Hard Day for Hard Disks — Thursday’s IP Market Recap
by Kyle Woodley | April 5, 2012 5:01 pm
[1]The March jobs report will come a day too late, as lingering European worries continued bearing down on the markets. On Thursday, the S&P 500 finished marginally down for the day and wound up with a loss of less than 1% for the early-to-close week.
Electronic storage companies took losses on the day, with Seagate (NASDAQ:STX[2]) dropping by more than 6% and Western Digital (NYSE:WDC[3]) down 3.7%. No major news was released for the sector Thursday. However, Seagate and Western Digital still are sitting on large gains for the year of 57% and 28%, respectively. (Read more about the sector here.[4])
Bed Bath & Beyond (NASDAQ:BBBY[5]) took flight Thursday[6] after its earnings report out Wednesday was met with approval. The company reported earnings of $351 million ($1.48 per share), up 24% year-over-year and beating estimates of $1.33 per share. Revenue was up more than 9%, and same-store sales increased by almost 7%.
The good news prompted investors to trump shares up more than 8% on the day to an all-time high of $71.85, and Wedbush increased its price target to $82.
Also Thursday, reports said the NASDAQ OMX Group (NASDAQ:NDAQ[7]) was chosen to list the Facebook IPO. The company will list as FB. The announcement clearly doesn’t help the NYSE Euronext (NYSE:NYX[8]), but IPOPlaybook’s Tom Taulli says the New York Stock Exchange has nothing to worry about[9].
Three Up
- Corrections Corp. of America (NYSE:CXW[10]): Up 6.5% ($1.78) to $28.99.
- Verifone Systems (NYSE:PAY[11]): Up 5.9% ($2.95) to $52.96.
- Cinemark Holdings (NYSE:CNK[12]): Up 4.8% ($1.06) to $23.05.
Three Down
- Constellation Brands (NYSE:STZ[13]): Down 12.5% ($3.08) to $21.61.
- Invensense (NASDAQ:INVN[14]): Down 6.9% ($1.17) to $15.88.
- Hovnanian Enterprises (NYSE:HOV[15]): Down 6.1% (13 cents) to $2.02.
Kyle Woodley[16] is the assistant editor of InvestorPlace.com[17]. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[18].
- [Image]: https://investorplace.com/hot-topics/investorplace-market-recap/
- STX: http://studio-5.financialcontent.com/investplace/quote?Symbol=STX
- WDC: http://studio-5.financialcontent.com/investplace/quote?Symbol=WDC
- Read more about the sector here.: https://investorplace.com/2012/03/tech-guru-disk-drive-stocks-wdc-stx-are-bargain-buys/
- BBBY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBBY
- took flight Thursday: https://investorplace.com/2012/04/bed-bath-beyond-bbby-shares-3-pros-3-cons/
- NDAQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=NDAQ
- NYX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NYX
- has nothing to worry about: https://investorplace.com/ipo-playbook/facebook-nasdaq-listing-fb-wont-hurt-the-nyse/
- CXW: http://studio-5.financialcontent.com/investplace/quote?Symbol=CXW
- PAY: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAY
- CNK: http://studio-5.financialcontent.com/investplace/quote?Symbol=CNK
- STZ: http://studio-5.financialcontent.com/investplace/quote?Symbol=STZ
- INVN: http://studio-5.financialcontent.com/investplace/quote?Symbol=INVN
- HOV: http://studio-5.financialcontent.com/investplace/quote?Symbol=HOV
- Kyle Woodley: https://investorplace.com/author/kyle-woodley/
- InvestorPlace.com: https://investorplace.com/
- here: https://investorplace.com/hot-topics/investorplace-market-recap/
Source URL: https://investorplace.com/2012/04/hard-day-for-hard-disks-thursdays-ip-market-recap/