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Stocks Start to Look Gassed — Tuesday’s IP Market Recap

S&P and Nasdaq pull back, though the Dow keeps persisting

   
Stocks Start to Look Gassed — Tuesday’s IP Market Recap

IPMarketRecap Stocks Start to Look Gassed    Tuesday's IP Market Recap The markets took something of a breather Tuesday, with the S&P 500 and Nasdaq taking a step back amid a lax day of economic news, but the Dow Jones Industrial Average punched in another high-water mark after its seventh straight day of gains.

Dow stocks edged higher fractionally, but the 14450.06 close still set a new record. The Nasdaq saw a 0.32% loss to close at 3,242.32, while the S&P 500 lost 0.24% to end at 1,552.48 — still within 1.5% of its October 2007 record close.

Shares of outdoor sports retailer Cabela’s (NYSE:CAB) rose more than 12% after the sporting goods retailer issued strong earnings guidance amid a continued run on stores that carry ammunition. Sectormate Dick’s Sporting Goods (NYSE:DKS, +4.9%) also headed higher, reversing a recent slide.

Struggling retailer JCPenney (NYSE:JCP) moved ahead nearly 4% after a spokesperson dismissed a rumor that CEO Ron Johnson planned to resign from his position.

Zynga (NASDAQ:ZNGA) shares headed the other way, sinking more than 5% after a recent run fueled by rumors of a takeover bid from Yahoo! (NASDAQ:YHOO).

Costco (NASDAQ:COST) reported better-than-expected earnings for its fiscal second quarter despite revenues that came in short of estimates. COST shares finished up more than 1%.

Yum Brands (NYSE:YUM) finished up similarly, gaining more than 1% after reporting a smaller-than-anticipated decline in China same-store sales, and amid reports of continued shortages of its Cool Ranch Doritos Locos Tacos.

Lastly, Best Buy (NYSE:BBY) shares gained more than 1% on two pieces of news — Goldman Sachs (NYSE:GS) resumed coverage of the stock and issued a “buy” recommendation, and the company announced a new “store-within-a-store” concept for kitchen appliances.

Three Up

  • VeriFone (NYSE:PAY): Up 6% ($1.22) to $21.68.
  • Valero Energy (NYSE:VLO): Up 4.2% ($1.83) $45.55.
  • Western Digital (NASDAQ:WDC): Up 4.1% ($1.98) to $49.99.

Three Down

  • Sears Hometown and Outlet Stores (NASDAQ:SHOS): Down 12.8% ($5.50) to $37.50.
  • Red Hat (NYSE:RHT): Down 4.8% ($2.54) to $50.60.
  • Guess (NYSE:GES): Down 4.2% ($1.19) to $27.39.

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


Article printed from InvestorPlace Media, http://investorplace.com/2013/03/tuesdays-ip-market-recap-cab-dks-jcp-cost-yum/.

©2014 InvestorPlace Media, LLC

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