Hard Day for Hard Disks — Thursday’s IP Market Recap

by Kyle Woodley | April 5, 2012 5:01 pm

Hard Day for Hard Disks — Thursday’s IP Market Recap

IPMarketRecap Hard Day for Hard Disks    Thursday's IP Market Recap[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

Three Down

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].

Endnotes:
  1. [Image]: http://investorplace.com/hot-topics/investorplace-market-recap/
  2. STX: http://studio-5.financialcontent.com/investplace/quote?Symbol=STX
  3. WDC: http://studio-5.financialcontent.com/investplace/quote?Symbol=WDC
  4. Read more about the sector here.: http://investorplace.com/2012/03/tech-guru-disk-drive-stocks-wdc-stx-are-bargain-buys/
  5. BBBY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBBY
  6. took flight Thursday: http://investorplace.com/2012/04/bed-bath-beyond-bbby-shares-3-pros-3-cons/
  7. NDAQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=NDAQ
  8. NYX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NYX
  9. has nothing to worry about: http://investorplace.com/ipo-playbook/facebook-nasdaq-listing-fb-wont-hurt-the-nyse/
  10. CXW: http://studio-5.financialcontent.com/investplace/quote?Symbol=CXW
  11. PAY: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAY
  12. CNK: http://studio-5.financialcontent.com/investplace/quote?Symbol=CNK
  13. STZ: http://studio-5.financialcontent.com/investplace/quote?Symbol=STZ
  14. INVN: http://studio-5.financialcontent.com/investplace/quote?Symbol=INVN
  15. HOV: http://studio-5.financialcontent.com/investplace/quote?Symbol=HOV
  16. Kyle Woodley: http://investorplace.com/author/kyle-woodley/
  17. InvestorPlace.com: http://investorplace.com/
  18. here: http://investorplace.com/hot-topics/investorplace-market-recap/

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