Solar Stocks Flare — Tuesday’s IP Market Recap
by Marc Bastow | April 9, 2013 5:07 pm
[1]Investors took a solid report[2] from earnings-season opener Alcoa (NYSE:AA[3]) as a sign of good things to come, and corporate news helped push stocks higher Tuesday and get the Dow Jones into new record territory once again.
The Dow — powered by gains in tech components Microsoft (NASDAQ:MSFT[4], +3.6%) and Intel (NASDAQ:INTC[5], +3.1%) — rose 0.41% to close at a record 14673.46. The Nasdaq was also aided by the tech company gains, rising 0.48% to end at 3237.86, while the S&P 500 rose 0.35% to end at 1568.61.
The biggest move of the day came from the solar sector, where panel maker First Solar (NASDAQ:FSLR[6]) roared ahead after announcing strong forward guidance[7] numbers for the next two years, enough to cause a halt in FSLR trading on the Nasdaq. First Solar settled in with 45% gains.
The rest of the solar sector — including Yingli Green (NYSE:YGE[8], +21%), SunPower (NASDAQ:SPWR[9], +17%), and Jinksolar (NYSE:JKS[10], +16%) — spiked in unison, pushing the Guggenheim Solar ETF (NYSE:TAN[11]) to a whopping 14% gain.
Struggling retailer JCPenney (NYSE:JCP[12]) plunged 13% following the company’s decision to end the Ron Johnson era. The hand-picked CEO was ousted by the board[13] after dismal financial results and a tanking stock price. Investors apparently weren’t thrilled with Johnson’s replacement, former CEO Mike Ullman, either.
Finally, Herbalife (NYSE:HLF[14]) saw its shares fall over 3% after HLF’s auditors, KPMG, resigned the account because of alleged insider trading by a KPMG auditor. KPMG also relinquished its role at Skechers (NYSE:SKX[15]).
Three Up
- Cliff Natural Resources (NYSE:CLF[16]): Up 8.8% ($1.66) to $20.45.
- Level 3 Communications (NYSE:LVLT[17]): Up 6% ($1.20) to $21.20.
- Vale (NYSE:VALE[18]): Up 4.9% (85 cents) to $18.25.
Three Down
- MGIC Investment (NYSE:MTG[19]): Down 5.5% (30 cents) to $5.15.
- Starwood Property (NYSE:STWD[20]): Down 3.8% ($1.07) to $27.15.
- Tesla Motors (NASDAQ:TSLA[21]): Down 3.2% ($1.33) to $40.50.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long MSFT.
- [Image]: https://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
- solid report: https://investorplace.com/2013/04/alcoas-earnings-beat-bodes-well-for-stocks/
- AA: http://studio-5.financialcontent.com/investplace/quote?Symbol=AA
- MSFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=MSFT
- INTC: http://studio-5.financialcontent.com/investplace/quote?Symbol=INTC
- FSLR: http://studio-5.financialcontent.com/investplace/quote?Symbol=FSLR
- announcing strong forward guidance: https://investorplace.com/2013/04/first-solars-massive-surge-halts-trading/
- YGE: http://studio-5.financialcontent.com/investplace/quote?Symbol=YGE
- SPWR: http://studio-5.financialcontent.com/investplace/quote?Symbol=SPWR
- JKS: http://studio-5.financialcontent.com/investplace/quote?Symbol=JKS
- TAN: http://studio-5.financialcontent.com/investplace/quote?Symbol=TAN
- JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
- CEO was ousted by the board: https://investorplace.com/2013/04/ackman-finally-realizes-that-jcpenney-hit-rock-bottom-now-what/
- HLF: http://studio-5.financialcontent.com/investplace/quote?Symbol=HLF
- SKX: http://studio-5.financialcontent.com/investplace/quote?Symbol=SKX
- CLF: http://studio-5.financialcontent.com/investplace/quote?Symbol=CLF
- LVLT: http://studio-5.financialcontent.com/investplace/quote?Symbol=LVLT
- VALE: http://studio-5.financialcontent.com/investplace/quote?Symbol=VALE
- MTG: http://studio-5.financialcontent.com/investplace/quote?Symbol=MTD
- STWD: http://studio-5.financialcontent.com/investplace/quote?Symbol=STWD
- TSLA: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSLA
Source URL: https://investorplace.com/2013/04/tuesdays-ip-market-recap-jcp-msft-intc-tls-aa-spwr/