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Investors Watching Cyprus As Funding Talks With Russia Fall Apart

Investors will no doubt be focused on the latest developments out of Cyprus, where talks with Russia over bailout funding have fallen apart. Wall Street's reaction has been mixed all week – some days reacting sharply to Cyprus, other days seemingly indifferent. However, Thursday's reaction was clearly negative, with the Dow and S&P 500 posting their biggest losses since February 25, and both headed for their biggest weekly losses of 2013.


After a busy Thursday, there are no government economic reports on the calendar today. Earnings reports of note this morning include Darden Restaurants (DRI), parent of the Olive Garden and Red Lobster chains, and luxury retailer Tiffany (TIF). There are no earnings reports scheduled after today's closing bell.


Salesforce.com (CRM) is among our stocks to watch today, as the maker of customer relations software announces a four-for-one stock split.


Nike (NKE) reported fiscal third quarter earnings of $0.73 per share, six cents above estimates, though revenue was slightly shy of consensus forecasts. Earnings were boosted by an increase in gross margins, breaking an eight-quarter streak of declines.


Tibco Software (TIBX) reported fiscal first quarter earnings of $0.18 per share, in line with estimates. However, revenue for the business software maker was short of analyst forecasts, as is its current quarter forecast. Tibco is citing what it calls "execution challenges" in both North America and the U.K.


Micron Technology (MU) reported a second quarter loss of $0.28 per share, wider than the $0.19 analysts were expecting. However, the chipmaker's revenues of $2.08 billion were above estimates of $1.92 billion, and profit margins expanded as well. Micron benefited from an increase in the popularity of flash memory chips, with revenues in that segment jumping 8% from the prior quarter.


Tech Data (TECD) will restate earnings results for the past three years, placing the blame on accounting practices at a vendor which services its U.K. subsidiary. The technology products distributor says the restatement could erase up to $33 million in profits from the 2011 through 2013 fiscal years and that investors should no longer rely on the financial data relating to these periods of time.


BP (BP) has announced an $8 billion share buyback program, following the sale of its stake in TNK-BP to Russia's Rosneft. A return of cash to shareholders was anticipated following the sale, but some analysts say the $8 billion is more than they expected.


Dell (DELL) is likely to see some attention today, as the 45-day "go-shop" period for buyout offers comes to an end. Blackstone Group (BX) is seen by some as the most likely to put forth a bid that tops the $13.65 per share offered by CEO Michael Dell and a group of investors.


Monster Energy (MNST) shares are under pressure following an American Heart Association study finding that energy drinks may increase blood pressure and disturb the heart's natural rhythm.


Apple (AAPL) will reportedly unveil the iPhone 5s and the iPad 5 on June 29, according to tech web site Gizmorati, which cites an inside source and confirmation from a third party. That date would mark the sixth anniversary of the introduction of the original iPhone.