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

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

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 As of this writing, he was long AAPL.

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  2. initial jobless claims:
  3. AAPL:
  4. QCOM:
  5. knocked Q4 earnings and revenue numbers out of the park:
  6. MCD:
  7. first monthly decline:
  8. WEN:
  9. GRPN:
  10. poor third-quarter results:
  11. DIS:
  12. MWW:
  13. LORL:
  14. DDS:
  15. WIN:
  16. KKD:
  17. KORS:

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