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Dow Jones closes softer; NYSE Euronext, Apollo Global Management and Activision Blizzard in the news

Saturday, February 11, 2012 by Proactive Investors

The NASDAQ winning streak came to an end last night, with the tech laden index easing 23 points to 2904. The Dow rallied off lows, but closed 89 points weaker at 12,801.

U.S. equity markets rallied off their lows overnight but still closed lower, on worries that efforts to keep Greece from defaulting were falling apart.

By the close the Dow Jones was off 89 points to 12,801, with the NASDAQ winning streak snapped by the 23 point decline to 2904.

Worries were renewed as eurozone finance ministers said the new Greek austerity deal agreed yesterday is not enough to secure further funds. The finance ministers said they would like to see further spending cuts before signing off on a new 130 billion euro bailout, which is key to the debt-stricken country being able to make a 14.5 billion euro bond payment due in March.

Greece has to cut an additional 325 million euros from "structural expenditures" in 2012 to secure the second bailout, and must promise to continue implementing the agreed measures after elections in April. The deal must also be approved by the Greek parliament this weekend.

Eurozone finance ministers are due to meet again next week, where the bailout package could be signed if conditions are met.

In corporate news, NYSE Euronext (NYSE:NYX) said fourth-quarter earnings fell on charges related to the abandoned $9 billion merger with Deutsche Boerse.

Net income for the period ended December 31 fell to $110 million, or 43 cents per share, from $135 million, or 51 cents per share, a year earlier. Excluding some items, earnings were 50 cents per share, beating the 48-cent average estimate of 16
analysts surveyed by Bloomberg.

Private equity firm Apollo Global Management (NYSE:APO) said Friday fourth-quarter profit slid 95 percent from a year earlier as the buyout firm's revenue fell.

Professional social networking firm LinkedIn Corp. (NASDAQ:LNKD) late Thursday reported fourth-quarter earnings that beat expectations thanks to increased advertising and subscriptions. Before items, profit was 12 cents a share. That beat the average analyst estimate of 7 cents.

Activision Blizzard (NASDAQ:ATVI) late Thursday posted record fourth-quarter earnings as consumers flooded videogames stores to buy its latest war and fantasy games.

For the quarter that ended December 31, the company swung to a profit of $99 million, or 8 cents per share, compared with a loss of $233 million, or 20 cents per share, a year earlier.

On the economic front, the US December trade deficit expanded to $48.8 billion, from $47.1 billion U.S. the prior month.

The Thomson Reuters/University of Michigan overall index of consumer sentiment fell to 72.5 in early February from January's 75.0, which was the highest level since February 2011.

The latest figure fell short of the median forecast of 74.5 among economists polled by Reuters.

Commodities

In NYMEX futures trading, crude for March delivery slipped $1.94 to $97.90 a barrel and gold futures for April delivery fell
$26.70 to $1,712.30 an ounce.

Europe

European markets finished broadly lower today with shares in France leading the region. The CAC 40 was down 1.51% while Germany's DAX was off 1.41% and Britain's FTSE 100 fell lower by 0.73%.

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