Market Update – Citigroup (NYSE:C), Morgan Stanley (NYSE:MS), Bank of America (NYSE:BAC), Comcast (NASDAQ:CMCSA), WellPoint (NYSE:WLP)
Continuing fears about the debt situation in Greece and Portugal caused stocks in Europe and Asia to fall yesterday; investors continue to perceive these countries’ situations as too risky. According to Citigroup (NYSE: C) executives, as the debt situation worsens many Greek banks are in danger of running out of the collateral they use to get funding from the European Central Bank, which could escalate the problem. The EU and IMF are currently in talks to extend $14 billion more to Greece, on top of the funds that have already disbursed.
The US Dow Jones Industrial Average also fell 213 points yesterday, finishing just under the 11,000 mark. As of the time of writing, the Dow has rebounded back over 11,000; the S&P and NASDAQ are also up.
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In other news, it’s being reported that big lenders such as Citi, Morgan Stanley (NYSE: MS) and Bank of America (NYSE: BAC) stand to lose a portion of their $28 billion in capital if further financial regulation is enacted within the United States. The proposed restrictions lost the vote to begin debate in the House and Senate yesterday; the bill aims to more tightly restrict the sort of high risk activities that made last year’s government bailout necessary.
Comcast (NASDAQ: CMCSA) has reported better-than-expected profits for it’s first quarter of 2010. The cable company made $866 million to begin the year. That breaks down to 37 cents per share, beating expectations by 1 cent. The cable giant’s total revenue also beat expectations, rising approximately 4% to $9.2 billion.
The news was also positive for health insurer WellPoint Inc (NYSE: WLP); it’s first quarter profits rose 51%. The insurer is attributing the jump in profits to lowered costs, in part because of the weak flu season this winter. The company has made a profit of roughly $878 million so far this year.
That’s all for the day, loyal readers!
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