Financial stocks carried the load for the markets Tuesday, pushing both the Dow Jones and S&P 500 indices to their highest levels in six months.
The Dow gained 70 points to finish at 12,462, and the S&P was up more than 11 points to 1,292 as news from Europe, domestic economic data and earnings reports propped up investor positivity.
Financials finished with strong gains, including respective jumps of 5.7% and 3.2% for domestics Bank of America (NYSE:BAC) and Citigroup (NYSE:C), as well as 5.8% and 4.2% gains abroad for Royal Bank of Scotland (NYSE:RBS) and UBS (NYSE:UBS). Smaller institutions such as Fifth Third Bancorp (NASDAQ:FITB, +3.24%) and PNC Financial Services (NYSE:PNC, +2%) also made gains.
Eastman Kodak (NYSE:EK) doubled in value Tuesday to 60 cents on news that the company was restructuring its corporate organization. Despite continued rumors of bankruptcy surrounding the company, investors were reassured by the streamlining of its business from three into two segments. Kodak needs quick results, however – it must bring its stock back above $1 within months to keep from being delisted by the New York Stock Exchange.
However, shareholders in WebMD (NASDAQ:WBMD) were left in the cold, with the stock getting slammed on the news that CEO Wayne Gattinella was resigning and that the company had stopped talking to potential suitors — including Yahoo (NASDAQ:YHOO) and Alibaba — about a buyout. Shares had traded steadily in the $37-$38 range for almost a month before sinking almost 30% to $26.25 by Tuesday’s end.
- Idenix Pharmaceuticals (NASDAQ:IDIX): Up 24.22% ($2.34) to $12.
- Cirrus Logic (NASDAQ:CRUS): Up 15.73% ($2.67) to $19.64.
- Lululemon Athletica (NASDAQ:LULU): Up 12.03% ($6.43) to $59.87.
- Health Management (NYSE:HMA): Down 13.07% (91 cents) to $6.05.
- Goodyear Tire & Rubber (NYSE:GT): Down 8.31% ($1.27) to $14.01.
- Tiffany & Co. (NYSE:TIF): Down 10.46% ($7) to $59.94. (Read more about Tiffany & Co. cutting full-year earnings guidance here.)
As of this writing, Kyle Woodley did not own a position in any of the aforementioned stocks.