S&P 500 Bounces Back

by Jonathan Yates | September 7, 2011 12:45 pm

Stocks rebounded on Wednesday, pushing the S&P 500 Index up 2.2% to 1191 in recent trading.  Advancing stocks outnumbered those declining by better than 5-to-1.

However, stocks are still off more than 5% for the year.

Here are a few of the index’s notable movers:

A strong forecast for sales growth had Nvidia (NASDAQ: NVDA[1]) up more than 8% to $14.25. The company said its fiscal 2013 sales could be as high as $5 billion. The consensus Wall Street estimate was $4.7 billion.  Nvidia shares were up more than 30% for the year.

Yahoo (NASDAQ: YHOO[2]) was up more than 4% to $13.48 on news of the firing of CEO Carol Bartz, who will be replaced by CFO Tim Morse on a temporary basis.  For the last six months, the stock is down almost 24%.

Urban Outfitters (NASDAQ: URBN[3]) was down nearly 3% to $25.05 following a disappointing profit report. The stock is down more than 10% for the month and more than 20% for the quarter.

Darden Restaurants (NYSE: DRI[4]) fell 3.5% to $44.55 after the company said fiscal first-quarter earnings would miss Wall Street’s expectations. Darden shares are up more than 7% for the year.

Newmont Mining (NYSE: NEM[5]) shares slipped 2.3% to $63.05 as gold prices fell amid the broad rally in stocks. However, the stock is up 23% for the quarter as the price of gold has surged.

Jonathan Yates does not own any of the stocks mentioned in this article.

Endnotes:
  1. NVDA: http://investorplace.com/search/?q=nvda
  2. YHOO: http://investorplace.com/search/?q=yhoo&searchsubmit=Search
  3. URBN: http://investorplace.com/search/?q=urbn
  4. DRI: http://investorplace.com/search/?q=dri
  5. NEM: http://investorplace.com/search/?q=nem

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