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S&P Sinks Into the Red — Wednesday’s IP Market Recap

Techs, financials and casinos lead equity markets lower


InvestorPlace Market RecapThe low-volume movement of the final trading week of the year now has the S&P 500 in peril of finishing sideways — or worse — for 2011. Wednesday’s trading saw the index drop about 1% to end around 1,250 — about seven points below its year-end close 52 weeks ago.

The pain was felt across several sectors. Tech stocks Research In Motion (NASDAQ:RIMM) and Sony (NYSE:SNE) dropped about 4% in a day that saw the Nasdaq lose almost 1.5%. Deutsche Bank (NYSE:DB, -3.83%) and Bank of America (NYSE:BAC, -3.47%) were among some of the financial sector’s biggest losers. And casino stocks were roundly hit, with Wynn (NASDAQ:WYNN) losing 3.8%, Las Vegas Sands (NYSE:LVS) dropping 3.61% and Melco Crown (NASDAQ:MPEL) shedding 3.31%.

Lockheed Martin (NYSE:LMT) shares couldn’t be roused today despite the announcement of a major government contract. The defense contractor will run the U.S. Antarctic Program, which will include implementing “a cost-effective, streamlined infrastructure for managing work stations and medical facilities, research vessels, construction projects and remote sites.” The multiyear contract could be worth up to $2 billion.

LMT shares yawned in response, dropping half a percent. Lockheed Martin stock has been making a steady climb since bottoming below $67 in August and now is trading around $80, much like it did for most of the first half of the year. The stock has flirted with the $83 mark numerous times but has failed to finish a breach.

Three Up

  • HomeAway (NASDAQ:AWAY): Up 3.98% (88 cents) to $23.
  • Diamond Foods (NASDAQ:DMND): Up 2.87% (82 cents) to $29.40.
  • Macy’s (NYSE:M): Up 1.21% (39 cents) to $32.67.

Three Down

  • Zagg (NASDAQ:ZAGG): Down 14.27% ($1.12) to $6.73. (Read more about Zagg here.)
  • Hecla Mining (NYSE:HL): Down 6.85% (37 cents) to $5.03.
  • Freeport-McMoRan (NYSE:FCX): Down 4.09% ($1.55) to $36.31.

As of this writing, Kyle Woodley did not hold a position in any of the aforementioned stocks. Check out our list of previous IP Market Recaps.

Article printed from InvestorPlace Media,

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