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

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

InvestorPlace 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’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

Three Down

Kyle Woodley[24] is the assistant editor of[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].

  1. [Image]:
  2. SINA:
  3. BIDU:
  4. CHU:
  5. CHA:
  6. PTR:
  7. FXI:
  8. FCX:
  9. AA:
  10. JOYG:
  11. CAT:
  12. AMD:
  13. MU:
  14. NVDA:
  15. INTC:
  16. P:
  17. giving a boost to the Social Stock Tracker:
  18. BVSN:
  19. NTRI:
  20. MCP:
  21. PPO:
  22. LCC:
  23. PCX:
  24. Kyle Woodley:
  26. here:

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