth ($5.78 billion) at less than the $6 billion offer made by Google (NASDAQ:GOOG) to buy the company in 2010. At $8.95, GRPN shares are now 55% of their IPO pricing in November 2011.
Salesforce.com (NYSE:CRM) agreed to purchase Buddy Media, a social media marketing company, for $689 million in cash and equity. Buddy Media helps major corporate customers position their brands using social media platforms like Twitter and Facebook. CRM shares rose marginally on the news.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL and MSFT.
Source URL: http://investorplace.com/2012/06/not-another-manic-monday-mondays-ip-market-recap-msft-aapl-csco-orcl-fb/
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