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U.S. stocks rose, sending the Standard & Poor’s 500 Index up from a three-month low, after better-than-forecast economic data offset Greece’s struggle to form a new government as the nation planned new elections.
Equities swung between gains and losses as investors weighed better-than-estimated reports on manufacturing in the New York region and confidence among U.S. homebuilders, while concern grew about Greece leaving the euro. Alexis Tsipras, Greek Syriza party leader, said he wants a left-wing government to emerge from new elections and that his refusal to join a pro- bailout unity government was done out of respect for Greeks.
Groupon surged 16 percent to $13.67. The coupon site is attempting to rebuild investor confidence after shares dropped more than 40 percent since its November initial public offering, one of the worst public market debuts for a Web company since the dot-com crash.
Amazon gained 3.1 percent to $229.76. The world’s largest Internet retailer was raised to outperform from neutral at Credit Suisse, which cited the potential for wider margins. The rating means that the stock’s total return is expected to outperform the relevant benchmark by at least 10 percent over the next 12 months.
Avon tumbled 12 percent to $18.53. Coty, the maker of perfumes by Beyonce Knowles and Heidi Klum, said attempts to speak to Avon board members, including Chairman Andrea Jung and Chief Executive Officer Sheri McCoy, failed after it received a two-sentence e-mail requesting a deadline extension.
Home Depot (HD) slumped 2.3 percent to $48.76. Warmer-than- normal temperatures accelerated sales of outdoor items, raising concern that second-quarter sales would slow. Same-store sales decelerated during the course of the first quarter, rising 5.4 percent in April after advancing 6 percent in March and 6.2 percent in February, Chief Financial Officer Carol Tome told analysts today.
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