Cyprus Parliament to Vote on Bailout Tuesday: Hot Trends
NEW YORK ( TheStreet) -- Popular searches on the Internet include Cyprus as the country's parliament is scheduled to vote Tuesday afternoon on the controversial proposed $13 billion bailout plan that would tax bank depositors.
Cyprus President Nicos Anastasiades said Tuesday that the parliament is expected to reject the bailout package. If it does, then he and representatives from the European Union would have to renegotiate the bailout.
The original bailout included a one-time tax of 6.75% on bank deposits less than 100,000 euros, and a 9.9% tax on deposits with more than 100,000 euros. A revision to the plan removed small bank accounts with less than 20,000 euros, making them exempt to the tax, which Anastasiades did not believe would be enough to pass the plan through parliament.
Cypriot banks had been closed for a holiday on Monday. Their closure has been extended through Wednesday.
Lululemon Athletica Inc. (LULU) is trending as the athletic apparel maker has issued a recall of its black Luon yoga pants for being too sheer.
Lululemon said the recall pertains to 17% of all women's pants sold in its stores. The retailer said it will likely contribute to a product shortage, which will weigh on the company's financial results.
The company said it expects a 5% to 8% sales gain in stores open at least a year in the first quarter on revenue between $333 million and $343 million. That's down from its prior estimates of an 11% increase in sales on revenue of $350 million to $355 million.
The company said it hasn't changed its manufacturer or the materials used in the pants. Customers who bought the pants after March 1 can return them for a full refund or exchange.
Lululemon said it will offer more details on the recall when it reports fiscal fourth-quarter earnings on Thursday.
Citigroup(C) is another popular search. The bank has agreed to pay $730 million to settle a class-action lawsuit to settle claims it misled investors during the financial crisis.
Investors who purchased Citigroup bonds and preferred stock from May 2006 through November 2008 claimed Citigroup misled those who bought 48 issues of its corporate bonds. Citigroup maintains its denial of the allegations but said it agreed to settle to avoid the expenses and uncertainties that come with litigation.
"This settlement is another significant step toward resolving our exposure to claims arising from the financial crisis, and we look forward to putting this matter behind us," Citigroup said in a statement.
Citigroup took a $45 billion bailout as a result of the financial crisis, which it has repaid. The company already paid $590 million last year to settle claims that it misled stock investors.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.