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

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

InvestorPlace 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 As of this writing, he did not hold a position in any of the aforementioned securities.

  1. [Image]:
  2. AA:
  3. CLWR:
  4. DISH:
  5. already-upgraded bid:
  6. S:
  7. Despite the unlikelihood of Dish’s deal going through:
  8. FB:
  9. “Come and see what we are building.”:
  10. LNKD:
  11. over the 200 million-user mark:
  12. STX:
  13. WDC:
  14. HLF:
  15. a pyramid scheme. :
  16. APOL:
  17. TSL:
  18. SVU:
  19. GPN:
  20. NOK:
  21. BAC:
  22. ANR:

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