Pharma, Tech Drive the Dow: Monday’s IP Market Recap

by Marc Bastow | June 3, 2013 5:07 pm

Pharma, Tech Drive the Dow: Monday’s IP Market Recap

IPMarketRecap Pharma, Tech Drive the Dow: Monday's IP Market Recap[1]Friday’s bloody ending to May[2] gave way to cautious optimism on Monday as markets rebounded on an up day driven primarily by sector and corporate news.

The Dow Industrial Average forged ahead 0.92% to close at 15254.03 while the S&P 500 moved up 0.59% to end at 1640.42, and the Nasdaq closed with a rush, ending up 0.27% at 3465.37.

Tech stocks enjoyed a nice rise, as Intel (INTC[3]) rose nearly 4%, the highest flyer on the Dow, after being upgraded from “market perform” to “outperform” by FRB. Meanwhile Microsoft (MSFT[4]) rose nearly 2% on rumors it will change its business model [5]towards a “devices and services” focus rather than software. Hewlett-Packard (HPQ[6]) also rose nearly 2% on rumors that the company is looking to sell its stake in Indian software company Mphasis for $1 billion.

Pharmaceuticals also helped drive the rally, as Merck (MRK[7]) shares rose more than 3% after announcing a positive study for a skin cancer treatment. The news boosted Dow component Pfizer (PFE[8], +1.91%) while S&P component Bristol-Meyers (BMY[9], +3.43%) added to its gains.

The auto industry moved ahead as Ford (F[10]) and General Motors (GM[11]) each gained more than 1% after reporting stronger than expected auto sales[12] for May. Toyota (TM[13]) didn’t share in the good news, dropping a little more than 1% by day’s end, and electric car company Tesla (TSLA[14]) gave some recent gains [15]back, dropping over 5% on the day.

Finally, bidding opened today[16] for a lunch with Warren Buffett, starting at $25,000 on eBay (EBAY[17]). Last year’s (anonymous) winning bidder ponied up $3.5 million for the lunch, with all proceeds going to GLIDE, a charity serving disadvantaged people.

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. bloody ending to May: http://investorplace.com/2013/06/fridays-bloodbath-isnt-over-yet/
  3. INTC: http://studio-5.financialcontent.com/investplace/quote?Symbol=INTC
  4. MSFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=MSFT
  5. rumors it will change its business model : http://investorplace.com/2013/06/microsoft-working-on-restructuring-its-business-model-msft/
  6. HPQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=HPQ
  7. MRK: http://studio-5.financialcontent.com/investplace/quote?Symbol=MRK
  8. PFE: http://studio-5.financialcontent.com/investplace/quote?Symbol=PFE
  9. BMY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BMY
  10. F: http://studio-5.financialcontent.com/investplace/quote?Symbol=F
  11. GM: http://studio-5.financialcontent.com/investplace/quote?Symbol=GM
  12. stronger than expected auto sales: http://investorplace.com/2013/06/trucks-rule-as-u-s-vehicle-sales-keep-rolling-in-may/
  13. TM: http://studio-5.financialcontent.com/investplace/quote?Symbol=TM
  14. TSLA: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSLA
  15. some recent gains : http://slant.investorplace.com/2013/06/tesla-is-taking-over/
  16. bidding opened today: http://investorplace.com/2013/06/bidding-begins-at-25k-for-lunch-with-warren-buffett/
  17. EBAY: http://studio-5.financialcontent.com/investplace/quote?Symbol=EBAY
  18. MNKD: http://studio-5.financialcontent.com/investplace/quote?Symbol=MNKD
  19. SODA: http://studio-5.financialcontent.com/investplace/quote?Symbol=SODA
  20. GME: http://studio-5.financialcontent.com/investplace/quote?Symbol=GME
  21. INFI: http://studio-5.financialcontent.com/investplace/quote?Symbol=INFI
  22. P: http://studio-5.financialcontent.com/investplace/quote?Symbol=P
  23. Read more here: http://investorplace.com/2013/06/apples-iradio-should-have-pandora-scared/
  24. DDD: http://studio-5.financialcontent.com/investplace/quote?Symbol=DDD

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