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Stocks Shake Sequestration Woes — Monday’s IP Market Recap

Groupon, Yahoo among tech stocks headed higher

   

IPMarketRecap Stocks Shake Sequestration Woes    Monday's IP Market RecapInvestors shrugged off worries about the sequestration cuts signed into law Friday as well as fresh concerns of a housing bubble in China as an afternoon rally put the major indices broadly ahead by the end of Monday’s trading.

The S&P 500 led the way, finishing up 0.46% at 1525.20, while the Nasdaq finished up 0.39% at 3182.03. The Dow Jones Industrial Average rose 0.27% to close at 14127.82.

Several Dow components with exposure to China faltered amid the overall move to the upside, including Caterpillar (NYSE:CAT, -1.8%) and United Technologies (NYSE:UTX, -1.1%). The Nasdaq was held back from further gains by Apple (NASDAQ:AAPL), which fell 2.5% and set fresh 52-week lows at less than $420 per share.

Shares of social daily deal site Groupon (NASDAQ:GRPN) rose another 6%-plus in the wake of last week’s firing of founder and CEO Andrew Mason.

Electric car maker Tesla (NASDAQ:TSLA) saw its shares rise more than 2% despite announcing a delay in the release of its 10-K due to a possible error in calculating non-cash items relating to capital expenditures. Tesla did say that the changes would not affect its previously reported quarterly numbers.

Yahoo (NASDAQ:YHOO) rose more than 3% on the day after the company announced it will stop work on seven products and reduce mobile apps to 12-15 from the 60-70 currently available.

Lastly, bed manufacturer and retailer Select Comfort (NASDAQ:SCSS) plunged more than 15% after announcing that February sales were weaker than anticipated.

 Three Up

  • Boyd Gaming (NYSE:BYD): Up 14.6% (94 cents) to $7.40.
  • Krispy Kreme (NYSE:KKD): Up 5.6% (74 cents) to $14.06.
  • Best Buy (NYSE:BBY): Up 3.6% (61 cents) to $18.07.

Three Down

  • Hecla Mining (NYSE:HL): Up 12.3% (57 cents) to $4.07.
  • JCPenney (NYSE:JCP): Down 5.4% (95 cents) to $16.74.
  • Palo Alto Networks (NYSE:PANW): Down 4.4% ($2.55) to $56.00.

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


Article printed from InvestorPlace Media, http://investorplace.com/2013/03/mondays-ip-market-recap-cat-utx-grpn-tsla-scss-tpz-ao/.

©2014 InvestorPlace Media, LLC

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