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%.
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.
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