Tech Turns the Beat Around — Wednesday’s IP Market Recap

by Marc Bastow | January 9, 2013 4:47 pm

Tech Turns the Beat Around — Wednesday’s IP Market Recap

IPMarketRecap Tech Turns the Beat Around    Wednesdays IP Market Recap [1]Investors got a pleasant surprise Tuesday evening with a Street-beating report from aluminum producer Alcoa (NYSE:AA[2]) — and although AA finished Wednesday in the red, the beat at least set the tone for a broader up day across Wall Street that was powered by several tech stocks.

The Dow Jones Industrial Average finished up 0.46% at 13,390.51, the S&P 500 gained 0.45% to 3,105.81 and the Nasdaq finished ahead 0.27% at 1,461.02.

Shares of wireless broadband provider Clearwire (NASDAQ:CLWR[3]) marched ahead after Dish Network (NASDAQ:DISH[4]) offered to buy the company for $3.30 per share — a 33-cent raise from the already-upgraded bid[5] made by Sprint (NYSE:S[6]) in December. Despite the unlikelihood of Dish’s deal going through[7], CLWR finished up 7% and DISH gained more than 2%; Sprint suffered a loss 0f 1.5%.

Facebook (NASDAQ:FB[8]) shares rose more than 5% after the social network scheduled a media event for next week with merely the words “Come and see what we are building.”[9] FB shares finished above $30 for the first time since July. Social media sectormate LinkedIn (NYSE:LNKD[10]) went over the 200 million-user mark[11], and investors took note by pushing shares up over 2% on the day.

Electronic storage data manufacturer Seagate Technology (NASDAQ:STX[12]) sprinted up more than 6% after announcing late Tuesday that revenues rose to $3.6 billion in its fiscal second quarter, beating an earlier forecast of $3.5 billion and expected sales of $3.52 billion. Hard-drive manufacturer Western Digital (NASDAQ:WDC[13], +4.3%) also improved Wednesday.

Shares of Herbalife (NYSE:HLF[14]) jumped 4% after Dan Loeb’s hedge fund Third Point took an 8% stake in the dietary supplement company. The move comes in the face of accusations from activist investor Bill Ackman that Herbalife is a pyramid scheme. [15]

Heading the other way on lower revenues was Apollo Group (NASDAQ:APOL[16]) who saw its shares fall over 7% after reporting a sharp drop in enrollment at the University of Phoenix and providing a revenue warning for the year.

Three Up

Three Down

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities.

Endnotes:
  1. [Image]: http://www.investorplace.com/hot-topics/investorplace-market-recap/
  2. AA: http://studio-5.financialcontent.com/investplace/quote?Symbol=AA
  3. CLWR: http://money.cnn.com/quote/quote.html?symb=CLWR&source=story_quote_link
  4. DISH: http://studio-5.financialcontent.com/investplace/quote?Symbol=DISH
  5. already-upgraded bid: http://investorplace.com/2012/12/sprint-reaches-deal-to-buy-rest-of-clearwire/
  6. S: http://studio-5.financialcontent.com/investplace/quote?Symbol=S
  7. Despite the unlikelihood of Dish’s deal going through: http://investorplace.com/2013/01/move-over-sprint-dish-makes-5-15b-bid-for-clearwire/
  8. FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB
  9. “Come and see what we are building.”: http://investorplace.com/ipo-playbook/facebook-big-announcement-coming-jan-15/
  10. LNKD: http://studio-5.financialcontent.com/investplace/quote?Symbol=LNKD
  11. over the 200 million-user mark: http://investorplace.com/ipo-playbook/linkedin-welcomes-user-no-200000000/
  12. STX: http://studio-5.financialcontent.com/investplace/quote?Symbol=STX
  13. WDC: http://studio-5.financialcontent.com/investplace/quote?Symbol=WDC
  14. HLF: http://studio-5.financialcontent.com/investplace/quote?Symbol=HLF
  15. a pyramid scheme. : http://investorplace.com/2012/12/ackman-blasts-herbalife-as-a-pyramid-scheme/
  16. APOL: http://studio-5.financialcontent.com/investplace/quote?Symbol=APOL
  17. TSL: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSL
  18. SVU: http://studio-5.financialcontent.com/investplace/quote?Symbol=SVU
  19. GPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GPN
  20. NOK: http://studio-5.financialcontent.com/investplace/quote?Symbol=NOK
  21. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  22. ANR: http://studio-5.financialcontent.com/investplace/quote?Symbol=ANR

Source URL: http://investorplace.com/2013/01/wednesdays-ip-market-recap-aa-clwr-s-dish-fb-lnkd/
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