China Clips U.S. Markets — Monday’s IP Market Recap
by Kyle Woodley | March 5, 2012 4:42 pm
[1]China cut its economic growth target from 8% to 7.5% Monday, tripping up the markets as a whole and knocking around Chinese stocks, as well as commodities and equipment manufacturers.
The Dow Jones Industrials and S&P 500 each finished fractionally down, and the Nasdaq lost more than 1% Monday. A number of Chinese stocks finished lower, including online media company Sina (NASDAQ:SINA[2], -4.2%) Internet provider Baidu (NASDAQ:BIDU[3], -3.4%), telecoms China Unicom (NYSE:CHU[4], -2.5%) and China Telecom (NYSE:CHA[5], -1.3%) and oil and gas firm PetroChina (NYSE:PTR[6], -2.4%). The iShares FTSE/Xinhua China 25 Index (NYSE:FXI[7]), which tracks Chinese equities, was down about 2.7%.
Other companies hit on the news were miner Freeport-McMoRan (NYSE:FCX[8], -3.8%), U.S. aluminum giant Alcoa (NYSE:AA[9], -3.6%) and equipment manufacturers Joy Global (NASDAQ:JOYG[10], -4%) and Caterpillar (NYSE:CAT[11], -2.1%).
A number of semiconductor companies also dropped Monday. Advanced Micro Devices (NYSE:AMD[12]) and Micron (NASDAQ:MU[13]) were each down more than 5%, NVIDIA (NASDAQ:NVDA[14]) lost 3.4% and Intel (NASDAQ:INTC[15]) declined 1.4%.
Internet radio company Pandora (NYSE:P[16]) was up about 5.5% on news that a Stifel Nicolaus analyst upgraded shares from hold to buy and set a price target of $18 — the company’s shares opened around $14.60. Pandora gained 8% last week, giving a boost to the Social Stock Tracker[17]. It reports earnings Tuesday.
Three Up
- Broadvision (NASDAQ:BVSN[18]): Up 12.9% ($5.79) to $50.73.
- NutriSystem (NASDAQ:NTRI[19]): Up 6.1% (68 cents) to $11.88.
- Molycorp (NYSE:MCP[20]): Up 4.1% ($1.01) to $25.56.
Three Down
- Polypore International (NYSE:PPO[21]): Down 9.7% ($3.87) to $35.91.
- US Airways (NYSE:LCC[22]): Down 8.4% (64 cents) to $6.99.
- Patriot Coal (NYSE:PCX[23]): Down 7.7% (53 cents) to $6.36.
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:
- [Image]: https://investorplace.com/hot-topics/investorplace-market-recap/
- SINA: http://studio-5.financialcontent.com/investplace/quote?Symbol=SINA
- BIDU: http://studio-5.financialcontent.com/investplace/quote?Symbol=BIDU
- CHU: http://studio-5.financialcontent.com/investplace/quote?Symbol=CHU
- CHA: http://studio-5.financialcontent.com/investplace/quote?Symbol=CHA
- PTR: http://studio-5.financialcontent.com/investplace/quote?Symbol=PTR
- FXI: http://studio-5.financialcontent.com/investplace/quote?Symbol=FXI
- FCX: http://studio-5.financialcontent.com/investplace/quote?Symbol=FCX
- AA: http://studio-5.financialcontent.com/investplace/quote?Symbol=AA
- JOYG: http://studio-5.financialcontent.com/investplace/quote?Symbol=JOYG
- CAT: http://studio-5.financialcontent.com/investplace/quote?Symbol=CAT
- AMD: http://studio-5.financialcontent.com/investplace/quote?Symbol=AMD
- MU: http://studio-5.financialcontent.com/investplace/quote?Symbol=MU
- NVDA: http://studio-5.financialcontent.com/investplace/quote?Symbol=NVDA
- INTC: http://studio-5.financialcontent.com/investplace/quote?Symbol=INTC
- P: http://studio-5.financialcontent.com/investplace/quote?Symbol=P
- giving a boost to the Social Stock Tracker: https://investorplace.com/ipo-playbook/social-stocks-zynga-znga-pandora-p-yelp/
- BVSN: http://studio-5.financialcontent.com/investplace/quote?Symbol=BVSN
- NTRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=NTRI
- MCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=MCP
- PPO: http://studio-5.financialcontent.com/investplace/quote?Symbol=PPO
- LCC: http://studio-5.financialcontent.com/investplace/quote?Symbol=LCC
- PCX: http://studio-5.financialcontent.com/investplace/quote?Symbol=PCX
- 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/2012/03/china-clips-us-markets-sina-bidu-chu-cha-ptr-market-recap/