by Kyle Woodley | April 10, 2012 4:36 pm
The broader markets fell for a fifth straight trading day — their worst slump of 2012 — amid rising yields on Spanish and Italian bonds and turbulence in European markets.
The Dow Jones Industrial Average fell 213 points, or about 1.6%, and the S&P 500 dropped 23 points, or 1.7%. Over the past five trading days, the DJIA and S&P have seen respective 4.1% and 3.5% declines. Still, despite the broader bad news, a few company high points were hit Tuesday before things went south — and after.
Alcoa dropped 3% Tuesday in anticipation of its afternoon earnings report, then rebounded almost almost 5% in early after-market trading on good news. The company reported first-quarter earnings of 9 cents per share, down frrom 27 cents in the year-ago period. However, revenues of $6.01 billion topped expectations and were up from last year’s $5.96 billion, and adjusted earnings of 10 cents per share beat analyst expectations for a 4-cent loss.
Alcoa also confirmed aluminum demand growth forecasts of 7% for the year and actually boosted its expectations for the global aerospace market.
Also Tuesday, Apple (NASDAQ:AAPL) briefly traded around an all-time high of $643 per share, getting its market capitalization clear of the $600 billion point — only the second time a U.S. company has done so. Microsoft (NASDAQ:MSFT) was the first, hitting an all-time high $618.9 billion market cap Dec. 30, 1999, while trading for $119.94 per share. Unfortunately, AAPL shares followed the rest of the market down, declining 1.2% to finish the day at $628.44.
Meanwhile, less-hyped but still-celebrated (at least among shareholders) Priceline (NASDAQ:PCLN) hit an all-time intraday high of around $775 before retreating to a 3.1% loss at $741.26. The Internet travel reservation site has been on an absolutely torrid run, up almost 60% year-to-date and more than 700% in the past three years.
Retailer Best Buy (NYSE:BBY) plunged almost 6% on news that CEO Brian Dunn had abruptly resigned — another blow to the struggling big-box store.
Investors also got news about the Facebook IPO, albeit a little fuzzy. Reports say Facebook is eyeing two potential dates in May for its initial public offering.
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.
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