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Bailout-Fueled Optimism Fades — Monday’s IP Market Recap

European financials lead the way down


InvestorPlace Market RecapWorld markets got a boost early Monday after Cyprus and EU negotiators reached a deal on a 10 billion euro bailout for the struggling nation, sending the Dow Jones to an intraday high and the S&P 500 near its all-time high. However, the optimism sagged amid broader worries about Europe’s financial situation as well as the high cost of the agreement to large depositors.

By the end of the day, all three major indices had declined. The Dow finished off 0.44% to close at 14,447.75, the S&P 500 lost 0.33% to finish at 1,551.69, and the Nasdaq lost 0.3% to end at 3,235.30.

European bank stocks were hit hard Monday, including BBVA (NYSE:BBVA, -4.9%), Banco Santander (NYSE:SAN, -4%) and Barclays (NYSE:BCS, -3.6%), though American financials including Citigroup (NYSE:C, -1.6%) and Bank of America (NYSE:BAC, -1.3%) stumbled, too.

Apollo Group (NASDAQ:APOL) jumped more than 7% after reporting earnings well in excess of estimates despite a nearly 16% decline in enrollment at University of Phoenix educational sites.

BlackBerry (NASDAQ:BBRY) continued to come under pressure, with shares falling more than 4.5% amid disappointment with the company’s U.S. launch of the Z10 phone and a subsequent downgrade from Goldman Sachs.

Dell (NASDAQ:DELL) shares climbed more than 2% after announcing that it had received two competing bids to founder Michael Dell’s buyout offer. Both Carl Icahn and Blackstone Group (NYSE:BX) submitted separate buyout offers for the on-the-block company.

Discount retailer Dollar General (NYSE:DG) saw its shares move ahead just more than 2% on stellar fourth-quarter revenue and earnings performances.

Finally, Facebook (NASDAQ:FB) stumbled more than 2% after the SEC approved a settlement agreement under which Nasdaq OMX Group (NASDAQ:NDAQ) agreed to pay $62 million in damages to firms harmed in the IPO process due to technical problems in its system.

Three Up

  • Sinclair Broadcasting (NASDAQ:SBGI): Up 5.6% ($1.01) to $19.18.
  • Groupon (NASDAQ:GRPN): Up 4.5% (26 cents) to $6.
  • McGraw-Hill (NYSE:MHP): Up 3.4% ( $1.66) to $50.03.

Three Down

  • VMware (NYSE:VMW): Down 4.6% ($3.65) to $76.50.
  • Red Hat (NYSE:RHT): Down 3.6% ($1.81) to $48.99.
  • Terex (NYSE:TEX): Down 3.4% ($1.18) to $34.03.

Marc Bastow is an Assistant Editor at As of this writing, he did not hold a position in any of the aforementioned securities.

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