The CAC40 (-4%) is plunging but the DAX (-3%) and the FTSE 100 (-1.3%) aren’t nearly as bad. It looks like the banks are taking the worst of it with Societe General (-10%) and BNP (- 12%) under major selling pressure. You could even say crashing, on the ongoing Euro-ECB-Greece-Finland-Drachma drama. It looks to me like SocGen is in the worst shape. “SocGen set to accelerate asset disposals“.
With about 2 hours before the beginning of the end of the week, here in Europe we’re down about 3%. The Euro is consolidating around 1.43 and vacationers are dribbling back into Paris. After yesterday’s list of bad news, today is likely to be calmer – though options expire today, so I’m curious how the VIX presents itself. I’m cleaning out of my expiring option positions today. USO, SPY, FSLR.
Yesterday’s rout of HPQ had to be the craziest, most complicated manipulation of an earnings announcement I’ve seen. I’m guessing they put weeks of effort into this strategy… Or someone completely screwed up… I’d like to know which!
- Leak to Bloomberg at noon (Bloomberg falls all over itself for about 3 hours…)
- Trading Stopped – confusion
- Autonomy confirms leaked rumors – Autonomy trades under AU (Gold…) in the UK and stock jumps 45%
- Trading stopped again – more confusion
- Earnings are released early.
- Stock jumps 3 points for about 10 minutes
- Stock starts falling and doesn’t stop… HPQ will open down 12% this morning.