by Marc Bastow | November 6, 2012 5:05 pm
Perhaps market investors know something the general electorate doesn’t, but U.S. stocks advanced broadly Tuesday as voters made their way to the polls.
With the results of the election just hours away from the close of business on Wall Street, earnings and corporate news carried the day — the Dow gained 1.02% to close at 13,245.68 (with only two components in the red), the S&P 500 finished up 0.79% at 1,428.39, and the Nasdaq gained 0.41% to close at 3,011.93.
Leading the way in the Dow was Hewlett-Packard (NYSE:HPQ), which gained nearly 3% on news that it was cozying up with Linux, joining its board and increasing its investment in the Linux Foundation. Boeing (NYSE:BA) shares also shot up more than 2% as investors piled in before BA goes ex-dividend Wednesday, as well as on optimism about the company’s 787 Dreamliner.
On the earnings front, AOL (NYSE:AOL) soared more than 22% after the company delivered strong earnings and revenue results, and Office Depot (NYSE:ODP) jumped 17% after beating earnings estimates despite a decline in sales.
But much of the day’s earnings news fell on a more sour side.
Real estate information provider Zillow (NASDAQ:Z) plunged 18% after the company delivered a weaker-than-expected revenue outlook for the rest of the year. Meanwhile, shares of Express Scripts (NASDAQ:ESRX) dropped 12% after the pharmacy benefits manager warned investors that estimates for 2013 were “overly aggressive.”
Cablevision (NYSE:CVC) lost more than 6% after reporting a surprisingly high drop in video subscribers. DirecTV (NASDAQ:DTV) also lost subscribers than expected during the third quarter, but only declined marginally.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AOL.
Source URL: http://investorplace.com/2012/11/tuesdays-ip-market-recap-aol-hpq-utx-ba-odp/
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