Stocks Shake Sequestration Woes — Monday’s IP Market Recap
by Marc Bastow | March 4, 2013 4:47 pm
[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.
- [Image]: https://www.investorplace.com/hot-topics/investorplace-market-recap/
- sequestration cuts: https://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: https://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: https://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
Source URL: https://investorplace.com/2013/03/mondays-ip-market-recap-cat-utx-grpn-tsla-scss-tpz-ao/