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Wall St Week Ahead: The market is oversold, but major signs say "sell"
NEW YORK (Reuters) - Normally a big decline would set up Wall Street for a technical rebound. But that may not be the case next week, even after the market posted its worst weekly loss for the year and the S&P fell for six straight sessions. With the corporate earnings season drawing to an end and recent U.S. economic data raising doubts about the pace of growth, the S&P 500, which is down 7.3 percent so far in May, could decline further next week as concerns about the financial health of Europe persist. ...
Today's Top Stock Market Headlines
- Moody's upgrades rating for insurer Amerigroup Credit rating service Moody's on Friday upgraded its ratings on health insurer Amerigroup based on strong first-quarter earnings and the recent repayment of $260 million in debt.
- Vale confident will win Brazil double tax case-CEO RIO DE JANEIRO (Reuters) - Brazilian iron ore miner Vale is confident it will win a dispute over taxes the government claims the company owes on earnings abroad, CEO Murilo Ferreira said on Friday. The government has ordered Vale to pay 30.5 billion reais ($15.19 billion) in tax on profits from its foreign subsidiaries. The company said it already paid the taxes to foreign governments and that Brazil's claim is a form of illegal double taxation. Vale, along with other companies and industry associations, is disputing the back taxes in Brazil's highest court. ...
- Earnings schedule for week of 5/21/2012 Major companies tentatively scheduled to report quarterly earnings next week:
- Zumiez falls on disappointing 2Q profit outlook Zumiez Inc.'s shares fell nearly 8 percent on Friday, after the company's second-quarter earnings outlook fell short of Wall Street's expectations.
- ND oil tax 'Legacy Fund' has meager earnings North Dakota's newly created trust fund for oil taxes has had thin earnings, but the results are in line with a conservative investment philosophy that excludes stocks, money managers said Thursday.
