(BN) *JOYOU REVIEWING IFREQUIRED TO FILE APPLICATION FOR INSOLVENCY

--> stock -80% pre market

{JY8 GY DES<Go>}
BN 05/20 19:38 *JOYOU REVIEWING IFREQUIRED TO FILE APPLICATION FOR INSOLVENCY
BN 05/20 19:37 *JOYOU TO POSTPONE PUBLICATION 1Q FINL REPORT
BN 05/20 19:36 *JOYOU NOTICE OF LOSS OF MORE THAN HALF REGISTERED SHR CAPITAL
BN 05/20 19:36 *JOYOU NOTICE OF LOSS
DGAP-Adhoc: Joyou AG: Notice of loss pursuant to Section 92(1) of the German Stock Corporation Act / Postponement of
2015-05-20 19:35:56.977 GMT

DGAP-Adhoc: Joyou AG: Notice of loss pursuant to Section 92(1) of the German
Stock Corporation Act / Postponement of publication of the financial report Q1
2015 / Examination of obligation to file for insolvency

Joyou AG / Key word(s): Quarter Results/Miscellaneous

20.05.2015 21:35

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

>>> What to look at today - 21st of May 2015

Dow-0.15% S&P-0.09% Nasdaq+0.03% Russell+0.17%
US Market closed for a 3rd day in a row on flat note. FOMC Minutes pushed mkt higher but came back to the flat line.the minutes revealed that some participants believed that the weakness observed in the first quarter could extend into Q2 with many officials characterizing a rate hike in June as "unlikely." However, the minutes did not rule out a near-term rate hike in its entirety. US 10y settled @ 2.25%. Airlines paced the slide with Delta Air Lines (DAL 43.62, -2.59), Southwest Airlines (LUV 37.19, -3.72), and United Continental (UAL 54.54, -6.27) losing between 5.6% and 10.3% after Southwest lowered its guidance. In addition, investors showed concern over potential pricing pressures that could result from the entry of three subsidized Arabian Gulf carriers into the U.S. market. Volume were in line with the last few days @ 700mil shares...US After Hours CRM +6.4%, WSM +4%, COVS +3.5%, XNET -14.9%, KZ -13.8%, NTAP -8.3% following earnings/guidance...CTP +42.0% (agreed to exclusive negotiations to be acquired by DHR International; pricing and other terms not disclosed, OCR +4.9% Bloomber reporting that co is in late stage talks to be acquired by CVS Health...Asia stocks are mixed, tracking the ripple created by the release of the latest Fed meeting minutes in late US trading hours...China PMI missed consensus and remained in contraction for the 5th straight month, HSBC economist noted the figures "pointed to a further deterioration in operating conditions in April, with production declining for the first time in 2015" and suggest softer demand domestically and overseas, the data is "leaving plenty of scope for the authorities to implement further stimulus measures. Ahead of tomorrow's BOJ policy statement, Nikkei report speculated policymakers may consider their first upward revision in overall economic assessment in nearly two years.

Nikkei +0.13% Hang Seng -0.43% Shanghai +0.80%

Eur$ 1.1105 GBP 1.5535 EURCHF 1.0391 JPY 121.07 RUB $49.9051 WTI $59.24 (+0.44%)

S&P -0.13% EuroStoxx -0.22% Dax -0.23% SMI -0.12%


Macro :
- HSBC China May Flash Manufacturing PMI 49.1; Est. 49.3
- Fed Minutes: Many Saw June Mtg as Likely Too Soon for Rate Move
- ECB Said to Leave Haircut on Greek Collateral Unchanged
- Moscovici Says Greece Progress Made in Last 3 Weeks: L’Opinion
- ECB Scraps Embargoed Media Speeches After Fund Storm: Reuters http://reut.rs/1Py2gLg
- Germany’s Schaeuble Doesn’t Rule Out Greek Bankruptcy: Echos

Keep an eye on :
- AIR FP : Airbus Faces Hefty Penalties for A440M Delay: Handelsblatt
- BP/ LN : Halliburton Reaches Pact With BP Resolving Deepwater Claims
- EDF FP : EDF Offers 10,000-Euro Bonuses to Change Work Contracts: Echos
- HETA GR : Heta Annual Report Delayed Until End of June
- NHH SM : Santander Selling 8.56% of NH Hotel Group in Bookbuilding ,Shrs Priced at EU5.10 (Fiidentis selling)
- RBI AV : Raiffeisen 1Q Net Income Halves to EU83m; Est. EU58m
- RF FP : Eurazeo’s Europcar Files IPO Documents With French Regulator
- SAN FP : Sanofi, Regeneron Say Phase 3 Sarilumab Studies Met Goals in RA
- SYNN VX : Monsanto Declines to Say Where Combined Co. to Be Domiciled
- TIT IM : Telecom Italia ‘Highly Interested’ in Enel Collaboration: CEO
- TIT IM : Telecom Italia Says Will Go Ahead With Tower IPO
- ZURN VX : Zurich Says on Track to Meet 2016 Strategic Objectives

>>> Europe : Brokers Upgrades & Downgrades - 21st of May 2015

>>> Up
*AZIMUT RAISED TO BUY VS NEUTRAL AT CITI
*FLUGHAFEN WIEN RAISED TO BUY VS REDUCE AT HSBC
*MARKS & SPENCER RAISED TO EQUALWEIGHT VS UNDERWEIGHT: BARCLAYS
*NOKIAN RENKAAT RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*SOLSTAD OFFSHORE RAISED TO HOLD AT NORDEA
*VIENNA INSURANCE RAISED TO BUY VS NEUTRAL AT BOFA
*VODAFONE RAISED TO NEUTRAL VS REDUCE AT NOMURA

>>> Down
*AVEVA CUT TO NEUTRAL VS BUY AT CITI
*ICAP CUT TO SELL VS HOLD AT LIBERUM
*NORILSK NICKEL CUT TO NEUTRAL VS BUY AT UBS
*ORIFLAME CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT change


>>> Initiation
*ALKERMES RATED NEW OVERWEIGHT AT BARCLAYS
*ASSA ABLOY RATED NEW UNDERPERFORM AT RBC, PT SEK470
*ELECTROLUX RATED NEW OUTPERFORM AT RBC, PT SEK320
*EIFFAGE RATED NEW UNDERWEIGHT AT BARCLAYS (NOTE ATTACHED)
*GEBERIT RATED NEW OUTPERFORM AT RBC, PT CHF370
*GROUPE EUROTUNNEL RATED NEW OVERWEIGHT AT BARCLAYS
*JOHNSON MATTHEY RATED NEW BUY AT JEFFERIES
*KONE OYJ RATED NEW SECTOR PERFORM AT RBC, PT EU41
*LEGRAND SA RATED NEW SECTOR PERFORM AT RBC, PT EU54

*PETS AT HOME RATED NEW BUY AT HSBC, PT 320P
*PUBLICIS REINSTATED NEUTRAL AT CITI, WAS SELL
*SCHINDLER HOLDING RATED NEW UNDERPERFORM AT RBC, PT CHF150
*VINCI RATED NEW EQUALWEIGHT AT BARCLAYS (NOTE ATTACHED)


>>> Call
>> Stock
* NOMURA Adds Atlantia, TUI AG, Hexagon, Legrand, Adecco, ING to European Recommended Portfolio
* NOMURA Removes Syngenta, Siemens, ABB, Alcatel-Lucent, Deutsche Post to European Recommended Portfolio

(Reuters) ECB scraps embargoed media speeches in wake of hedge fund storm


ECB scraps embargoed media speeches in wake of hedge fund storm

May 20 (Reuters) - The European Central Bank (ECB) said on Wednesday it would stop providing journalists embargoed copies of its speeches, as a storm grew over one of its top policymakers giving hedge funds a head start on market-sensitive information.

On Monday, ECB Executive Board member Benoit Coeure gave a speech to an invitation-only dinner of fund managers, bankers and academics in London, saying the bank would accelerate its bond buying programme to offset an expected summer lull.

When the speech was made public on Tuesday, the comments moved the euro as well as stock and bond markets. The euro had also dropped around the time the speech was originally delivered, and the ECB came under fire about giving a possible trading advantage for those at the dinner, which included top hedge funds like Brevan Howard and banks such as Goldman Sachs and Citi.
The event was not open to media. Some 13 hours after the speech was given, news outlets received a pre-release copy, which was embargoed for release an hour later, when it was also published on the ECB's website as European markets opened on Tuesday.
The ECB's decision to clamp down on giving the text of speeches to the media in advance, a practice used at most of the world's big central banks, therefore came as a surprise.

An ECB spokesman said that the decision was a "tightening up of procedures" after what had happened on Monday although it had been under consideration beforehand.
The ban will not apply to the data the central bank publishes and will not affect its interest rate decisions which are delivered over teleconference, although that is also under review and expected to eventually switch to an automated system.

Although it is getting increasingly difficult to verify the credentials of news outlets in the age of social media, central banks provide journalists with the speeches before they are delivered so that they can be reported simultaneously, lowering the chances of people trading on privileged information.

>>> US After Hours


After Hours Summary: CRM +6.4%, WSM +4%, COVS +3.5%, XNET -14.9%, KZ -13.8%, NTAP -8.3% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: CRM +6.4%, WSM +4%, COVS +3.5%, ACXM +2.9%, YOKU +1%

Companies trading higher in after hours in reaction to news: CTP +42.0% (agreed to exclusive negotiations to be acquired by DHR International; pricing and other terms not disclosed, but indicated preliminary price below the $7 per share DHR previously proposed), OCR +4.9% Bloomber reporting that co is in late stage talks to be acquired by CVS Health (CVS)), ACXM -2.9% (entered into an agreement to sell its IT Infrastructure Management business to Charlesbank Capital Partners and M/C Partners for total cash consideration of up to $190 mln; co also reported preliminary Q4 results), GMCR +0.4% (Director disclosed purchase of 15K shares, worth total of $1.347 mln), 

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: XNET -14.9%, KZ -13.8%, NTAP -8.3%, OTEX -7.7%, RXN -7.1%, BRS -5.9%, SCVL -4.9%, SNPS -3%, LB -0.9%

Companies trading lower in after hours in reaction to news: WAVX -8.5% (to make a public offering of shares of its Class A common stock and warrants; size not disclosed), NTAP -8.2% (disclosed that on May 19, 2015, it committed to a realignment designed to drive efficiency, eliminate cost and redirect resources; expects to reduce headcount by ~500 employees; co also reported earnings), AETI -5.2% (filed for $25 mln offering of common stock, warrants, and units), AGEN -5.2% (announced that it intends to offer shares of its common stock in an underwritten public offering, size not disclosed), OXGN -5.1% (filed for $75 mln mixed securities shelf offering), BRKR -4.9% (announced that CFO Charles Wagner has submitted his resignation, effective June 12, 2015, in order to pursue other interests), OCUL -2.0% (filed for $125 mln common stock offering by selling shareholders), ARCI -1.7% (announced the return of Edward Cameron as President and CEO) 

>>> Asian Update

Asian Mid-session Update: China HSBC flash PMI remains in contraction; New Zealand budget does not alter credit profile with rating agencies


***Economic Data***
- (CN) CHINA MAY FLASH HSBC MANUFACTURING PMI: 49.1 V 49.3E (5th consecutive contraction)
- (JP) JAPAN MAY PRELIMINARY MARKIT/JMMA MANUFACTURING PMI: 50.9 V 50.3E; 3-month high
- (AU) AUSTRALIA APR CONSUMER INFLATION EXPECTATION: 3.6% V 3.4% PRIOR
- (NZ) New Zealand Apr Net Migration: 4.7K v 5.0K prior

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 +0.5%, S&P/ASX +0.8%, Kospi -0.7%, Shanghai Composite +0.8%, Hang Seng -0.2%, Jun S&P500 -0.2% at 2,117

***Commodities/Fixed Income***
- Jun gold +0.2% at $1,211.5/oz, Jul crude oil +0.2% at $59.09/brl, Jul copper +0.5% at $2.84/lb
- GLD: SPDR Gold Trust ETF daily holdings fall 2.9 tonnes to 715.3 tonnes; lowest since Jan 14th
- (JP) Japan investors bought net ¥1.1T in foreign bonds v bought ¥394.7B in prior week; Foreign investors bought net ¥187.3B in Japan stocks v bought ¥71.4B in prior week

***Market Focal Points/FX***
- Asia stocks are mixed, tracking the ripple created by the release of the latest Fed meeting minutes in late US trading hours. Members also considered introducing a more explicit signal foreshadowing a rate liftoff but decided to maintain the open-ended "to be determined on a meeting-by-meeting basis". US indices initially rallied but then sold off on the announcement that June rate hike, though unlikely, is not entirely off the table. S&P futures are down a modest 0.2% in electronic session, with the focus turning to Thursday's Philly Fed and Existing Home sales data.

- Investors were also having a tough time establishing a trend after the release of China flash manufacturing PMI figure, which missed consensus and remained in contraction for the 5th straight month. New Orders and Employment trends were still on the decline but at a slower rate, while New Export Orders component turned to a "decrease" from "increase." HSBC economist noted the figures "pointed to a further deterioration in operating conditions in April, with production declining for the first time in 2015" and suggest softer demand domestically and overseas. On the bright side, HSBC said, the data is "leaving plenty of scope for the authorities to implement further stimulus measures," which helps explain Shanghai Composite quickly reversing initial plunge to rally over 1% for the morning session. Also of note in China, Premier Li stated the country does have the ability to meet 2015 GDP target of about 7%.

- Ahead of tomorrow's BOJ policy statement, Nikkei report speculated policymakers may consider their first upward revision in overall economic assessment in nearly two years. Report pointed to yesterday's better than expected GDP figures and also trend of improving consumption. Today's May prelim manufacturing PMI was also notable, hitting a 3-month high and returning to expansion. USD/JPY has recently broken out to 2-month highs above ¥121.40, but consolidated some of those gains with a 30pip slide toward ¥121 figure.

- In other USD majors, trading in NZD/USD was also slightly more volatile as the pair finally moved back above 0.73 following 5 straight down days after the release of New Zealand annual budget. The govt lowered its expected surplus forecast to NZ$0.18B v NZ$0.56B at its half-year outlook, cut 2015 GDP to 3.3% from 4.0%, and raised unemployment expectations to 5.6% from 5.4%. However, 2016 and 2017 targets were largely left unchanged, and the Finance Ministry also deemed economy to be in good shape despite the headwinds of low dairy prices. Both Moody's and S&P affirmed their outlook and ratings after the budget - the former said it "shows a continuing positive trend in the government's finances", while the latter noted "the country's general government net debt to remain low."

***Equities***
US equities / ADRs:
- CRM: Reports Q1 $0.16 v $0.14e, R$1.51B v $1.50Be; Raises FY16 guidance; +6.6% afterhours
- OCR: CVS said to be in advanced talks to acquire Omnicare; May pay over $12B - financial press; +5.7% afterhours
- WSM: Reports Q1 $0.48 v $0.44e, R$1.03B v $1.01Be; +4.0% afterhours
- ACXM: Guides Q4 $0.24 v $0.23e, R$257M v $262Me, To Sell IT Infrastructure Management Business for $190M; increases buyback by $50M (3.7% of market cap); +2.9% afterhours
- YOKU: Reports Q1 -$0.40 v -$0.14 y/y, R$170M v $113M y/y; +2.0% afterhours
- LB: Reports Q1 $0.61 v $0.60e, R$2.51B v $2.52Be; -1.4% afterhours
- SNPS: Reports Q2 $0.68 v $0.63e, R$557.2M v $547Me; -3.5% afterhours
- OTEX: Guides Q4 $0.64-0.72 v $0.91e, R$440-455M v $482Me, CEO resumes full involvement in operations, initiates restructuring; -7.7% afterhours
- NTAP: Reports Q4 $0.65 v $0.73e, R$1.54B v $1.59Be; Raises dividend 9% to $0.18/shr; -8.1% afterhours

Notable movers by sector:
- Consumer discretionary: Domino's Pizza Enterprises DMP.AU +3.4% (to cut jobs); Genting Singapore 678.HK +2.1% (to sell shares in NCLH); Huayi Brothers Media 300027.CN +1.9% (real estate project); Panasonic Corporation 6752.JP +3.9% (to increase investment in auto business)
- Consumer staples: Warrnambool Cheese & Butter WCB.AU -0.8% (9-month results)
- Industrials: Worley Parsons WOR.AU +1.9% (Q3 results); James Hardie Industries JHX.AU +10.3% (FY4/15 results); China Cosco Holdings Co Ltd. 601919.CN +10.0%, China Shipping Development Co. 600026.CN +10.0% (set up jv to sign contract with Vale); Ningbo Port Co Ltd 601018.CN +10.0% (Ningbo port development)
- Energy: GCL-Poly Energy Holdings 3800.HK -2.8% (Q1 result)
- Materials: Metcash MTS.AU +2.3% (approached for bid)
- Utilities: Tellhow Sci-Tech 600590.CN +5.8% (approval to issue shares); Tokyo Electric Power Co 9501.JP +11.3% (to increase investment)
- Telecom: Chengdu Dr Peng Telecom & Media Group Co Ltd 600804.CN +1.1% (China broadband construction plan)

CVS Said in Advanced Talks to Buy Omnicare in Pharmacy Expansion


CVS Said in Advanced Talks to Buy Omnicare in Pharmacy Expansion
2015-05-20 21:59:20.969 GMT


By Ed Hammond, Jeffrey McCracken and Manuel Baigorri
(Bloomberg) -- CVS Health Corp., the biggest U.S. retailer
of prescription drugs, is in advanced talks to acquire nursing-
home pharmacy Omnicare Inc., people with knowledge of the matter
said.
A deal could be reached as soon as this week, the people
said, asking not to be identified discussing private
information. Omnicare, with a market value of about $9.2
billion, hired advisers to explore a sale earlier this year.
The companies are still finalizing the terms of the deal,
and no agreement is certain, the people said. Representatives
for Omnicare and CVS didn’t immediately reply to e-mail and
phone calls seeking comment.
Omnicare delivers drugs and helps senior-living facilities
manage residents’ medications. CVS is the nation’s second-
largest pharmacy benefits manager, handling drug plans for
health insurers and employers. In its most recent quarter growth
in sales from that business far outpaced the company’s retail
division.
Both CVS and Omnicare are big in Medicare Part D, a federal
program that subsidizes medicine for retirees, Charles Rhyee, a
New York-based analyst for Cowen Group Inc., said in an
interview last month. Omnicare also drew interest from industry
leader Express Scripts Holding Co., people with knowledge of the
matter said last month.

Rising Demand

Demand for pharmacy services is rising as patients,
insurers and companies look for ways to manage costs with drug
prices increasing. Pharmacy-services providers are combining to
gain a bigger piece of the growing market.
UnitedHealth Group Inc. said in March that it would buy
Catamaran Corp. in a $12.8 billion deal to create a large third-
place competitor. That deal came on the heels of Rite Aid
Corp.’s agreement to buy pharmacy benefits manager EnvisionRx
for about $2 billion.
Express Scripts became the biggest pharmacy-benefits
management company after purchasing Medco Health Solutions Inc.
three years ago for $34 billion including net debt.

For Related News and Information:
Omnicare Said to Draw Interest From CVS and Express Scripts
Omnicare at Almost $10 Billion Still Worth It for CVS: Real M&A
Top Stories:TOP<GO>

--With assistance from Tara Lachapelle in New York.

To contact the reporters on this story:
Ed Hammond in New York at +1-212-617-1963 or
ehammond12@bloomberg.net;
Jeffrey McCracken in New York at +1-212-617-8517 or
jmccracken3@bloomberg.net;
Manuel Baigorri in London at +44-20-3525-4457 or
mbaigorri@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
Elizabeth Wollman

Barron's Technicals : Sell in May¹ Is Dead



Sell in May’ Is Dead

The long-cherished mantra of “Sell in May and go away” simply does not work anymore. For investors, stocks remain the only game in town 

This is a call to all technical analysts and a nod to my high school teachers. Just because something worked before does not mean it will keep working. The cherished mantra of “Sell in May and go away” has gone the way of the dodo bird. And the trading accounts of anyone blindly following it are doomed to the same fate.

To be sure, “Sell in May” and other market cycles are subject to outliers when they produce the wrong result. After all, cycles are tendencies, not scripts. And if they worked all the time without fail then I would be writing about them from my private island in the Caribbean.

First, let’s stipulate that the strategy used to work and worked well enough for someone to publish the results and for it to go viral in the investment community. However, just looking at the data over the past few years the discoverer would have been dismissed quickly.

We can accept two and maybe three consecutive failures, but after a string of losers we have to have a serious rethink of the strategy. I am not going to bury you with data on how the bulk of the stock market’s gains occurred in the winter months, but you can see the historical record here. The only result no matter how we go about it is that if you had your choice, you would invest in November and step aside in May.

Critics argue that even though the summer months (May-October) produced weaker results they still were positive over time. In order for the strategy to work you would have to park your money somewhere in the summertime to earn more than the Standard & Poor’s 500 gained. Don’t look towards the bond market or the bank for help today.

Rather than crunch numbers, I simply connected the S&P 500’s opening price in May to its closing price in October (see Chart 1). The visuals make it quite clear what happened after the financial crisis – out of six completed cycles, selling in May meant missing out on big market gains four times and minor risk avoidance the other two times.

Chart 1

Standard & Poor’s 500

We can argue that it was due to market distortions from super low interest rate and bond buying programs by the Federal Reserve. However, facts are facts. We can explain any failure by blaming something else.

Now we’ll look back before the financial crisis. During the bear market of 2008 it was indeed smart to get out of stocks in May. But during the bull market of 2003-2007, selling in May failed every time.

And it was same story for the prior bull and bear market cycles between 1994 and 2003. Selling in May avoided losses only in bear markets.

There is one observation that still holds true. Even in bull markets there is a greater risk of drawdowns in the summer. The most recent example was last year when the S&P 500 lost roughly 9% in September and October before rebounding. And for an extreme bull market example, in 1998 the index was down 17% before closing the summer nearly unchanged.

Of course, I cannot predict if getting out of the stock market now will avoid losses or avoid profits by October. One thing we do know is that this is not a bear market, at least not yet, so history is actually on the side of the bulls. Unless there is a better alternative to stocks – perhaps the Picasso painting that sold this month at a record high price – or you are completely risk averse, then there really is no other game in town.

With that said, there are no guarantees, just probabilities. At this stage in an aging bull market we cannot fall asleep at the wheel.


>>> US CLose Dow-0.15% S&P-0.09% Nasdaq+0.03% Russell+0.17%


Closing Market Summary: Stocks End Flat After Dovish FOMC Minutes

The major averages finished the midweek session on a flat note. The S&P 500 shed 0.1%, but still marked a fresh intraday record high at 2,134.72 while the Nasdaq Composite (unch) outperformed.

Equity indices spent the first half of today's session near their flat lines with the S&P 500 maintaining a seven-point range that was violated to the upside during afternoon action once the Federal Open Market Committee released the minutes from its April policy meeting. The index could not hold its afternoon gain and returned to the flat line by the close.

Above all, the minutes revealed that some participants believed that the weakness observed in the first quarter could extend into Q2 with many officials characterizing a rate hike in June as "unlikely." However, the minutes did not rule out a near-term rate hike in its entirety.

Treasuries retreated immediately following the release, but they returned to their afternoon levels shortly thereafter. The 10-yr note settled near its high with the benchmark yield slipping four basis points to 2.25%.

On a related note, the Dollar Index (95.50, +0.23) endured a whipsaw afternoon after holding a modest intraday gain. The index surged to its session high following the minutes and then slumped to its low, but still ended the day with a slim gain of 0.2%.

Five sectors ended in the green with three countercyclical groups showing relative strength throughout the day. Rate-sensitive telecom services (+0.5%) and utilities (+0.2%) benefitted from lower rates while the health care sector (+0.1%) was underpinned by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 363.59, +3.11) gained 0.9% with the industry group contributing to the outperformance of the Nasdaq.

Similarly, high-beta chipmakers also gave a boost to the tech-heavy index. The PHLX Semiconductor Index added 0.2% with the move paced by a 4.3% gain in Analog Devices (ADI 66.18, +2.73) after the company reported a one-cent beat. For its part, the broader technology sector displayed afternoon strength, but returned to its flat line by the close.

Elsewhere among cyclical sectors, consumer discretionary (-0.2%), industrials (-0.4%), and financials (-0.4%) lagged throughout the day. Notably, the industrial sector suffered from losses among transport stocks that sent the Dow Jones Transportation Average lower by 2.0%. Airlines paced the slide with Delta Air Lines (DAL 43.62, -2.59), Southwest Airlines (LUV 37.19, -3.72), and United Continental (UAL 54.54, -6.27) losing between 5.6% and 10.3% after Southwest lowered its guidance. In addition, investors showed concern over potential pricing pressures that could result from the entry of three subsidized Arabian Gulf carriers into the U.S. market.

Lastly, the financial sector (-0.4%) spent the day among the laggards. The long-awaited settlement between the Department of Justice and five large banks was announced today with fines against Citigroup (C 54.89, -0.44), JPMorgan Chase (JPM 66.48, -0.53), Barclays (BCS 16.86, +0.56), UBS (UBS 21.96, +0.83), and Royal Bank of Scotland (RBS 11.05, +0.21) totaling $5.80 billion.

Today's participation was comparable to totals observed earlier in the week with fewer than 700 million shares changing hands at the NYSE floor.

Economic data was limited to the weekly MBA Mortgage Index, which fell 1.5% to follow last week's 3.5% decline.

Tomorrow, weekly Initial Claims (consensus 270K) will be released at 8:30 ET while April Existing Home Sales (consensus 5.24 million), April Leading Indicators (expected 0.3%), and May Philadelphia Fed Survey (expected 8.0) will cross the wires at 10:00 ET.
  • Nasdaq Composite +7.1% YTD 
  • Russell 2000 +4.5% YTD 
  • S&P 500 +3.3% YTD 
  • Dow Jones Industrial Average +2.6% YTD

(BFW) Euro Group Mulling Extending Greek Program to Fall, SZ Says

BFW 05/20 19:52 *EURO GROUP MULLING EXTENDING GREEK PROGRAM TO FALL, SZ SAYS
BN 05/20 19:52 *EURO GROUP MULLING EXTENDING GREEK PROGRAM TO FALL, SZ SAYS
Euro Group Mulling Extending Greek Program to Fall, SZ Says
2015-05-20 20:03:05.76 GMT


By Brian Parkin
(Bloomberg) -- Eurogroup plan to extend current program
needs Greece to agree to adjusted terms by 1st week June ahead
of German-hosted G-7 summit, Sueddeutsche Zeitung says citing
unidentified EU official.
* Plan entails partial fulfillment of current aid program that
ends June 20, including VAT reform, finding additional EU5b
savings while pension, labor market reform would be
postponed: SZ
* 3rd aid plan would be worked on during extension period: SZ
* Plan needs support of Chancellor Merkel in talks with Prime
Minister Tsipras at Riga summit this week: SZ

Link to Company News:{2539Z GR <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
Brian Parkin at +49-30-70010-6229 or
bparkin@bloomberg.net