Employment Data Hoists Stocks: Thursday’s IP Market Recap
by Marc Bastow | September 5, 2013 4:55 pm
Economic news got the markets off on the right foot Thursday, as the Labor Department reported the number of filers for unemployment benefits last week fell to a five-year low.
While ADP reported that employers added 176,000 jobs in August, slightly below estimates, the jobs data was enough to help carry markets higher. The Nasdaq forged ahead 0.27% to 3658.78, the S&P 500 rose 0.12% to 1655.08, and the Dow Jones Industrial Average closed up fractionally at 14,937.48.
Groupon (GRPN[1]) rose more than 3% after Morgan Stanley upgraded it[2] to “overweight” from “equal weight.” Also rising on analyst love was Netflix (NFLX[3]), which inched up fractionally after RBC put a $330 price target on the stock, or roughly 13% upside from Wednesday’s closing price.
Blackberry (BBRY[4]) moved ahead more than 2% after sources told the Wall Street Journal it is looking to find a buyer[5] to complete a deal for the company by as early as November.
Retailers Costco (COST[6], +2.8%) and Walgreen (WAG[7], +1.4%) both headed higher on better-than-expected same-store sales. Elsewhere in retail, JCPenney (JCP[8]) announced it would no longer carry the Martha Stewart (MSO[9]) brand in its stores[10]. The stock, which has been getting new attention from the hedge fund world, improved more than 5%.
Finally, LinkedIn (LNKD[11]) completed a secondary offering[12] for its stock, raising $1.2 billion, but investors still bid shares up more than 3%.
Three Up
- Himax (HIMX[13]): Up 17.3% ($1.27) to $8.62.
- Louisiana-Pacific (LPX[14]): Up 11.1% ($1.69) to $16.95.
- Sears Holding (SHLD[15]): Up 6.3% ($2.83) to $47.96.
Three Down
- Conn’s (CONN[16]): Down 11.7% ($8.00) to $60.31.
- Vivus (VVUS[17]): Down 8.9% ($1.06) to $10.84.
- Iamgold (IAG[18]): Down 4.3% (26 cents) to $5.84.
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.
- GRPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GRPN
- upgraded it: https://investorplace.com/2013/09/groupon-gets-another-boost/
- NFLX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NFLX
- BBRY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBRY
- looking to find a buyer: https://investorplace.com/2013/09/blackberry-could-have-a-buyer-as-early-as-november/
- COST: http://studio-5.financialcontent.com/investplace/quote?Symbol=COST
- WAG: http://studio-5.financialcontent.com/investplace/quote?Symbol=WAG
- JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
- MSO: http://studio-5.financialcontent.com/investplace/quote?Symbol=MSO
- in its stores: https://investorplace.com/2013/09/jcpenney-ditches-disappointing-martha-stewart-brand/
- LNKD: http://studio-5.financialcontent.com/investplace/quote?Symbol=LNKD
- completed a secondary offering: https://investorplace.com/2013/09/linkedin-snags-1-2-billion-for-whatever-it-wants-to-do/
- HIMX: http://studio-5.financialcontent.com/investplace/quote?Symbol=HIMX
- LPX: http://studio-5.financialcontent.com/investplace/quote?Symbol=LPX
- SHLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=SHLD
- CONN: http://studio-5.financialcontent.com/investplace/quote?Symbol=CONN
- VVUS: http://studio-5.financialcontent.com/investplace/quote?Symbol=VVUS
- IAG: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAG
Source URL: https://investorplace.com/2013/09/thursdays-ip-market-recap-grpn-nflx-bbry-f-gm/