Stocks Keep Pushing the Ceiling — Wednesday’s IP Market Recap
by Marc Bastow | April 10, 2013 4:56 pm
[1]The Dow Jones Industrial Average and the S&P 500 kept ripping pages out of the record book Wednesday after an accidental early release of the Fed’s most recent minutes[2] indicated a continuation of its monetary easing policy through mid-2013.
Investors were also encouraged by a report showing a 10% year-over-year increase in trade with China.
The Dow — which was powered by tech components Intel (NASDAQ:INTC[3], +2.5%), Cisco (NASDAQ:CSCO[4], +2%) and Microsoft (NASDAQ:MSFT[5], +2%) — rose 0.88% to set a new high of 14082.24.
Yahoo (NASDAQ:YHOO[6]) and Apple (NASDAQ:AAPL[7]) joined the tech surge after announcing they are in discussions[8] to expand their partnership in Apple’s iOS platform, helping the Nasdaq to a huge 1.83% improvement to 3297.25, and pushing the S&P 500 1.22% to a new high-water mark of 1587.73. Apple and Yahoo each finished up around 2%, with the latter trading around five-year highs.
Facebook (NASDAQ:FB[9]) stock rose nearly 4% after unveiling a new way to monetize user[10]s that involves gathering data from outside the social network, such as spending patterns. Also Wednesday, General Motors (NYSE:GM[11]) said it would start advertising its latest subcompact offering, the Chevrolet Sonic, on the social website, ending a one-year long hiatus[12] from the site.
The day wasn’t as kind to solar panel manufacturer First Solar (NASDAQ:FSLR[13]), which retreated 7% following Tuesday’s massive guidance-fueled run-up. Jinksolar (NYSE:JKS[14], -6.9%) and Sunpower (NASDAQ:SPWR[15], -5.4%) saw similar selloffs.
Computer networking company Adtran (NASDAQ:ADTN[16]) soared nearly 14% on a huge first-quarter earnings beat, while Family Dollar (NYSE:FDO[17]) missed earnings estimates and provided weak forward guidance, yet still saw shares improve more than 1%.
And lastly, homebuilder Taylor Morrison (NYSE:TMHC[18]) started its first day as a public company[19] with a bang, jumping over 4% after pricing at the high end of its range.
Three Up
- Nii Holdings (NASDAQ:NIHD[20]): Up 13.9% (90 cents) to $7.39.
- VirnetX Holding (AMEX:VHC[21]): Up 9.9% ($1.90) to $21.03.
- Sinclair Broadcasting (NASDAQ:SBGI[22]): Up 7% ($1.42) to $21.83.
Three Down
- Resource Capital (NYSE:RSO[23]): Down 4.6% (30 cents) to $6.23.
- Best Buy (NYSE:BBY[24]): Down 3.6% (92 cents) to $24.82.
- Fastenal (NASDAQ:FAST[25]): Down 3.5% ($1.76) to $49.12.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he is long MSFT, YHOO and AAPL.
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
- most recent minutes: http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20130320.pdf
- INTC: http://studio-5.financialcontent.com/investplace/quote?Symbol=INTC
- CSCO: http://studio-5.financialcontent.com/investplace/quote?Symbol=CSCO
- MSFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=MSFT
- YHOO: http://studio-5.financialcontent.com/investplace/quote?Symbol=YHOO
- AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
- discussions: https://investorplace.com/2013/04/yahoo-apple-microsoft-technologys-digital-love-triangle/
- FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB
- new way to monetize user: https://investorplace.com/ipo-playbook/facebook-finds-more-ways-to-exploit-users/
- GM: http://studio-5.financialcontent.com/investplace/quote?Symbol=GM
- ending a one-year long hiatus: https://investorplace.com/2013/04/gm-returns-to-facebook-after-a-year-away/
- FSLR: http://studio-5.financialcontent.com/investplace/quote?Symbol=FSLR
- JKS: http://studio-5.financialcontent.com/investplace/quote?Symbol=JKS
- SPWR: http://studio-5.financialcontent.com/investplace/quote?Symbol=SPWR
- ADTN: http://studio-5.financialcontent.com/investplace/quote?Symbol=ADTN
- FDO: http://studio-5.financialcontent.com/investplace/quote?Symbol=FDO
- TMHC: http://studio-5.financialcontent.com/investplace/quote?Symbol=TMHC
- a public company: https://investorplace.com/ipo-playbook/taylor-morrison-ceo-profit-is-in-our-dna/
- NIHD: http://studio-5.financialcontent.com/investplace/quote?Symbol=NIHD
- VHC: http://studio-5.financialcontent.com/investplace/quote?Symbol=VHC
- SBGI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SBGI
- RSO: http://studio-5.financialcontent.com/investplace/quote?Symbol=RSO
- BBY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBY
- FAST: http://studio-5.financialcontent.com/investplace/quote?Symbol=FAST
Source URL: https://investorplace.com/2013/04/wednesdays-ip-market-recap-msft-aapl-yhoo-alu-intc/