This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Today's Market Primer: Greece News Is the Driver

NEW YORK ( TheStreet) -- News from Europe, particularly Greece, is driving the market Thursday.

The uncertainty about debt-laden Greece has ruled the headlines for months now, and the nervousness about a potential default hasn't subsided. But U.S. stock futures were rising slightly after European leaders put their foot down, saying a plan in Greece to hold a referendum on the European bailout plan would determine whether Greece remains a part of the eurozone. Voting on the referendum is expected to take early next month.

European stocks turned higher after posting losses earlier in the day on word of an emergency cabinet meeting in Greece.

European leaders are holding another round of emergency meetings about Greece on Thursday. President Obama, in France for the G20 summit, stressed the importance of reaching a resolution on the financial crisis in Europe.

"We're going to have to flesh out more of the details about how the plan will be fully and decisively implemented," Obama said.

Obama didn't say what the U.S. might do to help European officials solve the crisis in Greece.

Occupy Wall Street protesters shut down the Port of Oakland, the nation's fifth-busiest shipping port, late Wednesday.

Reports said protestors and the police clashed downtown early Thursday following Wednesday's largely peaceful protests throughout Oakland.

The Occupy Wall Street movement began in New York in September.

GlaxoSmithKline (GSK - Get Report) agreed in principle with the U.S. government on a $3 billion settlement of investigations over the U.K. drugmaker's sales and marketing practices.

The agreement is expected to be completed in 2012. GlaxoSmithKline said the settlement would be paid through its cash resources.

The case includes a Department of Justice investigation into the marketing of GlaxoSmithKline's diabetes drug Avandia.

Expect Dendreon (DNDN) to open sharply lower Thursday following a disappointing third-quarter earnings report in which management forecast lower Provenge sales for the rest of the year.

Provenge sales totaled $64 million in the September quarter, slightly ahead of consensus, but higher-than-expected costs plus a lackluster outlook for the fourth quarter sent Dendreon shares down as much as 22% in after-hours trading.

Enduro Royalty 's (NDRO) initial public offering priced at $22 on Wednesday, below the expected range of $23-25.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to:

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
DNDN $0.06 -6.02%
GSK $40.96 0.00%
NDRO $3.16 0.00%
AAPL $117.81 0.00%
FB $105.45 0.00%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs