Wednesday, May 9, 2012
It's all about Greece. Today's trading action may not be as
volatile as the one on Tuesday, but the end result may not be much
different. With the domestic news flow lacking in substance,
negative Greece and European stories have taken center stage.
There are growing fears that the weekend election may have put
the country on course to exit from the Euro-zone. This prospect
that some have started calling 'Grexit' has serious implications
for the union and world economy. We will know in the next few days
which way the Greek political system is evolving, but short of
making the Greek citizens go through the election exercise all over
again, we probably need to take 'Grexit' seriously. I hope that
leaders in Brussels and Berlin are willing and ready to protect
Spain and Italy should it come to that.
We don't have much on the domestic economic calendar today. In
) is going hostile in bid for
Human Genome Sciences
) after its earlier bid was rejected. The company plans to take a
$2.6 billion bid directly to Human Genome shareholders. In Earnings
) came out with better than expected top-and bottom-line results
after the close on Tuesday. We have
) reporting after the close today.
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