One day's eurozone optimism is the next day's Grexit panic. Yesterday's hopes for bold action during a meeting of European leaders have evaporated as investors prepare for a seemingly inevitable ejection of Greece from the euro. Taken by itself, Greece returning to the drachma is not the end of the world, but it could prove to be a Lehman Brothers event, setting off a chain reaction that could lead to runs on Italy and Spain, ending the euro and massively disrupting global capital markets. Scary stuff.
With that in mind, let's take a closer look at how the major indexes are faring and drill down on a few stocks making headlines.
Dow Jones Industrial Average
Source: Yahoo! Finance.
It's a bloodbath for the three major indexes, as all were off more than 1% earlier today. The Nasdaq has gained back ground the fastest, despite tech's relative dive compared to the other major sectors. Dell
I think Dell and other PC-focused companies are on the wrong side of a long-term tech trend, but losing $4.7 billion in market cap for an approximately $400 million-$700 million top-line miss screams of a market overreaction. These aren't growth companies, but as Windows 8 releases, they should see an uptick in demand as corporations modernize their equipment. Problems in Europe have likely made customers cautious of outlays, but between short-term headwinds and long-term challenges, there could be a chance for investors to profit.
In health care news, GlaxoSmithKline has threatened to kill its offer to buy partner Human Genome Sciences
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David Williamson holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Intel. Motley Fool newsletter services have recommended buying shares of Dell and Intel. The Motley Fool has a disclosure policy.
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