Stocks Shake Sequestration Woes — Monday’s IP Market Recap

by Marc Bastow | March 4, 2013 4:47 pm

InvestorPlace Market Recap [1]Investors shrugged off worries about the sequestration cuts[2] 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[3], -1.8%) and United Technologies (NYSE:UTX[4], -1.1%). The Nasdaq was held back from further gains by Apple (NASDAQ:AAPL[5]), 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[6]) rose another 6%-plus in the wake of last week’s firing of founder and CEO Andrew Mason[7].

Electric car maker Tesla (NASDAQ:TSLA[8]) saw its shares rise more than 2% despite announcing a delay in the release of its 10-K[9] 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[10]) 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[11]) plunged more than 15% after announcing that February sales were weaker than anticipated.

Three Up

Boyd Gaming (NYSE:BYD[12]): Up 14.6% (94 cents) to $7.40.
Krispy Kreme (NYSE:KKD[13]): Up 5.6% (74 cents) to $14.06.
Best Buy (NYSE:BBY[14]): Up 3.6% (61 cents) to $18.07.

Three Down

Hecla Mining (NYSE:HL[15]): Up 12.3% (57 cents) to $4.07.
JCPenney (NYSE:JCP[16]): Down 5.4% (95 cents) to $16.74.
Palo Alto Networks (NYSE:PANW[17]): 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.

Endnotes:

[Image]: http://www.investorplace.com/hot-topics/investorplace-market-recap/
sequestration cuts: http://investorplace.com/investorpolitics/the-many-ways-sequestration-could-spoil-your-day/
CAT: http://studio-5.financialcontent.com/investplace/quote?Symbol=CAT
UTX: http://studio-5.financialcontent.com/investplace/quote?Symbol=UTX
AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
GRPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GRPN
firing of founder and CEO Andrew Mason: http://investorplace.com/ipo-playbook/masons-wild-ride-comes-to-an-abrupt-end/
TSLA: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSLA
despite announcing a delay in the release of its 10-K: http://investorplace.com/2013/03/tesla-delays-10-k-but-its-ok/
YHOO: http://studio-5.financialcontent.com/investplace/quote?Symbol=YHOO
SCSS: http://studio-5.financialcontent.com/investplace/quote?Symbol=SCSS
BYD: http://studio-5.financialcontent.com/investplace/quote?Symbol=BYD
KKD: http://studio-5.financialcontent.com/investplace/quote?Symbol=KKD
BBY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBY
HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
PANW: http://studio-5.financialcontent.com/investplace/quote?Symbol=PANW

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