The Athens Stock Exchange reopened for the first time in 5 weeks Monday. There were lots of restrictions on selling. It immediately sold off 20% with the banks being hit the hardest. Some banks fell the limit of 30% and had to be halted. Bank stocks are particularly vulnerable as Greek lenders are set for new recapitalization in the coming months. Diamond Offshore (DO), one of the top five offshore rig contractors, reported an 8.4% fall in quarterly revenue, hurt by lower demand due to weak oil prices. The company’s total revenue fell to $634 million in the second quarter ended June 30 from $692 million a year ago. JCPenney’s (JCP) new CEO took over the company during the weekend. Marvin Ellison will be in charge of continuing its upswing after disasterous sales a few years back. He will also likely to boost JCPenney’s web presence as sales online grew 13% last year. Personal Income and Spending for June is released. The ISM Manufacturing Index for July is expected to tick higher. U.S. automakers announce vehicle sales for July.
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