Markets Being Dragged Down by Greece
Bob Pisani is off; this post was written by CNBC producer Robert Hum.
Stocks have given up all of yesterday’s (Tuesday's) gains midday on more concerns over the Greek debt crisis. While protests over government cutbacks continued in Athens, stocks dropped further as European markets closed and as the Euro weakened. European banks —
— have been down all morning, and they extended their weakness into midday trading here in the U.S.
Equities gapped lower again after the S&P 500 fell below some support — its 1270.98 three-month closing low from Friday. Volume in the S&P 500 SPDRs also picked up at that time.
Pandora drops below its opening price.
Meanwhile, streaming Internet music provider Pandora has been losing momentum all morning after debuting at the NYSE today. The stock has now fallen below its $20 opening price. The stock had priced at $16, above its raised $10-$12 price range. Shortly after it began trading, the stock hit a high of $26.
Volume in Pandora has been heavy too. At midday, it has already traded over 32 million shares today. That’s more than the 30.2 million shares LinkedInsaw for its entire first day of trading last month.
But just like many other recent tech IPOs, the company’s valuation is being questioned by many on the Street as the firm has been unable to turn a profit. In an interview on CNBC earlier today, Pandora’s CEO Joe Kennedy gave no indication of the company becoming profitable in the future saying, “we have not given any guidance relative to our future financial performance.”
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