Stocks Start to Look Gassed — Tuesday’s IP Market Recap
by Marc Bastow | March 12, 2013 5:04 pm
[1]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[2]) rose more than 12% after the sporting goods retailer issued strong earnings guidance amid a continued run[3] on stores that carry ammunition. Sectormate Dick’s Sporting Goods (NYSE:DKS[4], +4.9%) also headed higher, reversing a recent slide.
Struggling retailer JCPenney (NYSE:JCP[5]) moved ahead nearly 4% after a spokesperson dismissed a rumor that CEO Ron Johnson planned to resign from his position[6].
Zynga (NASDAQ:ZNGA[7]) shares headed the other way, sinking more than 5% after a recent run fueled by rumors of a takeover bid[8] from Yahoo! (NASDAQ:YHOO[9]).
Costco (NASDAQ:COST[10]) 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[11]) 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[12].
Lastly, Best Buy (NYSE:BBY[13]) shares gained more than 1% on two pieces of news — Goldman Sachs (NYSE:GS[14]) resumed coverage of the stock and issued a “buy” recommendation, and the company announced a new “store-within-a-store” concept[15] for kitchen appliances.
Three Up
- VeriFone (NYSE:PAY[16]): Up 6% ($1.22) to $21.68.
- Valero Energy (NYSE:VLO[17]): Up 4.2% ($1.83) $45.55.
- Western Digital (NASDAQ:WDC[18]): Up 4.1% ($1.98) to $49.99.
Three Down
- Sears Hometown and Outlet Stores (NASDAQ:SHOS[19]): Down 12.8% ($5.50) to $37.50.
- Red Hat (NYSE:RHT[20]): Down 4.8% ($2.54) to $50.60.
- Guess (NYSE:GES[21]): 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.
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
- CAB: http://money.cnn.com/quote/quote.html?symb=CAB&source=story_quote_link
- a continued run: https://investorplace.com/2013/03/gun-shops-running-short-on-ammo/
- DKS: http://studio-5.financialcontent.com/investplace/quote?Symbol=DKS
- JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
- CEO Ron Johnson planned to resign from his position: https://www.valuewalk.com/2013/03/j-c-penney-company-inc-jcp-ceo-not-leaving-shares-rise/
- ZNGA: http://studio-5.financialcontent.com/investplace/quote?Symbol=ZNGA
- rumors of a takeover bid: https://investorplace.com/2013/03/best-buy-plans-stores-within-a-store/
- YHOO: http://studio-5.financialcontent.com/investplace/quote?Symbol=YHOO
- COST: http://studio-5.financialcontent.com/investplace/quote?Symbol=COST
- YUM: http://studio-5.financialcontent.com/investplace/quote?Symbol=YUM
- shortages of its Cool Ranch Doritos Locos Tacos: https://investorplace.com/2013/03/cool-ranch-taco-delay-causes-taco-bell-revolt/
- BBY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBY
- GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
- “store-within-a-store” concept: https://investorplace.com/2013/03/best-buy-plans-stores-within-a-store/
- PAY: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAY
- VLO: http://studio-5.financialcontent.com/investplace/quote?Symbol=VLO
- WDC: http://studio-5.financialcontent.com/investplace/quote?Symbol=WDC
- SHOS: http://studio-5.financialcontent.com/investplace/quote?Symbol=SHOS
- RHT: http://studio-5.financialcontent.com/investplace/quote?Symbol=RHT
- GES: http://studio-5.financialcontent.com/investplace/quote?Symbol=GES
Source URL: https://investorplace.com/2013/03/tuesdays-ip-market-recap-cab-dks-jcp-cost-yum/