China Clips U.S. Markets — Monday’s IP Market Recap

by Kyle Woodley | March 5, 2012 4:42 pm

IPMarketRecap China Clips U.S. Markets    Monday's IP Market Recap[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‚Äôs 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

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. SINA: http://studio-5.financialcontent.com/investplace/quote?Symbol=SINA
  3. BIDU: http://studio-5.financialcontent.com/investplace/quote?Symbol=BIDU
  4. CHU: http://studio-5.financialcontent.com/investplace/quote?Symbol=CHU
  5. CHA: http://studio-5.financialcontent.com/investplace/quote?Symbol=CHA
  6. PTR: http://studio-5.financialcontent.com/investplace/quote?Symbol=PTR
  7. FXI: http://studio-5.financialcontent.com/investplace/quote?Symbol=FXI
  8. FCX: http://studio-5.financialcontent.com/investplace/quote?Symbol=FCX
  9. AA: http://studio-5.financialcontent.com/investplace/quote?Symbol=AA
  10. JOYG: http://studio-5.financialcontent.com/investplace/quote?Symbol=JOYG
  11. CAT: http://studio-5.financialcontent.com/investplace/quote?Symbol=CAT
  12. AMD: http://studio-5.financialcontent.com/investplace/quote?Symbol=AMD
  13. MU: http://studio-5.financialcontent.com/investplace/quote?Symbol=MU
  14. NVDA: http://studio-5.financialcontent.com/investplace/quote?Symbol=NVDA
  15. INTC: http://studio-5.financialcontent.com/investplace/quote?Symbol=INTC
  16. P: http://studio-5.financialcontent.com/investplace/quote?Symbol=P
  17. giving a boost to the Social Stock Tracker: http://investorplace.com/ipo-playbook/social-stocks-zynga-znga-pandora-p-yelp/
  18. BVSN: http://studio-5.financialcontent.com/investplace/quote?Symbol=BVSN
  19. NTRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=NTRI
  20. MCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=MCP
  21. PPO: http://studio-5.financialcontent.com/investplace/quote?Symbol=PPO
  22. LCC: http://studio-5.financialcontent.com/investplace/quote?Symbol=LCC
  23. PCX: http://studio-5.financialcontent.com/investplace/quote?Symbol=PCX
  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/

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