What if Greece offered a deal and nobody came? That's the question the stock market asked today, and it didn't like the answer: European leaders seem to want even more concessions from the beleaguered nation before they extend international bailout money. The Dow Jones Industrials (INDEX: ^DJI ) finished the day down 89 points to 12,801.
Of the 30 Dow stocks, 29 fell, but some didn't fall as much as others. Let's look at a few of the stocks that held up fairly well to close the week.
Home Depot (NYSE: HD ) , up 0.1%
The home-improvement retailer is a somewhat surprising entry on this list. After all, you'd expect that with its dependence on the health of the housing market, Home Depot would rise and fall with expectations of the U.S. economy's growth.
Yet today's price action probably reflects the skepticism that some investors have about whether even a Greek default would have a material impact on the domestic economy. Although homebuilder stocks fell sharply today, Home Depot should also benefit from increased activity in existing-home sales that will result from the mortgage lending settlement between banks and state governments yesterday.
But the company can expect a renewed fight from its archrival, PepsiCo (NYSE: PEP ) . CEO Indra Nooyi announced a plan yesterday that would cut 8,700 jobs in order to save money that would go toward marketing and advertising. Renewed strength from Pepsi could present new challenges for Coke, especially if Pepsi can continue to integrate its beverage and snack lines to create a competitive advantage.
Kraft Foods (NYSE: KFT ) , down 0.2%
Similarly, Kraft is acting as you'd expect from a leading seller of food products on a down day. No matter what happens in Greece, U.S. customers are still going to need to buy food.
The interesting recent news that affects Kraft, though, is the recent controversy with Diamond Foods. After dismissing its CEO and CFO, the company now needs to restate financials and stands to lose its planned takeover of the Pringles snack brand from Procter & Gamble, which has been looking to get out of the food business. If Diamond is out of the running, then Kraft is a logical player to be interested, along with Pepsi. Especially with Kraft planning to split itself into two pieces, its snack-business division could definitely be a good fit for Pringles.
What will Monday bring?
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