S&P 500 Trying to Recover After Early Plunge

by Jonathan Yates | September 12, 2011 12:06 pm

S&P 500 Trying to Recover After Early Plunge

The Standard & Poor’s 500 Index opened sharply lower this morning but recovered for a loss of 0.5% late in the morning session to 1,149. In early-morning action, only one stock on the S&P 500 was up. For the year, the S&P is down about 9%, and it has lost more than 2.2% in the past five days of trading.

Wynn Resorts (NASDAQ:WYNN[1]) rose by more than $3.67, about 2.56%, to over $152 a share. Wynn announced Sunday it has received approval to develop its Cotai property in Macau. For the year, Wynn is up almost 70%.

An early loser but coming back strong was Xilinx Inc. (NASDAQ:XLNX[2]), rising about 1.2% to over $30.35, picking up more than 35 cents per share. A “buy” recommendation for Xilinx was reiterated this morning by Auriga, which helped XLNX reverse its slide. Xilinx is up more than 24% for the year.

Zions Bancorp (NASDAQ:ZION[3]) fell about 0.5% to around $15.50, losing more than 50 cents per share. Research on Zions is projecting that earnings will fall. Zions is down more than 3% for the week and more than 30% for the past six months.

Down about 3% was Yahoo (NASDAQ:YHOO[4]) to under $14.10, dropping more than 40 cents per share. The ouster of CEO Carol Bartz gave Yahoo a jump last week, but investors now are focused on the company’s business prospects and performance. Yahoo is up more than 8% for the week but down more than 16% for the year.

Off about 1.5% was Windstream (NASDAQ:WIN[5]), falling to $12.40, a loss of more than 20 cents per share. The telecom company is up more than 10% for the month and was upgraded Aug. 31 by Hudson Square Research to a “buy.”

WellPoint (NASDAQ:WLP[6]) fell by more than 30 cents per share to under $61, dropping about 0.3%. WellPoint is down more than 2% for the week and almost 19% for the quarter.

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

Endnotes:
  1. WYNN: http://http/investorplace.com/search/?q=wynn/
  2. XLNX:
  3. ZION:
  4. YHOO:
  5. WIN:
  6. WLP:

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