Banks Lead S&P to 1,400 — Thursday’s IP Market Cap

by Kyle Woodley | March 15, 2012 5:00 pm

[1]While not a rip-roaring day for the markets, the S&P 500 cleared yet another landmark — 1,400, just days after beating technical resistance at 1,375[2] — with financials and a number of other stocks leading the way.

A number of bank stocks were headed higher, continuing to ride the momentum of Tuesday’s Fed “stress test” results. JPMorgan (NYSE:JPM[3]), which was among several financial stocks increasing dividends this week[4], gained 2.5%. BB&T (NYSE:BBT[5]) and Wells Fargo (NYSE:WFC[6]), which also boosted their payouts, were up a respective 2.6% and 2.1%. Bank of America (NYSE:BAC[7]), which passed the stress test but declined to increase its dividend, gained 4.5%.

Also up big today was Scholastic (NASDAQ:SCHL[8]), publisher of the hit book series The Hunger Games, which also will hit movie screens on the back of Lions Gate Entertainment (NYSE:LGF[9]). Scholastic trimmed losses in the most recent quarter by about 90% to $3.2 million, while revenues of $467 million were up 22%. The company also raised its full-year earnings forecast to $2.60 to $2.90 per share from its earlier projections for $1.75 to $2.10 per share. SCHL finished the day up almost 13%.

The markets went crazy over yet another cloud IPO — this time Demandware (NYSE:DWRE[10]), a player that facilitates e-commerce. Demandware surged more than 50% throughout the day[11] from its $16 issuing price, and finished the day at $23.85.

Three Up

• Winnebago (NYSE:WGO[12]): Up 16.2% ($1.44) to $10.34.
• Frontline (NYSE:FRO[13]): Up 12.6% (69 cents) to $6.18.
• Invensense (NYSE:INVN[14]): Up 8.8% ($1.69) to $20.89.

Three Down

• Guess (NYSE:GES[15]): Down 10.2% ($3.73) to $32.97.
• Molycorp (NYSE:MCP[16]): Down 3.6% ($1.09) to $28.92.
• Fusion-io (NYSE:FIO[17]): Down 3.5% ($1.12) to $30.93.

Kyle Woodley[18] is the assistant editor of InvestorPlace.com[19]. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[20].

Source URL: http://investorplace.com/2012/03/banks-lead-sp-to-1400-thursdays-ip-market-cap/
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