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By Jason Stipp and Jeremy Glaser | 06-21-2012 05:00 PM

5 Disappointments for Investors

High hopes for Greece, Fed action, Microsoft's new tablet, and J.C. Penney's turnaround topped the letdown list this week.

Jason Stipp: I'm Jason Stipp for Morningstar, and welcome to The Friday Five.

Investors faced a series of disappointments this week, and the markets were registering some of that displeasure.

Here with me to dig into the details is Morningstar markets editor, Jeremy Glaser.

Jeremy, thanks for joining.

Jeremy Glaser: Never a disappointment to be with you, Jason.

Stipp: So, what do you have for The Friday Five this week?

Glaser: Well, this week we're going to talk about Greece, the Federal Reserve, Microsoft, J.C. Penney, and finally Walgreen.

Stipp: So, Greece elections, I think, went better than some people thought they might, as far as the ability to form a coalition government, but if you were expecting resolutions on all of the issues that Greece is facing, you're probably going to be disappointed.

Glaser: Greece actually has a government now, which is nice. After the first round of elections, it wasn't possible for any of the parties to really form a coalition. It was really in disarray, and I think, the second election, we were worried that that same thing was going to happen again, and it didn’t.

The conservative New Democracy party was able to get just enough votes, and able to, with a coalition partner, go ahead and form the government, and one that looks like it is going to at least in the short term stick by some of those bailout terms, and really keep the country in the euro at least, again, in the very near term.

But I think this doesn't really get rid of any of those core problems that we have been talking about for years now. They still have a crippling debt load, growth is incredibly bad, and I think that whoever is in charge is really going to have to go back and probably renegotiate some of those terms, because they are just not tenable right now. They are just not going to be able to meet those targets that were hit.

So I think that this may have bought us a little bit of safety in the short term, but it certainly isn't providing us any security in the long term.

Stipp: The Fed met this week, and something on a lot of investors' minds is the hope for more stimulus, ultimately. The Fed certainly said they are ready to stand by and do that, but if you are expecting big, bold action, a lot of new plans out of Bernanke, you are probably disappointed.

What's your take on the Fed statement?

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