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Nasdaq’s Big Names Romp — Thursday’s IP Market Recap

Google surges before earnings; Starbucks at all-time high

   

IPMarketRecap Nasdaq's Big Names Romp    Thursday's IP Market RecapAll in all, Thursday was a pretty good day for the Nasdaq and some of its biggest names.

The Nasdaq climbed more than 1% in a broader market rally that saw the Dow Jones and S&P 500 make similar gains, and it did so on the strength of sky-high Starbucks (NASDAQ:SBUX) and Google (NASDAQ:GOOG), the latter of which climbed before and after the bell.

Google gained 2.4% Thursday before its quarterly earnings report, then was up slightly in early after-hours trading on Street-beating numbers. The company reported earnings of $2.89 billion ($8.75 per share), up 60% from the year-ago period, on increased revenues of $8.14 billion that were on part with expectations. GOOG’s adjusted earnings of $10.08 per share topped Wall Street estimates of $9.64.

The company also announced an unorthodox stock split. A new class of nonvoting capital stock, to be listed on the Nasdaq, will be distributed via a stock dividend to existing stockholders. According to the company, it’s “effectively a two-for-one stock split.”

Starbucks also was up more than 2% on little to no news, putting the American coffee behemoth’s stock at an all-time high of $60.62. SBUX has been on a tear in 2012, gaining more than 30% in three months and change, and has surged almost 70% in the past 52 weeks.

Drug store Rite Aid (NYSE:RAD) also was up after reporting relatively positive earnings news. Rite Aid posted a loss of $161.3 million (18 cents per share), though that was better than the year-ago period’s $205.7 million (24-cent) loss. And the adjusted loss of 4 cents per share was a dime better than Wall Street estimates. RAD shares were up more than 1%, continuing a 36% year-to-date gain.

Three Up

  • Eldorado Gold (NYSE:EGO): Up 12.1% ($1.55) to $14.40.
  • Renren (NYSE:RENN): Up 11.2% (69 cents) to $6.86.
  • Alpha Natural Resources (NYSE:ANR): Up 9.9% ($1.45) to $16.08.

Three Down

  • Illumina (NASDAQ:ILMN): Down 5.8% ($3.06) to $49.51.
  • Lions Gate Entertainment (NYSE:LGF): Down 4.5% (57 cents) to $12.21.
  • First Solar (NASDAQ:FSLR): Down 2.2% (50 cents) to $22.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2012/04/nasdaq-goog-sbux-thursday-market-recap/.

©2014 InvestorPlace Media, LLC

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