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

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

[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

• James River Coal (NASDAQ:JRCC[16]): Up 18.4% (36 cents) to $2.32.
• Qihoo 360 (NYSE:QIHU[17]): Up 8.4% ($2.90) to $37.30.
• Cliffs Natural Resources (NYSE:CLF[18]): Up 5.5% ($1.10) to $21.01.

Three Down

• Groupon (NASDAQ:GRPN[19]): Down 6.5% (38 cents) to $5.46. (Read more here[20])
• Linn Energy (NASDAQ:LINE[21]): Down 5.2% ($1.97) to $35.75.
• Entergy (NYSE:ETR[22]): Down 2.8% ($1.97) to $69.13.

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

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

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