Little News, Little Wiggle — Monday’s IP Market Recap

Minimal market movement sends investors to the sidelines

   
Little News, Little Wiggle — Monday’s IP Market Recap

IPMarketRecap Little News, Little Wiggle    Mondays IP Market Recap Monday’s lack of economic or earnings news led to mild losses across the board. The Dow Jones fell 0.16% to 13,971.24, while the S&P 500 and Nasdaq both dropped 0.06% to 1,517.01 and 3,192.01, respectively.

The slip came on the heels of a nice rally last week that saw the S&P 500 and Nasdaq log their sixth straight week of gains. Market returns year-to-date are still fairly solid, with all indices up around 6%.

Without much on earnings, even the smallest bit of corporate news moved individual stocks.

Danish drug manufacturer Novo Nordisk (NYSE:NVO) sank nearly 14% on news that its diabetes drug Tresiba requires additional testing prior to approval by the U.S. Food and Drug Administration, which could delay the drug until 2015 or 2016. French-based Sanofi (NYSE:SNY), which makes a competing product, rose over 3% on the day.

Shares of AOL (NYSE:AOL) rose over 7% to more than a two-month high after the company posted strong earnings and revenue growth on Friday. AOL shares are up over 22% year-to-date as the media and global web services company continues to amaze its doubters.

Microsoft (NASDAQ:MSFT) shrugged off losing its spot as the third-largest search engine and rose over 1% on the day. Russia-based Yandex (NASDAQ:YNDX) took over the spot according to a report from comScore. Google (NASDAQ:GOOG) continues to hold a commanding lead on the remainder of the field.

Electric car-maker Tesla (NASDAQ:TSLA) saw its shares fall just over 2% after an article in The New York Times discussed difficulties in long-distance travel with electric cars.

Earnings notables kick back into gear tomorrow, with Coca-Cola (NYSE:KO), Goodyear Tire (NASDAQ:GT), and McGraw-Hill (NYSE:MHP) due to report.

Three Up

  • Diamond Foods (NASDAQ:DMND): Up 15.2% ($2.19) to $16.60
  • Zynga (NASDAQ:ZNGA): Up 7.0% (24 cents) to $3.67
  • Trina Solar (NYSE:TSL): Up 3.4% (17cents) to $5.17

Three Down

  • Green Mountain (NASDAQ:GMCR): Down 4.5% ($2.04) to $43.12
  • Tellabs (NASDAQ:TLAB): Down 4.0% (9 cents) to $2.14
  • MGM Resorts (NYSE:MGM): Down 3.4% (46 cents) to $13.05

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he is long MSFT.


Article printed from InvestorPlace Media, http://investorplace.com/2013/02/mondays-ip-market-recap-aol-msft-ko-gt-mhp-tsla/.

©2014 InvestorPlace Media, LLC

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