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

by Kyle Woodley | April 12, 2012 5:06 pm

IPMarketRecap Nasdaqs Big Names Romp    Thursdays IP Market Recap[1]All 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[2]) and Google (NASDAQ:GOOG[3]), the latter of which climbed before and after the bell.

Google gained 2.4% Thursday before its quarterly earnings report[4], 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[5]) 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

Three Down

Kyle Woodley[12] is the assistant editor of[13]. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[14].

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  12. Kyle Woodley:
  14. here:

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