Bitter End to Boffo January — Thursday’s IP Market Recap

by Marc Bastow | January 31, 2013 4:49 pm

Bitter End to Boffo January — Thursday’s IP Market Recap

IPMarketRecap Bitter End to Boffo January    Thursdays IP Market Recap [1]A fantastic January for U.S. stocks ended on a slightly sour note Thursday as concerns about the economy — sparked by a jump in jobless claims and nervousness over Friday’s monthly jobs report — hung on the major indices.

The Dow Jones Industrial Average took the worst of it, declining 0.36% to 13,860.58. The S&P 500 fell 0.26% to 1,498.11, and the Nasdaq slid marginally to 3,142.13. For the month, the Dow Jones gained 5.8%, the S&P 500 improved 5% and the Nasdaq — weighed by a poor January for Apple (NASDAQ:AAPL[2]) — finished ahead 4%.

Earnings news ruled the majority of the day. Postal equipment maker Pitney Bowes (NYSE:PBI[3]) reached three-month highs after gaining more than 20% on an unexpected earnings beat[4] and the announcement of cost-cutting measurements. Meanwhile, UPS (NYSE:UPS[5]) headed the other way, falling just more than 2% after announcing fourth-quarter earnings that fell short of forecasts and issuing weak 2013 guidance.

PulteGroup (NYSE:PHM[6]) was unable to keep up its scorching run despite reporting a big increase in fourth-quarter earnings and a 27% improvement in new orders. However, a projected decline in community count hampered PHM shares, which lost more than 1%.

On the corporate front, Constellation Brands (NYSE:STZ[7]) cratered by 17% after the U.S. Department of Justice challenged Anheuser-Busch InBev‘s (NYSE:BUD[8]) bid to buy out Mexico’s Grupo Modelo (PINK:GPMCF[9]). That deal included a provision in which Constellation would buy out the remaining half of its Crown Imports joint venture with Grupo for $1.85 billion, giving it sole distribution rights for all of Grupo’s brands in the U.S. GPMCF and BUD shares fell by roughly 7% and 6%, respectively.

Lastly, Facebook (NASDAQ:FB[10]) shares dipped early but recovered to losses of less than 1% after reporting Street-beating Q4 earnings and sales, but slower-than-expected mobile and mobile revenue growth.

Earnings notables for Friday include energy sector giants Exxon Mobil (NYSE:XOM[11]) and Chevron (NYSE:CVX[12]), along with Mattel (NASDAQ:MAT[13]) and Newell-Rubbermaid (NYSE:NWL[14]).

Three Up

Three Down

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

Endnotes:
  1. [Image]: http://investorplace.com/hot-topics/investorplace-market-recap/
  2. AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
  3. PBI: http://studio-5.financialcontent.com/investplace/quote?Symbol=PBI
  4. unexpected earnings beat: http://investorplace.com/2013/01/put-that-pitney-bowes-crow-on-hold-please-pbi-aapl/
  5. UPS: http://studio-5.financialcontent.com/investplace/quote?Symbol=UPS
  6. PHM: http://studio-5.financialcontent.com/investplace/quote?Symbol=PHM
  7. STZ: http://studio-5.financialcontent.com/investplace/quote?Symbol=STZ
  8. BUD: http://studio-5.financialcontent.com/investplace/quote?Symbol=BUD
  9. GPMCF: http://studio-5.financialcontent.com/investplace/quote?Symbol=GPMCF
  10. FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB
  11. XOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=XOM
  12. CVX: http://studio-5.financialcontent.com/investplace/quote?Symbol=CVX
  13. MAT: http://studio-5.financialcontent.com/investplace/quote?Symbol=MAT
  14. NWL: http://studio-5.financialcontent.com/investplace/quote?Symbol=NWL
  15. WMS: http://studio-5.financialcontent.com/investplace/quote?Symbol=WMS
  16. FTNT: http://studio-5.financialcontent.com/investplace/quote?Symbol=FTNT
  17. JDSU: http://studio-5.financialcontent.com/investplace/quote?Symbol=JDSU
  18. RDEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=RDEN
  19. FIO: http://studio-5.financialcontent.com/investplace/quote?Symbol=FIO
  20. Read more here: http://investorplace.com/ipo-playbook/fusion-ios-shocker-could-make-it-a-bargain/
  21. TWC: http://studio-5.financialcontent.com/investplace/quote?Symbol=TWC

Source URL: http://investorplace.com/2013/01/thursdays-ip-market-recap-pbi-phm-hov-mho-ups/
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