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PIMCO for the People — Thursday’s IP Market Recap

Bill Gross's Pimco Total Return ETF makes its trading debut

   


IPMarketRecap PIMCO for the People    Thursday's IP Market RecapThe biggest stock news of Thursday’s trading wasn’t relegated to just one or two companies, but a whole big bundle of ‘em.

Bill Gross joined the rapidly expanding world of exchange-traded funds, launching his PIMCO Total Return Fund (MUTF:PTTRX) clone, the PIMCO Total Return ETF (NYSE:TRXT). TRXT hopes to draw on the popularity and active management of the $245 billion-holding PTTRX while folding in the accessibility of ETFs.

The Total Return ETF’s first-day volume of more than half a million shares was a pretty good sign. Price movement was minimal, with an open at $100.10 and a close of $99.96.

Retailers also were a hot topic Thursday, with a few stocks jumping on strong same-store sales. Gap (NYSE:GPS) was one of the biggest winners, climbing more than 7% on a better-than-expected 4% increase in the metric. The Buckle (NYSE:BKE, +6.9%) also recorded strong gains. The Limited (NYSE:LTD) and Target (NYSE:TGT) were mostly flat despite positive same-store sales surprises.

Wal-Mart (NYSE:WMT) also made headlines despite its absence from monthly sales reports — it increased its dividend 9% to $1.59 per share, though investors shrugged as WMT stock lost less than a percent.

Automakers as a whole enjoyed modest gains as the sector also reported strong February sales. Ford (NYSE:F) was up 2.3%, Volkswagen (PINK:VLKAY) climbed 2%, General Motors (NYSE:GM) bumped up 1.5% and Honda (NYSE:HMC) and Toyota (NYSE:TM) each registered fractional gains.

Three Up

  • Monster Worldwide (NYSE:MWW): Up 15.1% ($1.05) to $7.99.
  • McDermott International (NYSE:MDR): Up 13.9% ($1.81) to $14.87.
  • Fusion-io (NYSE:FIO): Up 8.8% ($2.40) to $29.70.

Three Down

  • Sotheby’s Holdings (NYSE:BID): Down 9.2% ($3.60) to $35.74.
  • First Solar (NASDAQ:FSLR): Down 5.9% ($1.89) to $30.41.
  • AdTran (NASDAQ:ADTN): Down 5.5% ($1.93) to $33.32.

Kyle Woodley is the assistant editor of InvestorPlace.com. 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, http://investorplace.com/2012/03/pimco-total-return-etf-trxt-pttrx-retail-gps-wmt/.

©2014 InvestorPlace Media, LLC

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