Apple, Banks Keep Pushing Ahead — Monday’s IP Market Recap

by Marc Bastow | May 6, 2013 4:58 pm

IPMarketRecap Apple, Banks Keep Pushing Ahead    Monday's IP Market Recap [1]Following Friday’s aggressive rally that sent the S&P 500 and Dow Jones Industrial Average to new highs, investors jumped back into the markets again on Monday with a bit less temerity this time around.

The S&P 500 closed up 0.19% to mark another new all-time high at 1617.50, while the Nasdaq rose 0.42% to end at 3392.97. The Dow once again flirted with a close above 15000 before ending off fractionally at 14968.89.

Leading the charge in the Nasdaq and S&P was Apple (NASDAQ:AAPL[2]) which improved by about 3% after Barclays revised its target on the company from $465 to $525. Barron’s also honored Apple’s operating performance by making it the magazine’s Best Performing Company[3] for 2013.

Bank of America (NYSE:BAC[4]) raced ahead over 5% to lead the Dow after reaching a $1.6 billion legal settlement with MBIA (NYSE:MBI[5]) over problems in the quality of underlying loans held by MBIA during the housing crises. MBI shares soared more than 45% on the news.

The banking sector found its legs on the BAC news, as Morgan Stanley (NYSE:MS[6], +2.3%), JPMorgan (NYSE:JPM[7], +1.3%) and Citigroup (NYSE:C[8], +1%) all moved ahead.

Three-dimensional print-to-content company 3D Printing (NYSE:DDD[9]) headed 8% higher after Staples (NASDAQ:SPLS[10]) announced it would begin selling the Cube 3D printer online[11]. Staples finished up 2%.

Tyson Foods (NYSE:TSN[12]) disappointed analysts and investors with a big drop in its second-quarter earnings, and the stock sank more than 3%, making it the biggest-percentage decliner on the S&P 500.

Finally, BMC Software (NASDAQ:BMC[13]) agreed to be acquired by a private group led by Bain Capital and Golden Gate Capital for about $6.9 billion. BMC shares remained unchanged, however.

Earnings notables for Tuesday include Disney (NYSE:DIS[14]) and Whole Foods (NASDAQ:WFM[15]).

Three Up

Three Down

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he is long AAPL.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
  2. AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
  3. Best Performing Company: http://investorplace.com/2013/05/the-barrons-500-apple-tops-the-list/
  4. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  5. MBI: http://studio-5.financialcontent.com/investplace/quote?Symbol=MBI
  6. MS: http://studio-5.financialcontent.com/investplace/quote?Symbol=MS
  7. JPM: http://studio-5.financialcontent.com/investplace/quote?Symbol=JPM
  8. C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C
  9. DDD: http://www.investorplace.com/hot-topics/companies-increasing-dividends/
  10. SPLS: http://studio-5.financialcontent.com/investplace/quote?Symbol=SPLS
  11. begin selling the Cube 3D printer online: http://investorplace.com/2013/05/the-future-is-here-staples-now-sells-3d-printers/
  12. TSN: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSN
  13. BMC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BMC
  14. DIS: http://studio-5.financialcontent.com/investplace/quote?Symbol=DIS
  15. WFM: http://studio-5.financialcontent.com/investplace/quote?Symbol=WFC
  16. JRCC: http://studio-5.financialcontent.com/investplace/quote?Symbol=JRCC
  17. QIHU: http://studio-5.financialcontent.com/investplace/quote?Symbol=QIHU
  18. CLF: http://studio-5.financialcontent.com/investplace/quote?Symbol=CLF
  19. GRPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GRPN
  20. Read more here: http://investorplace.com/2013/05/can-groupon-get-its-numbers-on-track/
  21. LINE: http://studio-5.financialcontent.com/investplace/quote?Symbol=LINE
  22. ETR: http://studio-5.financialcontent.com/investplace/quote?Symbol=ETR

Source URL: http://investorplace.com/2013/05/mondays-ip-market-recap-aapl-bcs-bac-mbi-jpm-c/
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