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    Mondays 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 As of this writing he is long AAPL.

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  2. AAPL:
  3. Best Performing Company:
  4. BAC:
  5. MBI:
  6. MS:
  7. JPM:
  8. C:
  9. DDD:
  10. SPLS:
  11. begin selling the Cube 3D printer online:
  12. TSN:
  13. BMC:
  14. DIS:
  15. WFM:
  16. JRCC:
  17. QIHU:
  18. CLF:
  19. GRPN:
  20. Read more here:
  21. LINE:
  22. ETR:

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