More Haircuts for Wall Street — Thursday’s IP Market Recap

by Marc Bastow | November 8, 2012 5:19 pm

More Haircuts for Wall Street — Thursday’s IP Market Recap

IPMarketRecap More Haircuts for Wall Street    Thursdays IP Market Recap [1]Stocks started out on a positive note Thursday but drifted lower as investors continued to keep their eyes on the ever-nearing fiscal cliff and earnings remained a mixed bag.

The markets’ early gains were fueled by a better-than-expected weekly report on initial jobless claims[2] and a narrowing of the U.S. trade deficit in September that also pleasantly surprised.

However, momentum quickly was lost, and the Nasdaq led major indices with a 1.42% loss to 2,895.58, the S&P was off 1.22% to 1,377.51, and the Dow Jones finished down 0.94% at 12,811.32..

Weighing heavily on the S&P and Nasdaq was Apple (NASDAQ:AAPL[3]), which fell another 3% on the day — the stock now has lost 30% since hitting a mid-September high of $705.

Qualcomm (NASDAQ:QCOM[4]) shares rose more than 4% after the company knocked Q4 earnings and revenue numbers out of the park[5]. The company also provided investors with a rosy picture for full-year 2013.

McDonald’s (NYSE:MCD[6]) shares fell just under 2% after same-store sales fell in October, the first monthly decline[7] in nine years. Meanwhile, Wendy’s (NASDAQ:WEN[8]) reported weaker-than-expected earnings for the third quarter, but an increase in same-store sales gave investors hope, and shares gained 3% by the end of the day.

After the bell, daily-deals site Groupon (NASDAQ:GRPN[9]) was getting slugged on poor third-quarter results[10]. GRPN shares were down almost 18% in early after-hours trading. Disney (NYSE:DIS[11]) also reported after the bell, but record revenues and earnings for Q4 weren’t enough to keep shares from sliding nearly 2%.

Three Up

Three Down

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL.

Endnotes:
  1. [Image]: http://www.investorplace.com/hot-topics/investorplace-market-recap/
  2. initial jobless claims: http://money.cnn.com/2012/11/08/news/economy/unemployment-benefits/index.html?iid=EL
  3. AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
  4. QCOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=QCOM
  5. knocked Q4 earnings and revenue numbers out of the park: http://investorplace.com/2012/11/qcom-the-q-stands-for-quality/
  6. MCD: http://studio-5.financialcontent.com/investplace/quote?Symbol=MCD
  7. first monthly decline: http://investorplace.com/2012/11/who-has-the-juiciest-burger-stock/
  8. WEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=WEN
  9. GRPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GRPN
  10. poor third-quarter results: http://investorplace.com/ipo-playbook/groupon-stock-going-on-discount-again/
  11. DIS: http://studio-5.financialcontent.com/investplace/quote?Symbol=DIS
  12. MWW: http://studio-5.financialcontent.com/investplace/quote?Symbol=MWW
  13. LORL: http://studio-5.financialcontent.com/investplace/quote?Symbol=LORL
  14. DDS: http://studio-5.financialcontent.com/investplace/quote?Symbol=DDS
  15. WIN: http://studio-5.financialcontent.com/investplace/quote?Symbol=WIN
  16. KKD: http://studio-5.financialcontent.com/investplace/quote?Symbol=KKD
  17. KORS: http://studio-5.financialcontent.com/investplace/quote?Symbol=KORS

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