3 Days, 3 New Highs — Thursday’s IP Market Recap

Falling jobless claims spark Dow to yet another all-time high


IPMarketRecap 3 Days, 3 New Highs    Thursdays IP Market RecapThe good vibes on Wall Street were back again Thursday, extending its rally on continued improvement in the economy evidenced by falling initial jobless claims following a better-than-expected jobs report the day before.

The Dow Jones Industrial Average finished up 0.23% to yet another all-time high of 14329.49, while the S&P 500 moved up 0.18% to 1544.26, getting within 2% of its October 2007 high point. However, Thursday’s biggest gainer was the Nasdaq, which finished higher by 0.3% to 3232.09.

One of the biggest moves of the day came from truck manufacturer Navistar (NYSE:NAV), which roared ahead more than 27% after the company reported a much better loss than expected for the fiscal first quarter. The company lost $1.42 per share — better than the expected $1.76 and NAV’s $2.06 loss in the year-ago period. Navistar also announced that COO Troy Clarke will move into the CEO chair.

Time Warner (NYSE:TWX) announced plans to spin off Time Inc. — its magazine business that includes Sports Illustrated and People — into a separate publicly traded company after unsuccessful discussions with Meredith Corp. (NYSE:MDP) to sell the assets. TWX shares rose more than 2% on the day while Meredith shares dipped more than 6%.

Consumer products company Colgate-Palmolive (NYSE:CL) announced a 2-for-1 stock split and a 10% dividend increase, which comes amid a nearly 25% climb in the past year.

Lastly, JCPenney (NYSE:JCP) bounced back a little from a multi-week dive, gaining 2% after the company announced it had recently laid off 2,200 employees.

Three Up

  • Smithfield Foods (NYSE:SFD): Up 10.7% ($2.38) to $24.68.
  • RadioShack (NYSE:RSH): Up 9% (28 cents) to $3.41.
  • Goodrich Petroleum (NYSE:GDP): Up 8% ($1.07 cents) to $14.42.

Three Down

  • MGIC Investment (NYSE:MTG): Down 12.6% (70 cents) to $4.92.
  • PetSmart (NASDAQ:PETM): Down 6.6% ($4.37) to $62.18.
  • Michael Kors (NYSE:KORS): Down 4.9% ($2.98) to $58.21.

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

Article printed from InvestorPlace Media, http://investorplace.com/2013/03/thursdays-ip-market-recap-twx-mdo-nav-cl-jcp-vno-yhoo/.

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