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Q2: Second Verse, Just Like the First — Monday’s IP Market Recap

The second quarter picks up where Q1 left off


InvestorPlace Market RecapAfter a rip-roaring, record-setting first quarter, the markets took a timid step into the beginning of the second quarter Monday.

The S&P 500, which got off to a yawning morning start, eventually perked up by midday and finished Monday trading up about 10 points to 1,148. Similarly, the Nasdaq and Dow also finished with gains of less than 1% after taking morning stumbles. Most of the credit was being given to positive manufacturing reports on both the U.S. and Chinese fronts.

Tech stocks had a strong day Monday, with some of the more notable gainers including Apple (NASDAQ:AAPL), which rose 3.2%, as well as Chinese Internet company (NASDAQ:YOKU, +4.2%), Seagate Technology (NASDAQ:STX, +3.7%) and Broadsoft (NASDAQ:BSFT, +9%).

Groupon (NASDAQ:GRPN), however, wasn’t in their ranks.

The daily-deals site watched shares fall almost 17% as the day progressed — the fallout of Friday’s announcement that the company had to restate its fourth-quarter earnings because of higher-than-expected customer refunds. Revenues ended up being more than $14 million worse than originally restated, and earnings were about $22 million lower. The news also sparked a host of options trading.

Heading in the opposite direction was Avon Products (NYSE:AVP), which gained more than 17% on news that it declined a $1 billion buyout bid from private beauty company Coty. The offer was for $23.25 per share, about a 20% premium from Friday’s closing price. AVP shares finished Monday trading at $22.70.

Three Up

  • DangDang (NASDAQ:DANG): Up 9.6% (78 cents) to $8.88.
  • Smith & Wesson (NASDAQ:SWHC): Up 9.3% (72 cents) to $8.47.
  • Sirius XM Radio (NASDAQ:SIRI): Up 3.9% (9 cents) to $2.40.

Three Down

  • YPF (NYSE:SPF): Down 15.5% ($4.40) to $24.01.
  • Amylin Pharmaceuticals (NASDAQ:AMLN): Down 5.5% ($1.36) to $23.60.
  • Lions Gate Entertainment (NYSE:LGF): Down 4.5% (62 cents) to $13.30.

Kyle Woodley is the assistant editor of 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,

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