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

by Kyle Woodley | December 28, 2011 4:36 pm

[1]The 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[2]) and Sony (NYSE:SNE[3]) dropped about 4% in a day that saw the Nasdaq lose almost 1.5%. Deutsche Bank (NYSE:DB[4], -3.83%) and Bank of America (NYSE:BAC[5], -3.47%) were among some of the financial sector’s biggest losers. And casino stocks were roundly hit, with Wynn (NASDAQ:WYNN[6]) losing 3.8%, Las Vegas Sands (NYSE:LVS[7]) dropping 3.61% and Melco Crown (NASDAQ:MPEL[8]) shedding 3.31%.

Lockheed Martin (NYSE:LMT[9]) 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[10]): Up 3.98% (88 cents) to $23.
• Diamond Foods (NASDAQ:DMND[11]): Up 2.87% (82 cents) to $29.40.
• Macy’s (NYSE:M[12]): Up 1.21% (39 cents) to $32.67.

Three Down

• Zagg (NASDAQ:ZAGG[13]): Down 14.27% ($1.12) to $6.73. (Read more about Zagg here.[14])
• Hecla Mining (NYSE:HL[15]): Down 6.85% (37 cents) to $5.03.
• Freeport-McMoRan (NYSE:FCX[16]): 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[17].

Source URL: https://investorplace.com/2011/12/s-p-500-market-summary-lockheed-martin-wmt/

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