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

by Marc Bastow | February 6, 2013 5:08 pm

[1]The 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[2]) posted better-than-expected earnings[3] and hiked its dividend by 11%, and investors responded by bidding shares up 4%. Media subscription service company Netflix (NASDAQ:NFLX[4]) joined in the party, rising nearly 6% on no particular news.

Social gamemaker Zynga (NASDAQ:ZNGA[5]) posted results that topped forecasts[6], and shares rallied more than 9% on the news.

Entertainment giant Disney (NYSE:DIS[7]) reported earnings and revenues[8] that beat analysts’ forecasts, but the reaction was fairly dull, with shares recording just marginal gains. Meanwhile, 3M (NYSE:MMM[9]) perked up 1% after announcing an 8% improvement to its first-quarter dividend.

Three-dimensional printer maker 3D Systems (NYSE:DDD[10]) 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[11] in the past year.

Finally, the iconic Hasbro (NASDAQ:HAS[12]) board game Monopoly now has a new token following a Facebook poll: Voters elected the cat[13], while the iron was taken off the board.

Earnings notables for Thursday include Advance Auto Parts (NYSE:AAP[14]), Linkedin (NYSE:LNKD[15]), and Real America Index[16] component Sprint (NYSE:S[17]).

Three Up

• Shutterfly (NASDAQ:SFLY[18]): Up 20.3% ($6.81) to $40.40.
• First Solar (NASDAQ:FSLR[19]): Up 7.3% ($3.11) to $31.13.
• Ralph Lauren (NYSE:RL[20]): Up 5.9% ($9.72) to $174.63.

Three Down

• Gamestop (NYSE:GME[21]): Down 6% ($1.61) to $25.20.
• Aruba Networks (NASDAQ:ARUN[22]): Down 4.8% ($1.12) to $22.41.
• Aflac (NYSE:AFL[23]): 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.

Source URL: https://investorplace.com/2013/02/right-back-where-we-started-wednesdays-ip-market-recap-twx-nflx-dis-znga-mmm-has/

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