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

Minimal market movement sends investors to the sidelines

   

IPMarketRecap Little News, Little Wiggle    Monday's 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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