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

by Kyle Woodley | February 22, 2012 4:56 pm

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

IPMarketRecap Dell, Techs Head Lower    Wednesdays IP Market Recap[1]The 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[2]) dropped almost 6% on a lousy fourth-quarter earnings report[3] that saw profits decline 17% and fall below Wall Street estimates. Dell also provided weak current-quarter forecasts[4]. Netflix (NASDAQ:NFLX[5]) dropped more than 4% on the same day it announced its service would be immediately available on Sony’s (NYSE:SNE[6]) PlayStation Vita handheld video game device.

Also falling were online stocks Zillow (NASDAQ:Z[7], -6.1%) Pandora (NYSE:P[8], -4.4%) and medical information company WebMD (NASDAQ:WBMD[9]).

Financials suffered modest losses, especially across regional banks. Comerica (NYSE:CMA[10]) shed around 4%, Suntrust Banks (NYSE:STI[11]) was down 3.7%, PNC Bank (NYSE:PNC[12]) dropped 2.5% and Fifth Third Bancorp (NASDAQ:FITB[13]) lost 2.3%. Big Four banker Citigroup (NYSE:C[14]) also declined 3% on the day.

Wal-Mart (NYSE:WMT[15]) ran into a second straight day of losses after its lackluster earnings report[16], 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[17], with 26% of companies falling below estimates.

Three Up

Three Down

Kyle Woodley[24] is the assistant editor of InvestorPlace.com[25]. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[26].

Endnotes:
  1. [Image]: http://investorplace.com/hot-topics/investorplace-market-recap/
  2. DELL: http://studio-5.financialcontent.com/investplace/quote?Symbol=DELL
  3. lousy fourth-quarter earnings report: http://investorplace.com/2012/02/post-earnings-losers-dell-tol-pzza-cake/
  4. weak current-quarter forecasts: http://investorplace.com/2012/02/can-dell-carve-a-new-path-to-profit-dell-aapl-msft/
  5. NFLX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NFLX
  6. SNE: http://studio-5.financialcontent.com/investplace/quote?Symbol=SNE
  7. Z: http://studio-5.financialcontent.com/investplace/quote?Symbol=Z
  8. P: http://studio-5.financialcontent.com/investplace/quote?Symbol=P
  9. WBMD: http://studio-5.financialcontent.com/investplace/quote?Symbol=WBMD
  10. CMA: http://studio-5.financialcontent.com/investplace/quote?Symbol=CMA
  11. STI: http://studio-5.financialcontent.com/investplace/quote?Symbol=STI
  12. PNC: http://studio-5.financialcontent.com/investplace/quote?Symbol=PNC
  13. FITB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FITB
  14. C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C
  15. WMT: http://studio-5.financialcontent.com/investplace/quote?Symbol=WMT
  16. after its lackluster earnings report: http://investorplace.com/2012/02/wal-mart-one-step-forward-two-back/
  17. lowest earnings beat rate (64%) since 4Q 2008: http://investorplace.com/2012/02/earnings-wrapup-it-couldve-been-worse/
  18. THLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=THLD
  19. CHS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CHS
  20. GRMN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GRMN
  21. NFX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NFX
  22. YGE: http://studio-5.financialcontent.com/investplace/quote?Symbol=YGE
  23. ALU: http://studio-5.financialcontent.com/investplace/quote?Symbol=ALU
  24. Kyle Woodley: http://investorplace.com/author/kyle-woodley/
  25. InvestorPlace.com: http://investorplace.com/
  26. here: http://investorplace.com/hot-topics/investorplace-market-recap/

Source URL: http://investorplace.com/2012/02/dell-tech-stocks-nflx-c-wmt-market-summary/
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