Mixed Close As Greece Approves Five Year Austerity Plan
The markets recovered earlier losses to close mixed with the Dow dropping 59 points to 12,050 as Greece approved a five year austerity plan. Nasdaq gained 17 points to 2686.
On the upside
Morgan Stanley analyst Katy Hubert recommended Western Digital (NYSE: WDC) saying that the hard disk maker is poised to surpass earnings estimates.
National Bank of Greece (NYSE: NBG) said that non-performing loans are expected to peak in 2011 and that when market conditions are right, the bank will sell a 20% stake in its Finansbank unit.
Steelcase (NYSE: SCS) reversed year ago losses to post a better than expected profit for the first quarter.
On the downside
Ener1 (Nasdaq: HEV) will have to take a charge of an estimated $35.4 million related to loans receivable from Think Holdings which just filed for bankruptcy.
Shares of Synovus Financial (NYSE: SNV) continued falling after Wunderlich Securities analyst Kevin Reynolds downgraded the company yesterday to a Hold rating.
Excel Trust (NYSE: EXL) announced a 12.5 million common share follow-on offering.
