Fallout from Europe continued to dominate financial news for the early week,
with Tuesday's announcement that Greek Prime Minister George Papandreou was
putting last week's bailout agreement to a referendum sending markets
spiraling downward, and more revelations from Monday's bankruptcy filing of
euro debt-riddled brokerage firm MF Global (NYSE: MF ). The major indices were
down almost 3% Tuesday on news that a long-awaited deal to bail banks out from
Greece's sovereign debt reached late last month, sparking an enormous market
rally would go to Greek voters in January. This sparked worries that a populace
already suffering some austerity measures might vote down the deal for fear of
more economic hardship. Financial stocks were down across the board, including
Barclays (NYSE: BCS , -9.3%, $11.35), Citigroup (NYSE: C , -7.7%, $29.17) and
Morgan Stanley (NYSE: MS , -8%, $16.23) all of which also got slammed Monday on
the MF Global news. Also Tuesday, The Associated Press reported that an unnamed
executive from MF Global admitted to regulators Monday that the firm used client
cash in its own trades , which would violate government regulations. The
admittance came after regulators discovered about $700 million was missing.
Adding to MF's problems, JPMorgan Chase (NYSE: JPM ), which is owed more than
$1.2 billion by MF Global, filed an objection Tuesday in bankruptcy court. The
filing asks the court to limit MF's use of cash collateral and asks for
preference over other creditors for MF Global's assets. JPM finished Tuesday
down 5.9% at $32.71. Yahoo (NASDAQ: YHOO ), the subject of much takeover talk of
its own, announced Tuesday it was making strides into localized advertising with
a $270 million purchase of Interclick (NASDAQ: ICLK ). Yahoo released a
statement saying Interclick's technology, which includes gathering demographic
and geographic data, would "allow Yahoo to expand its targeting and data
capabilities to deliver campaigns with stronger performance metrics." The $9
per share offer gave ICLK a 21% gain on the day, but YHOO couldn't fight the
market, losing 4.5% to $14.93. Three Up Pharmasset (NASDAQ: VRUS ): Up 9.36%
($6.59) to $76.99. Acme Packet (NASDAQ: APKT ): Up 6.41% ($2.32) to $38.53.
Expedia (NASDAQ: EXPE ): Up 4.27% ($1.12) to $27.38. Three Down General Motors
(NYSE: GM ): Down 9.75% ($2.52) to $23.33. CME Group (NASDAQ: CME ): Down 8.59%
($23.68) to $251.88. Royal Caribbean Cruises (NYSE: RCL ): Down 8.24% ($2.45) to
$27.27. As of this writing, Kyle Woodley did not own a position in any of the
aforementioned stocks. Check out recaps from previous trading days here .
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