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

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

IPMarketRecap S&P Sinks Into the Red    Wednesday's IP Market Recap[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

Three Down

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].

Endnotes:
  1. [Image]: http://investorplace.com/hot-topics/investorplace-market-recap/
  2. RIMM: http://studio-5.financialcontent.com/investplace/quote?Symbol=RIMM
  3. SNE: http://studio-5.financialcontent.com/investplace/quote?Symbol=SNE
  4. DB: http://studio-5.financialcontent.com/investplace/quote?Symbol=DB
  5. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  6. WYNN: http://studio-5.financialcontent.com/investplace/quote?Symbol=WYNN
  7. LVS: http://studio-5.financialcontent.com/investplace/quote?Symbol=LVS
  8. MPEL: http://studio-5.financialcontent.com/investplace/quote?Symbol=MPEL
  9. LMT: http://studio-5.financialcontent.com/investplace/quote?Symbol=LMT
  10. AWAY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AWAY
  11. DMND: http://studio-5.financialcontent.com/investplace/quote?Symbol=DMND
  12. M: http://studio-5.financialcontent.com/investplace/quote?Symbol=M
  13. ZAGG: http://studio-5.financialcontent.com/investplace/quote?Symbol=ZAGG
  14. Read more about Zagg here.: http://investorplace.com/2011/12/3-surefire-stocks-to-short-soda-bks-zagg-shld/
  15. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  16. FCX: http://studio-5.financialcontent.com/investplace/quote?Symbol=FCX
  17. IP Market Recaps: http://investorplace.com/hot-topics/investorplace-market-recap/

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