Stocks managed to pare losses yesterday, but all three indexes still closed lower as worries that Spain may need a full-blown bailout and more fears the International Monetary Fund might stop payments to Greece sparked a global sell-off. Securities regulators in Spain and Italy both instituted temporary short-selling bans Monday to try to stop the heavy selling in European markets. McDonald’s closed down 2.9% after reporting second-quarter earnings that fell short of estimates. Most of the tech sector also closed in the red, with Microsoft and Hewlett-Packard among the decliners, sliding 2.77% and 1.64% respectively. Yahoo shed 0.97% after former Yahoo CEO Scott Thompson was named CEO of ShopRunner. Research In Motion managed to close 1.25% higher after late Friday, the International Trade Commission ruled that neither RIMM, nor Apple, had violated patents of Eastman Kodak Co. in a case involving image-preview technology. In the evening trade Texas Instruments lost 0.6% after the co. reported better than expected earnings but issued weak guidance. Cisco Systems lost 1.20% after the co. announced plans to to lay off about 2% of its global workforce, or roughly 1,300 employees as a “part of a continuous process of simplifying the company, as well as assessing the economic environment in certain parts of the world.” Implied volatility inched higher on massive trading volumes. Stock Seasonality Data
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