Friday, May 18, 2012
Disconcerting headlines about Greece and the Spanish banking
system have kept investors nervous in recent days, a trend that
will likely remain with us for a while. After all, the questions
raised by the recent indecisive Greek elections about the country's
place in the Euro-zone can only be answered by another round of
voting in the coming weeks. Till that time, Greece related
questions will likely remain the primary headwind for the
But investors in the U.S. are holding a big party today to
forget all about Greece and Europe, even if it's only for a single
day or a few hours. The party is for
), where the iconic social-networking site will get the biggest
tech IPO in history title. The event has protagonists on both
sides, with detractors questioning the market's willingness to give
the company a $100 billion-plus valuation. It is hard to escape the
feverish debate surrounding the Facebook event anywhere you look.
But while the saturation coverage is becoming a little too much, I
nevertheless prefer this over Greece and Europe any time.
The Faccebook story is the biggest corporate news of the day,
given the absence of any major economic or earnings reports. But we
did have a number of major earnings reports after the close on
Thursday when we got better than expected results from
), while results from
) proved underwhelming.
) posted better than expected results this morning and raised
guidance for the rest of the year.
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Director of Research