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Profit taking on Ukraine foot dragging

Monday, March 24, 2014 - 02:14

Mar 24 - Summary: Stocks slip as the ongoing situation in Ukraine and weak Chinese data inspire investors to pocket Netflix, Facebook gains; Cisco sends $1billion to the cloud; Lions Gate gets ''Divergent'' bounce. Conway G. Gittens reports.

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PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL The crisis in Ukraine is dragging on and that is putting a drag on appetite for stocks and other risky assets. Biotechs were dumped like a bad rash - leading the Nasdaq to a 1.1 percent decline. But there was more plaguing the Nasdaq than just biotech. Netflix was one of the bigger losers of the day after being one of the biggest percentage gainers in 2013. Shares were down almost 7 percent. Other high flying tech names were not far behind. Facebook slid 4.7 percent. Trip Advisor and Priceline were down more than 3 percent. G7 leaders meeting in The Hague remain ready for more economic sanctions against Russia, according to a Diplomat and are looking for ways to avoid being held hostage by Russia's energy supplies. James Glassman of J.P. Morgan Chase: SOUNDBITE: JAMES GLASSMAN, SENIOR ECONOMIST, J.P. MORGAN CHASE (ENGLISH) SAYING: "If you look at what economists have done in response to these events, everybody is marking down their growth forecasts for Russia and for Ukraine. So it is Russia and Ukraine that is paying an economic price for this event. I think there are limits to what the international community can do and the hope is that the realization that there are economic consequences will tend to pull people back." Cisco Systems is investing $1 billion over the next two years in cloud computing services, currently dominated by Amazon.com. Cisco has a lot of catching up to do. Sales have been on the slide as companies looking for cheaper data options migrate to the cloud. Shares of Cisco did not benefit from that news. "Divergent" was a modest win at the box office for Lions Gate. The film lead the North American box office with a $56 million debut. But that was not as hot as "Hunger Games" or "Twilight." But Hollywood and Wall Street smell a sequel - giving Lions Gate's stock a 3.8 percent victory on Monday. ` It's been 25 years since the massive Exxon Valdez oil spill. And how does the industry mark the event? With another oil spill; this time near Galveston Bay, Texas. Exxon Mobil was not involved in this weekend's spill of 168,000 gallons of oil. A look at European markets now, stocks were down as weak Chinese data fueled global economic worries.

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Profit taking on Ukraine foot dragging

Monday, March 24, 2014 - 02:14