Career News 24/7: EUROPE MELTS DOWN AND STOCKS MAKE HUGE COMEBACK: Here's What You Need To Know, May 8, 2012

Tuesday, May 8, 2012

EUROPE MELTS DOWN AND STOCKS MAKE HUGE COMEBACK: Here's What You Need To Know, May 8, 2012

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Tuesday, May 8, 2012

Europe is dominating the headlines once again. But the Dow staged a monster rally after being down as much as 198 points.

First the scoreboard:

Dow: 12,932, -76.4, -0.5%
S&P 500: 1,363, -5.8, -0.4%
NASDAQ: 2,946, -11.4, -0.3%

And now the top stories:

Greece is still trying to get its government in order. Following this past weekend's parliamentary elections and yesterday's failure by New Democracy leader Antonis Samaras to form a new government, coalition talks grinded on today. In an exclusive interview with Business Insider, a source told us that PASOK member Eva Kaili, who won her district vote, could be forced out by party leader Venizelos. This should give you a sense of how chaotic things are out there. As you would've guessed, the Greek stock market got annihilated.
In Spain, stocks spiked on reports that troubled bank Bankia would receive a 20 billion euro bailout and be nationalized. See Also – This Is Why Germany Has Zero Desire To Fix Anything In Europe >
Out of nowhere, natural gas prices spiked. The Financial Times had reported that hackers may have been targeting natgas pipeline controls. Whatever the case, this was a win for those long the energy commodity including Jeffrey Gundlach and Wilber Ross.
One of the big losers today was Wynn Resorts, which announced Q1 earnings that fell short of analysts. However, anyone who follows Wynn's earnings calls knows that Steve Wynn rarely places much on short-term phenomena. On the latest call, Wynn had a great explanation as to why Chinese people gamble the way they do. See Also – Steve Wynn: Extraordinary Quotes From The Sharpest CEO In The World >
McDonald's was another loser today. The fast food behemoth said global comparable store sales grew just 3.3 percent, falling short of analysts' estimates calling for 5.2 percent growth. The biggest disappointment was in the U.S. where the region saw just 3.3 percent comps.
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