S&P 500 extended slump on profit warnings

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Source: Dukascopy Bank SA
US stocks prolonged Wednesday's slump, falling for sixth consecutive day on Thursday. Spreading worries that slowing US economy and Eurozone debt woes have hurt corporate earnings of the US businesses weighted down on the US equities.  S&P 500 declined 0.5% to close at 1,334.76. Mariot International lost 6.44% after the hotel operator announced that revenues missed expectations in Q2. Progressive plunged 5% on news of a 52% drop in Q2 income partly caused by investment loss. Cigna fell 1.44% after stating that it agreed to purchase a 51% stake in Finansbank's unit Finans Emeklilik for USD104 million. Meanwhile, shares of Apple Corp retreated 0.91% on reports that Taobao, China's largest e-commerce platform, is accepting pre-orders of next-generation iPhone, which has not been launched yet.

 

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Fri, 13 Jul 2012 12:22:02 GMT

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