3 Days, 3 New Highs — Thursday’s IP Market Recap
by Marc Bastow | March 7, 2013 4:57 pm
[1]The good vibes on Wall Street were back again Thursday, extending its rally on continued improvement in the economy evidenced by falling initial jobless claims[2] following a better-than-expected jobs report[3] 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[4]), 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[5]) announced plans to spin off Time Inc.[6] — its magazine business that includes Sports Illustrated and People — into a separate publicly traded company after unsuccessful discussions with Meredith Corp. (NYSE:MDP[7]) 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[8]) announced a 2-for-1 stock split and a 10% dividend increase[9], which comes amid a nearly 25% climb in the past year.
Lastly, JCPenney (NYSE:JCP[10]) bounced back a little from a multi-week dive, gaining 2% after the company announced it had recently laid off 2,200 employees[11].
Three Up
- Smithfield Foods (NYSE:SFD[12]): Up 10.7% ($2.38) to $24.68.
- RadioShack (NYSE:RSH[13]): Up 9% (28 cents) to $3.41.
- Goodrich Petroleum (NYSE:GDP[14]): Up 8% ($1.07 cents) to $14.42.
Three Down
- MGIC Investment (NYSE:MTG[15]): Down 12.6% (70 cents) to $4.92.
- PetSmart (NASDAQ:PETM[16]): Down 6.6% ($4.37) to $62.18.
- Michael Kors (NYSE:KORS[17]): 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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
- falling initial jobless claims: http://money.cnn.com/2013/03/07/news/economy/unemployment-benefits/index.html?iid=EL
- better-than-expected jobs report: https://investorplace.com/2013/03/companies-add-more-workers-than-expected-in-february/
- NAV: http://studio-5.financialcontent.com/investplace/quote?Symbol=NAV
- TWX: http://studio-5.financialcontent.com/investplace/quote?Symbol=TWX
- announced plans to spin off Time Inc.: https://investorplace.com/2013/03/time-warner-to-spin-off-magazines/
- MDP: http://studio-5.financialcontent.com/investplace/quote?Symbol=MDP
- CL: http://studio-5.financialcontent.com/investplace/quote?Symbol=CL
- announced a 2-for-1 stock split and a 10% dividend increase: https://investorplace.com/2013/03/navistar-names-new-ceo-shares-jump/
- JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
- recently laid off 2,200 employees: https://investorplace.com/2013/03/struggling-jcpenney-lays-off-2200-workers/
- SFD: http://studio-5.financialcontent.com/investplace/quote?Symbol=SFD
- RSH: http://studio-5.financialcontent.com/investplace/quote?Symbol=RSH
- GDP: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDP
- MTG: http://studio-5.financialcontent.com/investplace/quote?Symbol=MTG
- PETM: http://studio-5.financialcontent.com/investplace/quote?Symbol=PETM
- KORS: http://studio-5.financialcontent.com/investplace/quote?Symbol=KORS
Source URL: https://investorplace.com/2013/03/thursdays-ip-market-recap-twx-mdo-nav-cl-jcp-vno-yhoo/