Take a Breath, Wall Street: Thursday’s IP Market Recap

by Marc Bastow | September 12, 2013 4:44 pm

Take a Breath, Wall Street: Thursday’s IP Market Recap

IPMarketRecap Take a Breath, Wall Street: Thursday's IP Market Recap[1]Markets took a bit of a breather on Thursday after a report that September jobless claims came in at a seven-year low, but that the new number was attributed to upgrades in two states’ systems causing those states to underreport.

With nothing to build on, the S&P 500 lost ground after seven straight days of gains, falling 0.34% to 1683.42, while the Nasdaq lost 0.24% to 1683.42. The Dow Jones Industrial Average fell 0.17% to 15,300.64.

Pandora (P[2]) shares soared more than 12% after announcing that it had hired a new CEO — Brian McAndrews, formerly from Madrona Venture Group and Microsoft (MSFT[3]) — to succeed Joe Kennedy.

Walgreen (WAG[4]) rose 5% to an all-time high after Goldman Sachs raised its rating from “buy” to “conviction buy” based on WAG’s recent partnership moves, including its venture with Alliance Boots, a privately held European drug retailer.

Yahoo (YHOO[5]) rose nearly 2% on news that it reached 800 million users[6] worldwide — a 20% increase in traffic since CEO Marissa Meyer took over last year. Shares are up nearly 50% year-to-date.

Noted investor Carl Icahn said that he boosted his stake in Apple (AAPL[7]) after its recent selloff, sending shares up more than 1%.

Facebook (FB[8]) pulled back from all-time highs[9] before selling off in the afternoon and finishing down just under 1%.

Lululemon (LULU[10]) shares were down more than 5% after the athletic apparel maker posted improved revenue and earnings for its second quarter, but lowered its full-year earnings per share estimates. LULU is off nearly 14% year-to-date.

Finally, Dell (DELL[11]) shareholders voted to accept Michael Dell and Silver Lake Partners’ $25 billion bid to take the company private, and immediately went into discussions with Bank of America, RBC, Barclays and several other banks for a $5.5 billion loan to help fund the purchase price.

Three Up

Three Down

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long MSFT, AAPL and YHOO.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
  2. P: http://studio-5.financialcontent.com/investplace/quote?Symbol=P
  3. MSFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=MSFT
  4. WAG: http://studio-5.financialcontent.com/investplace/quote?Symbol=WAG
  5. YHOO: http://studio-5.financialcontent.com/investplace/quote?Symbol=YHOO
  6. reached 800 million users: http://investorplace.com/2013/09/yahoo-hits-800-million-users/
  7. AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
  8. FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB
  9. all-time highs: http://slant.investorplace.com/2013/09/facebook-stock-fb/
  10. LULU: http://studio-5.financialcontent.com/investplace/quote?Symbol=LULU
  11. DELL: http://studio-5.financialcontent.com/investplace/quote?Symbol=DELL
  12. EXTR: http://studio-5.financialcontent.com/investplace/quote?Symbol=EXTR
  13. NOK: http://studio-5.financialcontent.com/investplace/quote?Symbol=NOK
  14. WEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=WEN
  15. MW: http://studio-5.financialcontent.com/investplace/quote?Symbol=MW
  16. ANV: http://studio-5.financialcontent.com/investplace/quote?Symbol=ANV
  17. WFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=WFT

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