Retail Keeps Rally Going — Wednesday’s IP Market Recap

by Marc Bastow | March 13, 2013 4:43 pm

[1]The markets manged to end in the black again on Wednesday, moving the Dow ahead for a ninth straight day as the S&P once again started working towards a new high.

When all was said and done, the Dow Jones Industrial Average closed up fractionally to a new high of 14,455.28, while the S&P 500 moved up 0.13% to 1,554.52, and the Nasdaq gained 0.09% to close at 3,245.12.

Helping that upwards movement was strong retail news [2]from the Commerce Department in the form a report showing a 1.1% increase in February sales. That drove the sector higher[3], with  Zumiez (NASDAQ:ZUMZ[4]), +8.65%), Francesca’s (NASDAQ:FRAN[5], +4.81%),  Michael Kors (NYSE:KORS[6], +3.96%), and Abercrombie & Fitch (NYSE:ANF[7], +2.68%) among the big gainers.

Facebook (NASDAQ:FB[8]) and Netflix (NASDAQ:NFLX[9]) announced a partnership that will allow U.S. Netflix users to share viewing habits with their friends on Facebook — a service already available in other markets. The news sent Netflix shares ahead over 5% on the news, while FB shares fell just under 3% by the close.

Staples (NASDAQ:SPLS[10]) continued a recent run after announcing earnings last week, rising just over 4% on the day and bringing its gained to the double-digits for the last week. On the other side of things, eBay (NASDAQ:EBAY[11]) continued a recent slump, dropping almost 4% on no particular news. Ebay is down just under 11% over the last month.

Three Up

• Dreamworks (NASDAQ:DWA[12]): Up 8.43% ($1.49) to $19.17
• VMware (NYSE:VMW[13]): Up 8.08% ($6.08) to $81.37
• Yelp (NYSE:YELP[14]): Up 5.44% ($1.29) to $25.02

Three Down

• Qihoo (NYSE:QIHU[15]): Down 5.68% ($1.78) to $29.56
• Molycorp (NYSE:MCP[16]): Down 4.48% (28 cents) to $5.97
• Valero (NYSE:VLO[17]): Down 4.68% ($2.13) to $43.42

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he does not hold a position in any of the aforementioned securities.

Source URL: https://investorplace.com/2013/03/wednesdays-ip-market-recap-2-zumz-fran-kors-anf-fb-nflx/

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