Tech Moves the Needle: Tuesday’s IP Market Recap

by Marc Bastow | June 18, 2013 5:34 pm

[1]Stocks moved higher Tuesday amid tame news on consumer prices, housing starts and building permits that prompted optimism the Federal Reserve will keep its easing policies in place following Wednesday’s conclusion of the FOMC meeting.

The Dow Jones Industrial Average led the way, rising 0.91% to close at 15318.23, marking the sixth day in a row that the Dow has moved up or down more than 100 points. Meanwhile, the Nasdaq moved ahead 0.87% to 3482.18, and the S&P 500 closed up 0.78% at 1651.81.

Before Federal Reserve Chairman Ben Bernanke’s scheduled news conference Wednesday, President Obama hinted he will not offer Bernanke a third term[2] in the position. Bernanke’s term expires on Jan. 31, 2014.

In corporate news, Sony (SNE[3]) shares rose 3% on reports that Dan Loeb’s hedge fund Third Point increased its stake and is putting pressure on the company to agree a partial spinoff of its entertainment business.

Nokia (NOK[4]) shares rose nearly 5% after a report in the Financial Times raised speculation about a potential merger with China’s Huawei. Meanwhile, shares of rival BlackBerry (BBRY) rose more than 4% on rumors about a deal with Lenovo (LNVGY[5]).

Finally, shares of meat and food products supplier Hormel (HRL[6]) fell more than 3% after it lowered its earnings outlook for the year.

Three Up

• Walter Energy (WLT[7]): Up 16.5% ($1.93) to $13.63.
• Infinity Pharmaceutical (INFI[8]): Up 13.3% ($2.29) to $19.46.
• Flir Systems (FLIR[9]): Up 6.2% ($1.53) to $26.49.

Three Down

• MannKind (MNKD[10]): Down 12.4% (93 cents) to $6.61
• Yamana Gold (AUY[11]): Down 5.4% (61 cents) to $10.69
• National Bank of Greece (NBG[12]): Down 4.7% (26 cents) to $5.30

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he did not hold a position in any of the aforementi0ned securities.

Source URL: https://investorplace.com/2013/06/tuesdays-ip-market-recap-sne-nok-bbry-lnvgf-hrl/

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