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.

Source URL: https://investorplace.com/2013/03/tuesdays-ip-market-recap-cab-dks-jcp-cost-yum/

---