Following the market’s third weekly loss in the past four, investors started Monday in a seemingly upbeat mood as they looked toward this week’s Federal Reserve meeting. Wall Street is expecting Federal Reserve chairman Ben Bernanke to provide some clarity on whether the Fed will begin cutting back on its bond-buying program. Bernanke will address the issue during a news conference Wednesday.
By day’s end, the Nasdaq had finished up 0.83% to close at 3452.13, the S&P 500 closed ahead 0.76% at 1639.04 and the Dow Jones Industrial Average improved by 0.73% to 15179.85.
Netflix (NFLX) jumped by more than 7% after announcing a multiyear deal with DreamWorks (DWA) to create original shows based on DWA properties like Shrek, Kung Fu Panda and Madagascar; DWA shares rose more than 4%. The deal will include more than 300 hours of original programming starting in 2014. Financial details of the agreement were not disclosed. DWA shares rose over 4% on the news.
Boeing (ticked up about 1% after the company’s CEO James McNerney told CNBC he is “highly confident” that the battery problems with the 787 Dreamliner have been fixed. The company also received new orders from General Electric (GE) and Qatar Airways at this week’s Paris Air show.
Weyerhaeuser (WY) shares gained just under 2% amid several news items. The company announced it will buy Longview Timber LLC for $2.65 billion, which includes 645,000 acres of timberland. It also said it is considering options to unlock value in Weyerhaeuser Real Estate. Lastly, WY announced Doyle Simmons will take over as CEO effective Aug. 1 as Dan Fulton retires as planned.
Heading lower by 8% was machinery and heavy equipment maker Terex (TEX), which lowered its fiscal 2013 revenue guidance due to slower-than-expected sales, particularly in its Construction and Material Handling & Port Solutions sectors.
- Kandi Technologies (KNDI): Up 24.4% ($1.53) to $7.81. (Read more here)
- Yingli Green (YGE): Up 13.2% (38 cents) to $3.25.
- Ruckus (RKUS): Up 8.5% (91 cents) to $11.59.
- Medivation (MDVN): Down 6.8% ($3.45) to $47.41
- Alpha Natural Resources (ANR): Down 5.5% (33 cents) to $5.67
- Fusion-io (FIO): Down 2.8% (38 cents) to $13.29
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities.