Dow Hits 13,000; Airlines Hit a Wall — Tuesday’s IP Market Recap
by Kyle Woodley | February 21, 2012 4:51 pm
[1]Although it didn’t stay there, the Dow Jones Industrial average’s crossing of the 13,000 mark Tuesday[2] was the talk of Wall Street. The index passed that line briefly Tuesday for the first time since 2008, powered heavily by news of a Greece bailout, before resting 15 points up at 12,965.
Some of the biggest beneficiaries of Tuesday’s rally were mining stocks, led by advances of Hecla Mining (NYSE:HL[3], +9.16%), Eldorado Gold (NYSE:EGO[4], +6.4%), Yamana Gold (NYSE:AUY[5], +4%), Goldcorp (NYSE:GG[6], +3%) and Barrick Gold (NYSE:ABX[7], +3%).
However, oil prices also headed higher Tuesday on continuing fears that Iran will cut oil shipments off to Europe, and investors in turn delivered a pounding to airline stocks. US Airways (NYSE:LCC[8]) dropped 11.4%, United Continental (NYSE:UAL[9]) and Jetblue (NASDAQ:JBLU[10]) were down about 9%, and Delta Air Lines (NYSE:DAL[11]) lost 7.2%.
Wal-Mart (NYSE:WMT[12]) was down almost 4% after reporting a 15% decline in fourth-quarter profits[13]. The big-box retailer cited continuing difficulties keeping up with the prices at discounters like Dollar Tree (NASDAQ:DLTR[14]) and Family Dollar (NYSE:FDO[15]).
Wynn Resorts (NASDAQ:WYNN[16]) shares surged 6% on news that the gaming and casino company forced out co-founder Kazuo Okada[17] over the weekend. Wynn bought Okada’s 24 million shares at a 30% discount of Friday’s $112.69 value, reportedly in a move to keep the company’s gaming licenses from coming under scrutiny. According to the[18] Las Vegas Review-Journal[19], Wynn said an internal investigation found “Okada’s company, Universal Entertainment Corp., had bribed gaming regulators in the Phillipines.”
Three Up
- Alcatel-Lucent (NYSE:ALU[20]): Up 4.9% (12 cents) to $2.57.
- Genworth Financial (NYSE:GNW[21]): Up 3.5% (32 cents) to $9.54.
- Nordstrom (NYSE:JWN[22]): Up 3.2% ($1.65) to $52.79.
Three Down
- Weatherford International (NYSE:WFT[23]): Down 13.7% ($2.43) to $15.36.
- Ciena Corp. (NASDAQ:CIEN[24]): Down 8.4% ($1.42) to $15.58.
- Radioshack (NYSE:RSH[25]): Down 7.9% (62 cents) to $7.26. (Read about Radioshack and two other high-yield dividend stocks to avoid here.[26])
Kyle Woodley[27] is the assistant editor of InvestorPlace.com[28]. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[29].
Endnotes:
- [Image]: https://investorplace.com/hot-topics/investorplace-market-recap/
- Dow Jones Industrial average’s crossing of the 13,000 mark Tuesday: https://investorplace.com/2012/02/dow-jones-industrial-average-djia-hits-13000/
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- LCC: http://studio-5.financialcontent.com/investplace/quote?Symbol=LCC
- UAL: http://studio-5.financialcontent.com/investplace/quote?Symbol=UAL
- JBLU: http://studio-5.financialcontent.com/investplace/quote?Symbol=JBLU
- DAL: http://studio-5.financialcontent.com/investplace/quote?Symbol=DAL
- WMT: http://studio-5.financialcontent.com/investplace/quote?Symbol=WMT
- reporting a 15% decline in fourth-quarter profits: https://investorplace.com/2012/02/wal-mart-one-step-forward-two-back/
- DLTR: http://studio-5.financialcontent.com/investplace/quote?Symbol=DLTR
- FDO: http://studio-5.financialcontent.com/investplace/quote?Symbol=FDO
- WYNN: http://studio-5.financialcontent.com/investplace/quote?Symbol=WYNN
- company forced out co-founder Kazuo Okada: https://investorplace.com/2012/02/steve-wynn-a-power-play-by-gamblings-machiavelli/
- According to the: http://www.lvrj.com/business/wynn-resorts-shares-rise-after-board-member-deemed-unsuitable-139838503.html?ref=503
- Las Vegas Review-Journal: http://www.lvrj.com/business/wynn-resorts-shares-rise-after-board-member-deemed-unsuitable-139838503.html?ref=503
- ALU: http://studio-5.financialcontent.com/investplace/quote?Symbol=ALU
- GNW: http://studio-5.financialcontent.com/investplace/quote?Symbol=GNW
- JWN: http://studio-5.financialcontent.com/investplace/quote?Symbol=JWN
- WFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=WFT
- CIEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=CIEN
- RSH: http://studio-5.financialcontent.com/investplace/quote?Symbol=RSH
- Read about Radioshack and two other high-yield dividend stocks to avoid here.: https://investorplace.com/2012/02/3-high-yield-dividend-stocks-to-avoid-svu-azn-rsh/
- Kyle Woodley: https://investorplace.com/author/kyle-woodley/
- InvestorPlace.com: https://investorplace.com/
- here: https://investorplace.com/hot-topics/investorplace-market-recap/
Source URL: https://investorplace.com/2012/02/dow-13000-gas-prices-airline-stocks-walmart-earnings-wynn-resorts/