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April Showers on Wall Street — Monday’s IP Market Recap

Dow finishes flat, S&P 500 and Nasdaq down for the month

   

IPMarketRecap April Showers on Wall Street    Monday's IP Market RecapStock markets bumbled and stumbled their way to the April finish line today, unable to find enough momentum in a U.S. government report showing increased income levels for consumers, and finishing the day lower to complete the year’s first monthly loss.

The Dow Jones lost 0.15% Monday and at 13,208 is right where it started April 1. The S&P 500 and Nasdaq each were down less than 1% and finished the month in the red.

A Department of Commerce report released before the bell showed personal income increased 0.4% in March, which was an improvement from the 0.2% increase in February. Personal spending increased 0.3% in the month — down from the 0.9% jump in spending the month before, but much weaker than the 0.5% gain in spending forecast by economists. It was the first time since December that income growth outpaced spending increases.

Two big acquisitions held the early headlines, as Microsoft (NASDAQ:MSFT) announced an investment of $300 million with Barnes & Noble (NYSE:BKS) for a 17.6% stake in its Nook e-reader business. The news sent BKS stock up as much as 90% in early trading before resting at a 50% gain around $20.75; MSFT was fractionally up. Microsoft’s investment values the overall Nook business at $1.7 billion — more than double B&N’s market value as of Friday’s close.

Meanwhile, Sunoco (NYSE:SUN) gained 20% to hit a four-year-plus peak of $49.50 following news that Energy Transfer Partners (NYSE:ETP) agreed to acquire the company in a deal worth $5.3 billion.

Also Monday, A positive article about eBay (NASDAQ:EBAY) in Barron’s sent the stock up over $41, its highest price since 2006, and AT&T (NYSE:T) also peaked to a four-year high, finishing at $33.

On the flip side, less-than-stellar earnings from Humana (NYSE:HUM) sent HUM stock to an 8% beating.

First-quarter earnings announcements Tuesday include Pfizer (NYSE:PFE), BP (NYSE:BP), Archer Daniels Midland (NYSE:ADM), CBS (NYSE:CBS) and Motorola Mobility (NYSE:MMI) among the notables.

Three Up

  • Gen-Pro (NASDAQ:GPRO): Up 18.69% ($12.84) to $81.55.
  • SandRidge Energy (NYSE:SD): Up 5.97% (45 cents) to $7.99.
  • Expedia (NASDAQ:EXPE): Up 5.81% ($2.34) to $42.65.

Three Down

  • Verifone (NYSE:PAY): Down 12.49% ($6.80) to $47.64.
  • Focus Media (NASDAQ:FMCN): Down 5.65% ($1.43) to $23.90.
  • Credit Suisse (NYSE:CS): Down 5.4% ($1.33) to $23.31.

Marc Bastow is an Assistant Editor at InvestorPlace. As of this writing, he was long MSFT.


Article printed from InvestorPlace Media, http://investorplace.com/2012/04/april-showers-on-wall-street-mondays-ip-market-recap-msft-sun-bks-sun-etp/.

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