News Summary (GIB, SXE, AAPL, RIMM, NOK, GS)
About 15 minutes into the trading session and the markets have turned positive. While the Dow has moved up 0.51% to 10573, the S&P has added 0.56% to 1134. Meanwhile, the Nasdaq has advanced 0.38% to 2328.
Most analysts believe that the dip in the markets has offered a buying opportunity. According to Jeff Rubin of Birinyi, “Almost all bull markets have a correction at some point and that point could be now. That doesn’t change the outlook for the year.” Meanwhile, Stephen Wood of Russell Investments believes that the fundamentals are unchanged. Thomas Lee of JPMorgan has retained his S&P year-end forecast of 1,300, marking a gain of 15%.
Nouriel Roubini told CNBC that Greece is just the "tip of the iceberg" and that printing money to finance debt may lead to inflation that can spread to more than one continent and affect the US and Japan.
Canada's CGI Group (NYSE: GIB) announced the acquisition of Stanley (NYSE: SXE) for $37.50 per share. The all-cash deal, valued at $1.07 billion, may close this fall. SXE said that it will not seek competing offers. While GIB gained 0.5%, SXE jumped 28.1% in premarket trading.
According to IDC, Q1 sales of smartphones have eclipsed that for the overall mobile market and jumped 56.7% year-over-year. The growth was more impressive than 38% rise in sales seen in Q4, which is typically the strongest period in the year. Apple’s (NASDAQ: AAPL) market share of 16.1% is quite close to that of Research In Motion (NASDAQ: RIMM). Meanwhile, Nokia (NYSE: NOK) continued to maintain a lead by 39.3% market share.
Goldman Sachs (NYSE: GS) lawyers met the SEC representatives this week to discuss a settlement. Although sources indicate that the talks between the two sides are preliminary, Goldman's willingness to initiate talks is suggestive of the firm’s decision to soften its stance.
Read more from Benzinga's Markets.
