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

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

[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

• Extreme Networks (EXTR[12]): Up 7.4% (30 cents) to $4.33.
• Nokia (NOK[13]): Up 6.9% (41 cents) to $6.36.
• Wendy’s (WEN[14]): Up 4.5% (37 cents) to $8.62.

Three Down

• Men’s Warehouse (MW[15]): Down 12.1% ($4.69) to $34.08
• Allied Nevada Gold (ANV[16]): Down 7.4% (37 cents) to $4.64
• Waterford International (WFT[17]): Down 4.9% (77 cents) to $14.97

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

Source URL: https://investorplace.com/2013/09/thursdays-ip-market-recap/

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