Dow began the day with a 200 decline & remained at that level all day. Dow finished off 203, decliners over advancers 11-1 & NAZ fell 40. Bank stocks were hit hard, with the Financial Index dropping 5 to the 194s.
The MLP index fell 6 to 401 & the REIT index was down 3+ to the 243s. Junk bond funds sold off while Treasuries rose on the flight to safety in difficult times. The gloomy day in the markets dragged down oil & gold. But the 2nd gold chart below shows it's doing well in 2012.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Greece stepped up pressure on its private creditors to sign on to the bond swap without which the country will default on its debts this month, which some investors fear may prove unsuccessful. The bondholders have until Thurs night to sign up, which aims to wipe more than €106B ($139B) off the debt by exchanging existing bonds for new ones with a face value reduced 53.5%, longer repayment deadlines and lower interest rates. The success of the swap, called Private Sector Involvement (PSI), depends on a high participation rate & there is no guarantee. Yesterday, a group representing private holders of Greek gov bonds said a dozen banks, insurers & investment funds will participate in the swap. But many more will need to sign up for Greece to avoid default. Investors who participate would lose around 75% of the value of their holdings. Without the deal they would face much bigger losses, not only on Greek holdings but also on investments in other vulnerable eurozone countries as turmoil spreads across financial markets. The Greek drama continues to play on.
Greece steps up pressure in uncertain bond deal AP
Apple, with the largest market cap in the world, increased its share of US smartphone subscribers in the qtr ended Jan as the number of US users topped 100M for the first time, according to ComScore. AAPL devices accounted for 29.5% of smartphones in the period up from 28.1% in the prior qtr. Smartphones using Google (GOOG) Android had 48.6% market share, up 2.3% from the prior qtr. Research in Motion (RIMM) saw its share drop to 15.2% from 17.2%. The survey covered 30K mobile subscribers. AAPL dropped 3 to 530, still not a bad showing for the year.
Apple Gains Smartphone Share as Total U.S. Users Top 100 Million
Photo: Yahoo
Qualcomm increased its quarterly dividend 16% to 25¢ & authorized up to $4B in stock buybacks. The company is benefiting from rising global demand for smartphones. Profit rose 16% in its most recent qtr & recently boosted its outlook for the year ending in Sep. These moves will allow it to return cash to its shareholders without slowing growth. The $4B stock buyback program replaces the company's previous $3B repurchase plans, which had $948M remaining. The stock fell 55¢ on a tough day for the tech sector.
Qualcomm to Buy Back as Much as $4 Billion of Its Shares, Boosts Dividend
The global sell-off continued in the US, giving the Dow its worst day of the year. Getting Greek bondholders to accept a major haircut is proving difficult sell. If that fails, all markets could become ugly very quickly. Of course, nobody knows where this will lead. But in the absence of good news coming out of Greece, the sellers should continue in command. The Feb jobs report will be released Fri before the market opening & expectations are for another favorable report (unless high priced gas affects it).
The MLP index fell 6 to 401 & the REIT index was down 3+ to the 243s. Junk bond funds sold off while Treasuries rose on the flight to safety in difficult times. The gloomy day in the markets dragged down oil & gold. But the 2nd gold chart below shows it's doing well in 2012.
JPMorgan Chase Capital XVI (AMJ)
Click below for the latest market update:
Treasury yields:
U.S. 3-month | 0.071% | |
U.S. 2-year | 0.278% | |
U.S. 10-year | 1.946% |
| CLJ12.NYM | ...Crude Oil Apr 12 | ...104.75 | ... 1.97 | (1.9%) |
Greece stepped up pressure on its private creditors to sign on to the bond swap without which the country will default on its debts this month, which some investors fear may prove unsuccessful. The bondholders have until Thurs night to sign up, which aims to wipe more than €106B ($139B) off the debt by exchanging existing bonds for new ones with a face value reduced 53.5%, longer repayment deadlines and lower interest rates. The success of the swap, called Private Sector Involvement (PSI), depends on a high participation rate & there is no guarantee. Yesterday, a group representing private holders of Greek gov bonds said a dozen banks, insurers & investment funds will participate in the swap. But many more will need to sign up for Greece to avoid default. Investors who participate would lose around 75% of the value of their holdings. Without the deal they would face much bigger losses, not only on Greek holdings but also on investments in other vulnerable eurozone countries as turmoil spreads across financial markets. The Greek drama continues to play on.
Greece steps up pressure in uncertain bond deal AP
Apple, with the largest market cap in the world, increased its share of US smartphone subscribers in the qtr ended Jan as the number of US users topped 100M for the first time, according to ComScore. AAPL devices accounted for 29.5% of smartphones in the period up from 28.1% in the prior qtr. Smartphones using Google (GOOG) Android had 48.6% market share, up 2.3% from the prior qtr. Research in Motion (RIMM) saw its share drop to 15.2% from 17.2%. The survey covered 30K mobile subscribers. AAPL dropped 3 to 530, still not a bad showing for the year.
Apple Gains Smartphone Share as Total U.S. Users Top 100 Million
Apple Inc. (AAPL)
Qualcomm increased its quarterly dividend 16% to 25¢ & authorized up to $4B in stock buybacks. The company is benefiting from rising global demand for smartphones. Profit rose 16% in its most recent qtr & recently boosted its outlook for the year ending in Sep. These moves will allow it to return cash to its shareholders without slowing growth. The $4B stock buyback program replaces the company's previous $3B repurchase plans, which had $948M remaining. The stock fell 55¢ on a tough day for the tech sector.
Qualcomm to Buy Back as Much as $4 Billion of Its Shares, Boosts Dividend
QUALCOMM Incorporated (QCOM)
The global sell-off continued in the US, giving the Dow its worst day of the year. Getting Greek bondholders to accept a major haircut is proving difficult sell. If that fails, all markets could become ugly very quickly. Of course, nobody knows where this will lead. But in the absence of good news coming out of Greece, the sellers should continue in command. The Feb jobs report will be released Fri before the market opening & expectations are for another favorable report (unless high priced gas affects it).
Dow Industrials
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