Bold Day for Bank of America — Thursday’s IP Market Recap
by Kyle Woodley | January 5, 2012 4:39 pm
[1]Bank of America (NYSE:BAC[2]) has to be loving 2012 so far.
The much-maligned financial stock of 2011 led big U.S. banking stocks to a strong showing Thursday that saw BAC shares rise above the $6 mark for the first time since early November. Bank analyst Nancy Bush told Reuters[3] that upbeat job data and the possible anticipation of positive mortgage-related news propped up the bank’s shares.
BAC stock popped about 8.6%, putting the stock up more than 13% in the new year. Its giant American rivals enjoyed modest gains too, with JPMorgan Chase (NYSE:JPM[4], +2.1%), Wells Fargo (NYSE:WFC[5], +1.6%) and Citigroup (NYSE:C[6], +1.2%) all up on a flat day for the markets.
A few automakers also pushed forward Thursday as data continues to roll out from 2011 auto sales[7]. The Detroit “Big 3” were all profitable for the first time since 2004, with Chrysler posting a 37% sales pop in December and Ford (NYSE:F[8]) and General Motors (NYSE:
GM[9]) posting more modest, but strong, gains. GM was up almost 5%, and F shares gained about 2.6% Thursday. Volkswagen (PINK:VLKAY[10]) also got a decent 1.5% boost, as it saw a monthly sales increase of 31%.
Dendreon (NASDAQ:DNDN[11]) made waves as one of the biggest market movers of the day, gaining almost 40%[12] on better-than-expected sales of its cancer drug Provenge. The company reported $82 million in fourth-quarter Provenge sales, and DNDN shares reached their highest price in two months.
Three Up
- Ancestry.com (NASDAQ:ACOM[13]): Up 20.1% ($4.60) to $27.47. (ACOM and how to play the baby boom[14].)
- Sirius XM Radio (NASDAQ:SIRI[15]): Up 11.5% (21 cents) to $2.04.
- Nokia (NYSE:NOK[16]): Up 6.5% (33 cents) to $5.41.
Three Down
- Barnes & Noble (NYSE:BKS[17]): Down 17.1% ($2.31) to $11.24. (BKS consider selling off Nook business[18].)
- American Eagle (NYSE:AEO[19]): Down 10.8% ($1.64) to $13.52.
- MetroPCS Communications (NYSE:PCS[20]): Down 8.9% (78 cents) to $8.01.
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[21].
- [Image]: https://investorplace.com/hot-topics/investorplace-market-recap/
- BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
- told Reuters: http://finance.yahoo.com/news/bank-america-shares-surge-eclipse-195851957.html
- JPM: http://studio-5.financialcontent.com/investplace/quote?Symbol=JPM
- WFC: http://studio-5.financialcontent.com/investplace/quote?Symbol=WFC
- C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C
- from 2011 auto sales: https://investorplace.com/2012/01/us-automakers-sales-gm-ford-chrysler/
- F: http://studio-5.financialcontent.com/investplace/quote?Symbol=F
- GM: http://studio-5.financialcontent.com/investplace/quote?Symbol=GM
- VLKAY: http://studio-5.financialcontent.com/investplace/quote?Symbol=VLKAY
- DNDN: http://studio-5.financialcontent.com/investplace/quote?Symbol=DNDN
- gaining almost 40%: https://investorplace.com/2012/01/dendreon-dndn-shares-jump-on-provenge-sales/
- ACOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=ACOM
- ACOM and how to play the baby boom: https://investorplace.com/2012/01/baby-boom-stocks-acom-afam-mat-has-kmb/
- SIRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIRI
- NOK: http://studio-5.financialcontent.com/investplace/quote?Symbol=NOK
- BKS: http://studio-5.financialcontent.com/investplace/quote?Symbol=BKS
- BKS consider selling off Nook business: https://investorplace.com/2012/01/barnes-noble-sterling-publishing-nook-ereader-tablet/
- AEO: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEO
- PCS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PCS
- IP Market Recaps: https://investorplace.com/hot-topics/investorplace-market-recap/
Source URL: https://investorplace.com/2012/01/bank-of-america-bac-ford-gm-dendreon-siri-acom/