Tech Can’t Stop the Rally — Thursday’s IP Market Recap

by Marc Bastow | April 11, 2013 5:11 pm

InvestorPlace Market Recap[1]Markets managed to shrug off a big hit to tech stocks as investors instead focused on better-than-expected weekly jobless claims and some good news on retail same-store sales.

As a result, the Dow Jones Industrial Average and S&P 500 once again rose to new highs. The Dow finished ahead 0.42% at 14,865.14. The S&P 500 also surged ahead, closing 0.36% higher at 1,593.37, while the Nasdaq managed to squeeze out a fractional gain to close at 3,300.16.

A report by IDC told a tale of slumping worldwide PC sales[2], sending Dow components Hewlett-Packard (NYSE:HPQ, -6.45%), Microsoft (NASDAQ:MSFT, -4.44%) and Intel (NASDAQ:INTC, -1.95%) tumbling.

But in the retail sector, off-price discounter Ross Stores (NASDAQ:ROST[3]) rose to a six-month high, moving ahead nearly 6%  on a 2% increase in comparable-store sales in March and a solid profit forecast for the current quarter.

Gap (NYSE:GPS[4]) also reported better-than-anticipated same-store sales — although a 1% year-over-year decline — sending its shares up just under 2%. The overall good news also lifted sector mates Limited Brands (NYSE:LTD[5], +4.32%) and TJX Companies (NYSE:TJX[6], +2.59%) to even higher gains on the day.

Drugstore chain Rite Aid (NYSE:RAD[7]) reported its first profit in six years as well, sending its shares up over 18% on the day. Also, Bed Bath & Beyond (NASDAQ:BBBY[8]) reported earnings in line with estimates and even better-than-expected revenue, but shares still lost just over 2% on the day.

Notable earnings releases for Friday include JPMorgan (NYSE:JPM[9]) and Wells Fargo (NYSE:WFC[10]).

Three Up

Three Down

Marc Bastow is an Assistant Editor at As of this writing he is long MSFT.

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