Private sector data in the euro zone dropped unexpectedly in February according to the preliminary Markit Purchasing Managers Index released today. The index reading for the month was 49.7, down from 50.4 in January. Any reading below 50 is seen as contraction in private sector activity. Economists were expecting the index to rise to 50.4. Many economists believe that this dip in the private sector is further proof that Europe may be falling back into a recession. In other news, Fitch cut Greece’s rating again and says a default in the near future is “high likely.” Stocks opened lower this morning and are still trading slightly lower 30 minutes into the trading day. The Dow is down 7 points, the Nasdaq is down 5 points and the S&P 500 is down 2 points.

The Hackett Group, Inc. (NASDAQ:HCKT) is up 21.96% in early trading at $4.72. HCKT shares are rallying today after the company released fourth quarter results yesterday and announced a $55 million stock repurchase tender offer. HCKT has traded 612 thousand shares so far today, well above its daily average of 86 thousand shares. The company has a market cap of 191.07 million. [Read more...]