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Apple Stalls on iPad Day — Wednesday’s IP Market Recap

AAPL ends flat on a big day for product announcements


InvestorPlace Market RecapIn case you hadn’t heard, Apple (NASDAQ:AAPL) revealed its long-awaited new iPad today.

But the glorious fanfare was isolated to the tech side of things, with Apple’s stock wavering around the event before finally finishing the trading day almost flat.

Still, investors have plenty to be excited about. For one, Apple stock had a similarly lackluster performance Oct. 4, the day of the iPhone 4S reveal — considered at the time disappointing just because a “5” wasn’t attached. But the iPhone 4S went on to sell in spades, and one can anticipate the same for the new iPad.

Clearly, AAPL still has plenty going on for it.

Small-cap homebuilder Hovnanian (NYSE:HOV) was up about 2.5% on a Street-beating earnings report, and the sector as a whole seemed to respond. (NYSE:KBH) was up 4.4%, D.R. Horton (NYSE:DHI) was up about 4% and NVR (NYSE:NVR) was up 3.7%.

Internet radio company Pandora (NYSE:P) more than finished what it started last night, getting slammed by 24% after its disappointing earnings report. The company saw a 71% jump in revenue, and listening hours and active users spiked. But earnings and revenues both fell short of Street estimates. Pandora’s drop illustrated the risk/reward trade of social stocks near their earnings reports.

Three Up

  • Transcend Services (NASDAQ:TRCR): Up 39.2% ($8.21) to $29.18.
  • Invensense (NASDAQ:INVN): Up 10.2% ($1.54) to $16.60.
  • Valero Energy (NYSE:VLO): Down 7.3% ($1.83) to $27.

Three Down

  • Deckers Outdoor (NASDAQ:DECK): Down 9.8% ($7.33) to $67.35.
  • First Solar (NASDAQ:FSLR): Down 6.6% ($1.83) to $25.80.
  • Groupon (NASDAQ:GRPN): Down 5.5% ($1.01) to $17.32.

Kyle Woodley is the assistant editor of 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,

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