I don’t know about you, but this market is making me a little seasick. For the third day in a row, stocks are alternating between gains and losses. The catalyst for all this is the situation in Europe, with Greece on the precipice of quitting the euro (or getting the boot) while the Spanish banking system implodes from the stress.

 

As a result, the euro dropped to its lowest levels since 2010, pulling down risky assets in general, since hedge fund types and computer trading algorithms use the euro as a measure of "risk on" sentiment. Large-cap defensive stocks and gold futures alike are rising and falling based on what currencies are doing. The bad news is the volatility isn't going to stop until Germany or the European Central Bank take action to calm the situation, at least until the next round of Greek voting in late June. Here's what to expect.

 

Does the average, mom-and-pop investor really get a fair deal in our financial markets?

It's a question that is again in focus after favored customers at the major banks and underwriters got an earlier peek into Facebook's (FB) expectations of lower revenues during its second quarter and for the full year.

 

Shares of Netflix (NFLX) were down again Thursday, continuing a long slide that has frustrated its investors over the past two months.

Netflix has erased all of the gains made this year after a series of wild momentum swings. After topping $129 in February, the stock was trading at $70.82 at midday.

What happened to Netflix?

We may be seeing death by a thousand cuts here. There wasn't a single factor, but several smaller events seem to be making investors wary.  

After months of speculation, the highly anticipated initial public offering of social network giant Facebook turned out to be a disaster for Nasdaq OMX Group (NDAQ).

Glitches in the software used by the exchange to establish a price caused confusion among investors and led to panicked selling. The exchange had to resort to manual intervention to deal with overwhelming updates and cancellations as the stock did not perform as well as expected, falling below the initial price within two days.

 

Facebook (FB) continues to reel from its botched IPO, which has already prompted shareholder lawsuits and a public outcry over alleged backroom dealing between the social network and Wall Street. The company's stock price on Wednesday closed at $32, 16% below its opening price of $38, and investors are complaining that Facebook hasn't come even close to matching the breathless hype that accompanied its debut.

The controversy has also awakened broader concerns that other companies, wary of repeating Facebook's mistakes, will become more reluctant to publicly trade their shares. 

 

Information provided by Theflyonthewall.com

Hewlett-Packard (HPQ) shares opened sharply higher but slid throughout the session to about 71 cents, or 3.37%, higher at $21.79 near noon. The company reported better-than-expected​ second-quarter results but guided to third-quarter earnings below consensus.

The company also announced it will layoff about 9,000 employees by the end of this year on the way toward its plan to cut 27,000 positions by the end of 2014. 

By Adrian Day, Global Analyst

The gap between gold bullion and the stocks of companies that produce the stuff has widened. In fact, in the past nine months, the gap between gold stocks' valuation relative to bullion has fallen almost 30%.

In our view, the senior gold stocks are now "amazingly cheap," and we are recommending a package of four stocks as a way to participate in the eventual share price recovery. Here's a look at Freeport Copper & Gold (FCX), Barrick Gold (ABX), Newmont Mining (NEM) and Yamana Gold (AUY). 

Costco Wholesale (COST), the largest warehouse retailer, reported better-than-expected​ quarterly results Thursday. This suggests that while U.S. consumers may be stressed by economic uncertainty, they are still willing to buy chocolate cakes big enough to feed a battalion of soldiers.

Net income for the third quarter rose to $386 million, or 88 cents a share, compared to $324 million, or 73 cents, last year. The results topped the 87-cent average forecast of Wall Street analysts. Revenue rose 8% to $21.85 billion. 

Walt Disney Co. (DIS) doesn’t like the idea of viewers skipping commercials on its television stations, including ABC and ESPN. And "Dancing with the Stars" fans may not approve of the behavior, either, if push comes to shove.

Disney chairman and CEO Robert Iger spoke with FOX Business Network this week about a new technology from Dish Network (DISH) called  Auto Hop, which has a commercial-skipping feature.

The short of it was that if viewers don’t want to watch commercials, then Disney won’t be able to bankroll some of its biggest shows -- including the smash hit "Dancing with the Stars."

 

By Geoffrey Seiler, BullMarket.com

Looking to dip a toe in the beaten-down energy sector, we're going to add one of the hardest hit stocks: Enerplus (ERF), a former Canadian trust.

Enerplus has assets in some of the hottest plays in North America, including the Bakken, Marcellus Shale, and Viking. The company's balance sheet remains in good shape, with a debt-to-funds-flow ratio of 1.6. 

Information provided by Theflyonthewall.com

Thursday's noteworthy upgrades include:  

• Aeropostale (ARO) upgraded to Market Perform from Underperform at Wells Fargo
• Watson (WPI) upgraded to Outperform from Market Perform at Wells Fargo
• Northrop Grumman (NOC) upgraded to Neutral from Sell at Goldman
• Arch Coal (ACI) upgraded to Neutral from Sell at Goldman

 

The worsening situation in Argentina may foil Vale's (VALE) plan to play a larger role in fertilizers if it chooses to dump its $5.9 billion potash project in the country.

The project is currently under review, and we are closely watching the outcome, which is expected anytime soon. Vale's trepidation may be arising from the high inflation in the country and the government's recent move to nationalize a major oil company.  

By Igor Greenwald, MoneyShow.com

 

If you like confidence-inspiring​ charts, there's very little to buy in this market. Despite Monday's rebound, 80% of the S&P 500 stocks remain below their 50-day moving averages.

 

And while such widespread weakness has signaled good buying opportunities in the past, it most certainly does not ensure against a retest of the previous week's lows, much less a 2008-style calamity.

 

By James Brumley

 

It might have taken 12 years, but it was worth the wait. After being stuck in a trading range since 2000, Wal-Mart (WMT) shares are finally rolling again. As such, traders can move the world's biggest retailer's stock from the "stodgy dead money" bin to the "it's a player" bin. Seriously.

 

What's even more amazing is how the stock genuinely deserves the newly mustered interest, even in the face of some embarrassing problems.

 

By Katey Stapleton

Hewlett-Packard (HPQ) announced Wednesday that it will cut 27,000 workers. The computer maker also reported second quarter results. Earnings per share were down 21% from last year, while revenue fell 3% to $30.7 billion. Investors were pleased with the earnings report as shares jumped 9% in after-market trading.

Costco (COST) reported better-than-expected​ fiscal third-quarter earnings. The wholesale retailer's earnings jumped 19% to $386 million from last year's profit of $62 million. Costco has plans to open six new locations in just this year. COST closed Wednesday at $83.31, and in premarket trading has climbed to $84.44.