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Plenty of Action, Little Movement — Wednesday’s IP Market Recap

Zynga, Time Warner among stocks heading higher

   

IPMarketRecap Plenty of Action, Little Movement    Wednesday's IP Market RecapThe major indices looked to follow up Tuesday’s gains with a day of broad losses Wednesday, but they managed to finish just about flat after a roller-coaster day that saw stocks recover, fall, then recover once again.

When all was said and done, both the S&P 500 and Dow Jones Industrial Average were marginally higher on the day — to $1,512.12 and 13,986.52, respectively — while the Nasdaq dropped 0.1% to 3,168.48

With no big economic reports out today and none on the immediate horizon, investors instead focused on earnings and other corporate news.

Media conglomerate Time Warner (NYSE:TWX) posted better-than-expected earnings and hiked its dividend by 11%, and investors responded by bidding shares up 4%. Media subscription service company Netflix (NASDAQ:NFLX) joined in the party, rising nearly 6% on no particular news.

Social gamemaker Zynga (NASDAQ:ZNGA) posted results that topped forecasts, and shares rallied more than 9% on the news.

Entertainment giant Disney (NYSE:DIS) reported earnings and revenues that beat analysts’ forecasts, but the reaction was fairly dull, with shares recording just marginal gains. Meanwhile, 3M (NYSE:MMM) perked up 1% after announcing an 8% improvement to its first-quarter dividend.

Three-dimensional printer maker 3D Systems (NYSE:DDD) rose more than 4% after announcing a 3-for-2 split of its fast rising stock, effective Feb. 22 for shareholders of record as of Feb. 15. Shares of 3D have more than tripled in the past year.

Finally, the iconic Hasbro (NASDAQ:HAS) board game Monopoly now has a new token following a Facebook poll: Voters elected the cat, while the iron was taken off the board.

Earnings notables for Thursday include Advance Auto Parts (NYSE:AAP), Linkedin (NYSE:LNKD), and Real America Index component Sprint (NYSE:S).

Three Up

  • Shutterfly (NASDAQ:SFLY): Up 20.3% ($6.81) to $40.40.
  • First Solar (NASDAQ:FSLR): Up 7.3% ($3.11) to $31.13.
  • Ralph Lauren (NYSE:RL): Up 5.9% ($9.72) to $174.63.

Three Down

  • Gamestop (NYSE:GME): Down 6% ($1.61) to $25.20.
  • Aruba Networks (NASDAQ:ARUN): Down 4.8% ($1.12) to $22.41.
  • Aflac (NYSE:AFL): Down 4.3% ($2.31) to $51.18.

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


Article printed from InvestorPlace Media, http://investorplace.com/2013/02/right-back-where-we-started-wednesdays-ip-market-recap-twx-nflx-dis-znga-mmm-has/.

©2014 InvestorPlace Media, LLC

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