Investors spent Monday worrying whether Greek Prime Minister Lucas Papademos would be able to convince the leaders of his country’s three political parties to agree to the terms of a 130-billion euro bailout from the European Commission, European Central Bank and International Monetary Fund. Each of the three major stock indices took a nosedive immediately after the opening bell on Monday and spent the rest of the day attempting to climb back to Friday’s closing levels. With the exception of Lennar (LEN), Miami-based companies saw their stocks perform in a similar pattern with the indices. On the other hand, Lennar simply flopped around after a slow fall which lasted all morning.
The Dow Jones Industrial Average dropped by 11 points on Monday, to close at 12,845 for a loss of 13 basis points (0.13 percent). The S&P 500 almost made it back into the black, falling short by 4 basis points (0.04 percent) to finish at 1,344. The NASDAQ Composite declined by 13 basis points (0.13 percent) to end the day at 2,901.
Miami-based corporations had a disappointing day on Monday. Carnival Cruise Lines (CCL) escaped with the least damage, sinking by only 9 basis points (0.09%) to close at 31.97. Royal Caribbean (RCL) experienced a similar fate, declining by 10 basis points (0.10%) to finish at 30.56. Ryder System (R) lost 23 basis points (0.23%) to close at 52.50. Lennar (LEN) trailed the group with a painful loss of 2.78% to end the day at 22.69.
The following companies will be playing “beat the number” on Tuesday, with the release of their quarterly earnings reports: Acadia Realty Trust (AKR), Agco Corp (AGCO), Avanir Pharmaceuticals (AVNR), Avid Technology (AVID), Axis Capital Holdings (AXS), Becton Dickinson (BDX), Calix (CALX), CBRE Group (CBG), Centene Corp (CNC), Cerner Corp (CERN), Church And Dwight (CHD), Coca-Cola (KO), Colfax (CFX), Compass Minerals (CMP), Convergys (CVG), Emerson Electric (EMR), Gartner Inc (IT), Gaylord Entertainment (GET), Genpact (G), Gentiva Health Services (GTIV), Harman International (HAR), Hartford Financial Services (HIG), K12 Inc (LRN), Liberty Property Trust (LRY), Life Technologies (LIFE), Lincoln National (LNC), Littelfuse (LFUS), Louisiana Pacific (LPX), Martin Marietta Materials (MLM), McClatchy Co (MNI), NetGear (NTGR), OpenTable (OPEN), Panera Bread (PNRA), Primerica (PRI), RTI International Metals (RTI), Scotts Miracle-Gro (SMG), Silicon Graphics International (SGI), Solarwinds (SWI), Solera Holdings (SLH), Stratasys Inc (SSYS), Synchronoss Technologies (SNCR), Transdigm Group (TDG), TTM Technologies (TTMI), Two Harbors Investment Corp (TWO), Universal (UVV), Valueclick (VCLK), Walt Disney (DIS) and Western Union (WU). Good luck!
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