Market Minute: Cyprus Bailout, Bank Run Spook Markets

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Produced by Drew Trachtenberg
Euro crisis
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A new crisis may be brewing in Europe, and AT&T may sell some assets

The Dow's 10-session win streak came to end on Friday, but all three major averages posted gains for the week. The Dow rose 0.8 of a percent, the S&P 500 rose 0.6 and Nasdaq edged up by 0.1 of a percent.

Markets around the world are lower today after a run on bank deposits in Cyprus over the weekend. That followed a decision by euro-zone officials to tax depositors to help pay for a national bailout. There's concern that the new bank crisis could spread to Italy, Spain and beyond.

AT&T (T) indicated it may sell some non-core assets in order to keep paying its dividend or to buy back stock. The Wall Street Journal says the company could sell some of its 10,000 cellphone towers, or a big stake in a Mexican phone company.

The Wall Street Journal reports that it is the subject of a Justice Department investigation into charges that employees in China bribed officials there for information. The Journal is owned by News Corp. (NWS), which is in the process of spinning off its newspaper division into a separate company.

A couple of well-paid executives to tell you about. Boeing's (BA) chairman and chief executive received compensation last year totaling $27.5 million dollars, up 20 percent from the year before. And Ford's (F) CEO took home $21 million, but that was down 29 percent from the previous year.

Qualcomm (QCOM) has reportedly delays making the second installment of a big investment in the struggling Japanese electronics maker Sharp.

Last summer, yellow page publishers DEX One (DEXO) and Super Media (SPMD) agreed to merge. Now, both companies are filing for Chapter 11 bankruptcy protection. The companies hope to continue trading on exchanges while they restructure.


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