The Norman Transcript

Headlines

March 22, 2013

Weak sales, Cyprus fears weigh on stocks

NORMAN — Stocks closed lower on Wall Street Thursday after Oracle’s weak sales results weighed down big U.S. technology companies. Traders also worried about Cyprus running out of time to avoid bankruptcy.

Major indexes followed European markets lower at the open and remained solidly negative all day. The Dow Jones industrial average fell as much as 129 points by mid-afternoon before paring the loss to close down 90 points.

All three major indexes felt the drag from technology stocks after Oracle reported an unexpected decline in sales in its fiscal third quarter. Oracle’s results have an outsized impact on other technology stocks because it reports earlier than most of its peers.

European markets had closed sharply lower. The main indexes in Paris and Frankfurt fell 1.4 percent and 0.9 percent, respectively, on fear that the crisis in Cyprus will intensify. The European Central Bank has threatened to end emergency support of the nation’s banks next week unless leaders can secure more funding.

Cyprus must raise about $7.5 billion in the next four days to avoid bankruptcy. Several plans have failed, including a proposal to tax deposits held by the nation’s banks. If the Mediterranean banking haven is unable to secure a bailout, its banks will fail and it could be forced to leave the euro currency. Worries about that scenario first hit stock markets Monday.

“It’s amazing how quickly things can turn back to Cyprus and Europe,” said Oliver Cross, director of research with Carolinas Investment Consulting LLC in Charlotte, N.C. Cross spent his day focused on headlines from Europe, rather than digesting happier news about hiring and home sales in the U.S.

Oracle was the biggest decliner in the S&P 500 index; Juniper Networks also fell steeply. The S&P 500 closed down 12.91 points, or 0.8 percent, at 1,545.80.

For local news and more, subscribe to The Norman Transcript Smart Edition, or our print edition.

1
Text Only | Photo Reprints
Headlines
  • Chamber Banquet During annual banquet, Chamber of Commerce promotes moving Norman forward

    Amidst the backdrop of music, dancing, dinner and fellowship, business leader Mike Fowler announced that the time for a quality-of-life initiative in Norman has come. As incoming Norman Chamber of Commerce board chairman, Fowler and ...

    April 18, 2014 1 Photo

  • Symposium speaker Paul Polik: Commerce can help and bring millions out of poverty

    How to harness the power of commerce to address social and environmental challenges in sustainable ways was the topic of discussion at the University of Oklahoma Center for the Creation of Economic Wealth’s fourth annual Social ...

    April 18, 2014

  • Amber waves turn gray as farms lose younger generation

    OKLAHOMA CITY — Jerry Pfeiffer was thrilled when his son, Kelsey, 25, announced plans to return to the family’s farm in Orlando....

    April 18, 2014

  • Postal retiree luncheon set

    A postal retiree luncheon will be 11:30 a.m. Monday at Golden Corral Buffet and Grill, 123 N. Interstate Drive in Norman. Diners will meet in the lobby. For more information, call Joyce Carle at 872-5157....

    April 18, 2014

  • Flapjack fundraiser set

    The Apple Gold Group, a franchisee of Applebee’s Neighborhood Grill and Bar, will partner with the Global Outreach Team at Go Church to host a Flapjack Fundraiser on April 26. Proceeds raised will be used by team members to purchase ...

    April 18, 2014

  • OU Hornsemble goes to the movies

    The OU Hornsemble will present a concert of music from the cinema at 6 p.m. April 27 in the Paul F. Sharp Concert Hall. Billed as “Movie-Time Music,” the ensemble will present a wide variety of cinematic music from the 1940s to the ...

    April 18, 2014

  • Judge asks pointed questions in gay marriage case

    DENVER — A judge in Colorado who will play a pivotal role deciding whether gays should be allowed to wed in the United States asked pointed questions Thursday about whether Oklahoma can legally ban the unions....

    April 18, 2014

  • Fallin disappointed SBAdenied loans

    OKLAHOMA CITY — Gov. Mary Fallin said Thursday she is disappointed that a federal agency denied a request for loans to businesses in two Oklahoma towns affected by an emergency bridge closure....

    April 18, 2014

  • Sudan: 12 die after mob attacks UN base

    JUBA, South Sudan — An angry mob of South Sudanese youths attacked a U.N. base on Thursday to harm members of an ethnic minority sheltering inside. Peacekeepers were forced to open fire, amid rampaging violence that killed at least 12 ...

    April 18, 2014

  • Woman bound over for trial

    A Slaughterville woman facing a manslaughter charge after the death of an 8-year-old child was bound over for trial this week after a preliminary hearing in Cleveland County District Court. Kimberly Dawn Wenthold, 29, was charged in ...

    April 18, 2014