by Kyle Woodley | April 5, 2012 5:01 pm
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) dropping by more than 6% and Western Digital (NYSE:WDC) 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.)
Bed Bath & Beyond (NASDAQ:BBBY) took flight Thursday 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) was chosen to list the Facebook IPO. The company will list as FB. The announcement clearly doesn’t help the NYSE Euronext (NYSE:NYX), but IPOPlaybook’s Tom Taulli says the New York Stock Exchange has nothing to worry about.
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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