Little Cyprus Makes Big Waves — Monday’s IP Market Recap
by Marc Bastow | March 18, 2013 4:54 pm
[1]The small European country of Cyprus was the focus of attention Monday after the European Union announced a 10 billion euro bailout of the country’s banking system[2] — which necessitates a tax on current deposits in the country — during the weekend. All three major U.S. indices fell on concerns of a European economic contagion … and perhaps some lingering profit-taking from Friday’s losing session.
The Dow Jones Industrial Average recovered some of its early losses but still finished down 0.42% to 14452.82, while the S&P 500 took the brunt of the day’s losses, off 0.55% to 1552.40. The Nasdaq slid 0.35% to end at 3237.59.
The banking sector was unsurprisingly rattled, with Citigroup (NYSE:C[3], -2.2%), Wells Fargo (NYSE:WFC[4], -1.2%) and JPMorgan Chase (NYSE:JPM[5], -1%) all down on the day.
On the opposite side of the street, Big Tech did nicely. Hewlett-Packard (NYSE:HPQ[6]) continued its recent march upward, rising close to 3% on an upgrade to “overweight” from Morgan Stanley (NYSE:MS[7]), while shares of Apple (NASDAQ:AAPL[8]) rose more than 2% after Bloomberg reported that analysts believe the company will announce a 56% increase in its dividend[9].
Verizon (NYSE:VZ[10]) also got an analyst bump, improving more than 2% after Citigroup upgraded the communications and cable provider to a “buy” from “neutral.”
JCPenney (NYSE:JCP[11]) rose more than 6% on news from ISI Group that suggested the retailer could raise $10.8 billion in cash if it becomes a real estate investment trust and leases space in 300 of its stores.
Finally, both Constellation Brands (NYSE:STZ[12]) and Anheuser-Busch InBev (NYSE:BUD[13]) headed higher — STZ by 2%, while BUD was up fractionally — after the Justice Department gave the companies additional time to work out their merger plans.
Three Up
- Nii Holdings (NASDAQ:NIHD[14]): Up 6.5% (30 cents) to $4.92.
- RadioShack (NYSE:RSH[15]): Up 4.2% (15 cents) to $3.69.
- Aeropostale (NYSE:ARO[16]): Up 3.2% (44 cents) to $14.19.
Three Down
- Incyte (NASDAQ:INCY[17]): Down 4.2% ($1.05) to $23.79.
- Helmerich & Payne (NYSE:HP[18]): Down 5.5% ($3.36) to $62.60.
- ING Groep (NYSE:ING[19]): Down 4.7% (39 cents) to $7.97.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he is long AAPL and VZ.
- [Image]: https://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
- bailout of the country’s banking system: https://investorplace.com/2013/03/u-s-stocks-look-better-after-cyprus-crunch/
- C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C
- WFC: http://studio-5.financialcontent.com/investplace/quote?Symbol=WFC
- JPM: http://studio-5.financialcontent.com/investplace/quote?Symbol=JPM
- HPQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=HPQ
- MS: http://studio-5.financialcontent.com/investplace/quote?Symbol=MS
- AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
- 56% increase in its dividend: http://www.bloomberg.com/news/2013-03-18/apple-seen-raising-dividend-more-than-50-to-16-billion.html
- VZ: http://studio-5.financialcontent.com/investplace/quote?Symbol=VZ
- JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
- STZ: http://studio-5.financialcontent.com/investplace/quote?Symbol=STZ
- BUD: http://studio-5.financialcontent.com/investplace/quote?Symbol=BUD
- NIHD: http://studio-5.financialcontent.com/investplace/quote?Symbol=NIH
- RSH: http://studio-5.financialcontent.com/investplace/quote?Symbol=RSH
- ARO: http://studio-5.financialcontent.com/investplace/quote?Symbol=ARO
- INCY: http://studio-5.financialcontent.com/investplace/quote?Symbol=INCY
- HP: http://studio-5.financialcontent.com/investplace/quote?Symbol=HP
- ING: http://studio-5.financialcontent.com/investplace/quote?Symbol=ING
Source URL: https://investorplace.com/2013/03/mondays-ip-market-recap-aapl-hpq-jcp-stz-bud-vz/