by Kyle Woodley | April 2, 2012 5:20 pm
After 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 Youku.com (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.
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.
Source URL: http://investorplace.com/2012/04/q2-second-verse-just-like-the-first-mondays-ip-market-recap/
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