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Stocks Shake Sequestration Woes — Monday’s IP Market Recap

Groupon, Yahoo among tech stocks headed higher

   
Stocks Shake Sequestration Woes — Monday’s IP Market Recap

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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