Choppier Road to the Record Books — Wednesday’s IP Market Recap

A roller-coaster day still ended in new highs for the Dow, S&P


IPMarketRecap Choppier Road to the Record Books    Wednesdays IP Market RecapU.S. stock markets started the day off in the red on mixed economic news both on the home front and Europe, but a subsequent roller coaster ride finished with another broader up day — meaning yet another couple new highs for the Dow Jones Industrial Average and S&P 500.

The S&P 500 led the major indices by finishing 0.51% higher at 1658.78, the Dow Jones Industrial Average improved by 0.4% to 15275.69 and the Nasdaq managed to gain ground despite a big drop in Apple (NASDAQ:AAPL), climbing 0.26% to close at 3471.62.

In the U.S., the Producer Price Index dropped 0.7% in April — its biggest decline since February 2010 — and the Empire State manufacturing survey fell into negative territory for the first time since January. Meanwhile, in Europe, a 0.2% decline in first-quarter GDP spelled a recession in France, while Germany managed a 0.1% expansion in its GDP during the same period.

Earnings and corporate news managed to cut through the economic news, though.

Google (NASDAQ:GOOG) kicked off its annual developers conference amid word that it will unveil a paid subscription music-streaming service to compete with existing online music services like Spotify and Pandora (NYSE:P). Google shares reached an intraday record of $916 before settling in at a gain of just more than 3% to a closing record of $915.35 per share. Pandora was off 1%.

Apple went in the opposite direction, falling more than 3% after Gartner released figures showing Apple’s share for high-end mobile phone sales for the first quarter of 2013 fell to 18.5% from 22.5% in the same period in 2012. (See full report here).

Macy’s (NYSE:M) reported top- and bottom-line gains for the quarter, and also rewarded shareholders by boosting its dividend by 25% and tacking on $1.5 billion in share buyback authorization. M shares finished ahead just more than 2%.

Farm equipment manufacturer Deere & Co (NYSE:DE) managed to post better-than-expected profits for the second quarter; however, shares still fell more than 4% after the company cut back its sales estimates for the remainder of the year. The news spilled over to other heavy machinery manufacturers like Caterpillar (NYSE:CAT) and Joy Global (NYSE:JOY), which each tumbled just under 1%.

On the corporate news side, Netflix (NASDAQ:NFLX) rose more than 4% in the run-up to the much-anticipated return of Arrested Development next week, continuing a 160% year-to-date run.

Earnings notables for Thursday include InvestorPlace Dependable Dividend Stock Walmart (NYSE:WMT), Kohl’s (NYSE:KSS) and JCPenney (NYSE:JCP).

Three Up

  • Sunpower (NASDAQ:SPWR): Up 8.5% ($1.62) to $20.75.
  • MEMC Electronic Materials (NYSE:WFR): Up 7.5% (44 cents) to $6.33.
  • Bristol-Myers Squibb (NYSE:BMY): Up 5.1% ($2.13) to $44.34.

Three Down

  • Allied Nevada Gold (AMEX:ANV): Down 11.7% ($1.04) to $7.82.
  • Rackspace (NYSE:RAX): Down 5.8% ($2.48) to $40.32.
  • Silver Wheaton (NYSE:SLW): Down 5.2% ($1.22) to $22.18.

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

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