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Dell, Techs Head Lower — Wednesday’s IP Market Recap

The S&P 500 again fails to pierce the 1,360 mark


InvestorPlace Market RecapThe S&P 500 shied away from a key resistance point at 1,360 on Wednesday, with tech and financial stocks among the trading day’s bigger losers.

Dell (NASDAQ:DELL) dropped almost 6% on a lousy fourth-quarter earnings report that saw profits decline 17% and fall below Wall Street estimates. Dell also provided weak current-quarter forecasts. Netflix (NASDAQ:NFLX) dropped more than 4% on the same day it announced its service would be immediately available on Sony’s (NYSE:SNE) PlayStation Vita handheld video game device.

Also falling were online stocks Zillow (NASDAQ:Z, -6.1%) Pandora (NYSE:P, -4.4%) and medical information company WebMD (NASDAQ:WBMD).

Financials suffered modest losses, especially across regional banks. Comerica (NYSE:CMA) shed around 4%, Suntrust Banks (NYSE:STI) was down 3.7%, PNC Bank (NYSE:PNC) dropped 2.5% and Fifth Third Bancorp (NASDAQ:FITB) lost 2.3%. Big Four banker Citigroup (NYSE:C) also declined 3% on the day.

Wal-Mart (NYSE:WMT) ran into a second straight day of losses after its lackluster earnings report, shedding about 2.5% Wednesday. The company’s report, which usually comes near the end of the earnings season, was an appropriate symbol for this go-around — the S&P 500 has seen its lowest earnings beat rate (64%) since 4Q 2008, with 26% of companies falling below estimates.

Three Up

  • Threshold Pharmaceuticals (NASDAQ:THLD): Up 20.4% ($1.02) to $6.03.
  • Chico’s FAS (NYSE:CHS): Up 16.6% ($2.13) to $14.94.
  • Garmin (NASDAQ:GRMN): Up 9.3% ($4.17) to $48.86.

Three Down

  • Newfield Exploration (NYSE:NFX): Down 12.7% ($5.37) to $36.88.
  • Yingli Green Energy (NYSE:YGE): Down 10% (48 cents) to $4.33
  • Alcatel-Lucent (NYSE:ALU): Down 5.1% (13 cents) to $2.44.

Kyle Woodley is the assistant editor of InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here.

Article printed from InvestorPlace Media, http://investorplace.com/2012/02/dell-tech-stocks-nflx-c-wmt-market-summary/.

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