Dow 15000! — Tuesday’s IP Market Recap

by Marc Bastow | May 7, 2013 4:45 pm

IPMarketRecap Dow 15000!    Tuesday's IP Market Recap[1]In what is becoming a bit of a theme, both the Dow Jones Industrial Average and the S&P 500 once again broke through to record highs on Tuesday, and the former crossed the 15000 threshold for the first time in the index’s history.

The Dow rose 0.58% to close at 15056.20, the S&P 500 extended its rally with a 0.52% improvement to close at 1625.96, and the Nasdaq rose 0.11% to finish at 3396.63.

Software giant Microsoft (NASDAQ:MSFT[2]) saw its recent momentum come to a halt, shedding more than 1% after announcing it will work on a redesign of its Windows 8 operating system[3] to make it easier to use. The software update is code named “Blue” and is expected to be ready for use by year end. MSFT had gained 26% year-to-date prior to Monday’s pullback.

On the earnings front, fashion accessory dealer Fossil (NASDAQ:FOSL[4], +9%) led the retail sector ahead after posting better-than-expected first quarter revenue and earnings. Other retailers headed higher Tuesday included Abercrombie & Fitch (NYSE:ANF[5], +6.3%), Chico’s (NYSE:CHS[6], +5.4%) and Urban Outfitters (NASDAQ:URBN[7], +4.8%.

Shares of DirecTV (NASDAQ:DTV[8]) rose more than 6% after reporting better-than-expected first-quarter revenues and earnings.

Headed the other way was solar power panel manufacturer First Solar (NASDAQ:FSLR[9]), which sank nearly 9% after missing Q1 earnings estimates, though it did report stronger revenues.

OfficeMax (NYSE:OMX[10]) dropped just under 2% after it missed badly on its first-quarter earnings and guided analysts down on revenue and earnings for the year. The company also announced a special dividend of $1.50 per share payable on July 2.

Finally, entertainment giant Disney (NYSE:DIS[11]) closed a deal[12] with game software maker Electronic Arts (NASDAQ:EA[13]) to co-develop Star Wars video games. Disney traded ahead just under 2% while EA moved up fractionally on the news.

AOL (NYSE:AOL[14]), Groupon (NASDAQ:GRPN[15]) and Green Mountain Coffee Roasters (NASDAQ:GMCR[16]) are among companies reporting Wednesday.

Three Up

Three Down

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

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
  2. MSFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=MSFT
  3. redesign of its Windows 8 operating system: http://investorplace.com/2013/05/microsoft-will-survive-its-new-coke-moment-msft/
  4. FOSL: http://studio-5.financialcontent.com/investplace/quote?Symbol=FOSL
  5. ANF: http://studio-5.financialcontent.com/investplace/quote?Symbol=ANF
  6. CHS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CHS
  7. URBN: http://studio-5.financialcontent.com/investplace/quote?Symbol=URBN
  8. DTV: http://studio-5.financialcontent.com/investplace/quote?Symbol=DTV
  9. FSLR: http://studio-5.financialcontent.com/investplace/quote?Symbol=FSLR
  10. OMX: http://studio-5.financialcontent.com/investplace/quote?Symbol=OMX
  11. DIS: http://studio-5.financialcontent.com/investplace/quote?Symbol=DIS
  12. closed a deal: http://investorplace.com/2013/05/disney-electronic-arts-team-up-on-star-wars-games/
  13. EA: http://studio-5.financialcontent.com/investplace/quote?Symbol=EA
  14. AOL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AOL
  15. GRPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GRPN
  16. GMCR: http://studio-5.financialcontent.com/investplace/quote?Symbol=GMCR
  17. ARNA: http://studio-5.financialcontent.com/investplace/quote?Symbol=ARNA
  18. HIMX: http://studio-5.financialcontent.com/investplace/quote?Symbol=HIMX
  19. Z: http://studio-5.financialcontent.com/investplace/quote?Symbol=Z
  20. ARUN: http://studio-5.financialcontent.com/investplace/quote?Symbol=ARUN
  21. TSLA: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSLA
  22. BBRY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBRY

Source URL: http://investorplace.com/2013/05/tuesdays-ip-market-recap-msft-foslanf-urbn-chs-dtv/
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