Daily Market Commentary for June 24, 2011

Google (NasdaqGS: GOOG) reportedly received a subpoena and notice of civil investigative demand from the FTC. (read more at Millennium-Traders.Com)
http://www.millennium-traders.com/news/newscommentary.aspx

Concerns remain ongoing over the debt crisis around Greece, Ireland and Portugal and market reaction today, remained to the downside. As Greece remains the spotlight, the Euro fell against the Dollar. Worries continue whether Greece’s parliament would vote to approve additional austerity measures, necessary to earn the next tranche of aid from the European Union and International Monetary Fund. In Brussels, European leaders signaled that Greece remains on track to receive that aid after its vote.

Micron Technology (NasdaqGS: MU) reported weaker-than-expected earnings, sending shares lower by 14%, into mid-afternoon trading session.

SuccessFactors (NasdaqGS: SFSF) fell 12% after analysts noted workforce reductions undertaken by the company.

STR Holdings (NYSE: STRI) shares were down 17% after company cut earnings and revenue outlook for Q2.

Finish Line (NasdaqGS: FINL) shares fell 6% after company reported Q1 revenue below analysts’ estimates.

Blackboard (NasdaqGS: BBBB) shares were up 6% after it was reported that Providence Equity Partners was in talks to acquire the company.

Southern Union (NYSE: SUG) shares surged 16% after Energy Transfer Equity (NYSE: ETE) signaled it would continue its effort to acquire the pipeline operator, competing against Williams Cos.


Economic data released today:

Durable Goods Orders: April Durable Goods Excluding Transportation revised to -0.4% from -1.5%; April Durable Goods Orders revised to -2.7% from -3.6%; May Durable Goods Orders, Excluding-Defense, +1.9%; May Durable Goods Orders, Excluding-Transportation +0.6%; U.S. May Durable Goods Orders +1.9% vs. Consensus +1.6%.

GDP: U.S. 1Q GDP Consensus +2.0%; U.S. 1Q Final GDP +1.9% vs. Preliminary GDP +1.8%; 1Q Revised Corporate Profits +7.8% vs. Original +5.9%; 1Q Corporate Profits +7.8% vs. -3.3% in 4Q; 1Q Final Chain-Weighted Price Index +2.0% vs. Preliminary +1.9%; 1Q Final Purchases Price Index +3.9% vs. Preliminary +3.8%; 1Q Final Core PCE Price Index +1.6% vs. Preliminary +1.4%; 1Q Final PCE Price Index +3.9% vs. Preliminary +3.8%; 1Q Final Real Final Sales +0.6% vs. Preliminary +0.6%.


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