Employment Data Hoists Stocks: Thursday’s IP Market Recap

by Marc Bastow | September 5, 2013 4:55 pm

IPMarketRecap Employment Data Hoists Stocks: Thursday's IP Market Recap 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

Three Down

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.

Endnotes:
  1. GRPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GRPN
  2. upgraded it: http://investorplace.com/2013/09/groupon-gets-another-boost/
  3. NFLX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NFLX
  4. BBRY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBRY
  5. looking to find a buyer: http://investorplace.com/2013/09/blackberry-could-have-a-buyer-as-early-as-november/
  6. COST: http://studio-5.financialcontent.com/investplace/quote?Symbol=COST
  7. WAG: http://studio-5.financialcontent.com/investplace/quote?Symbol=WAG
  8. JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
  9. MSO: http://studio-5.financialcontent.com/investplace/quote?Symbol=MSO
  10. in its stores: http://investorplace.com/2013/09/jcpenney-ditches-disappointing-martha-stewart-brand/
  11. LNKD: http://studio-5.financialcontent.com/investplace/quote?Symbol=LNKD
  12. completed a secondary offering: http://investorplace.com/2013/09/linkedin-snags-1-2-billion-for-whatever-it-wants-to-do/
  13. HIMX: http://studio-5.financialcontent.com/investplace/quote?Symbol=HIMX
  14. LPX: http://studio-5.financialcontent.com/investplace/quote?Symbol=LPX
  15. SHLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=SHLD
  16. CONN: http://studio-5.financialcontent.com/investplace/quote?Symbol=CONN
  17. VVUS: http://studio-5.financialcontent.com/investplace/quote?Symbol=VVUS
  18. IAG: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAG

Source URL: http://investorplace.com/2013/09/thursdays-ip-market-recap-grpn-nflx-bbry-f-gm/
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