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Automakers Take the Wheel: Wednesday’s IP Market Recap

Ciena, Francesca's among the day's other notable movers


InvestorPlace Market RecapMarkets moved ahead gingerly in early Wednesday trading until the Federal Reserve released its “Beige Book” report suggesting that economic growth was moving at a modest pace with improvements across all of its districts.

At which point markets soared ahead.

The Nasdaq led the charge ahead, rising 1.01% to 3649.04, while the S&P 500 climbed 0.81% to 1653.08. The Dow Jones Industrial Average posted a gain of 0.65% to 14,930.87.

Automakers rallied after posting strong August sales figures, with the industry’s strongest results in nearly six years. General Motors (GM, +5%), Ford (F, +3.5%), Honda (HMC, +1.6%) and Toyota (TM, +1.3%) all headed higher.

Network communications provider Ciena (CIEN) jumped more than 14% after announcing beats on the top and bottom lines, as well as an upbeat view for the rest of the year. Alcatel-Lucent (ALU) and Juniper Networks (JNPR) each headed roughly 6% higher in sympathy.

Meanwhile, Apple (AAPL) was bid up more than 2% as investors grow more eager for its Sept. 10 event, where it’s expected to unveil its new iPhone lines.

JCPenney (JCP) surged more than 6% as hedge funds continue to pile into the stock. Kyle Bass’ Hayman Capital and Larry Robbins’ Glenview Capital have taken respective stakes of 5.2% and 9.1% in the struggling retailer. Glenview Capital now represents JCP’s largest shareholder.

Specialty women’s apparel retailer Francesca’s (FRAN) was crushed, falling more than 25% after announcing both a miss on the top and bottom lines for its second quarter, and guiding lower for the remained of the year.

Lastly, LinkedIn (LNKD) fell over nearly 3% after announcing a secondary offering in which it would sell $1 billion worth of stock.

Three Up

  • JA Solar (JASO): Up 15.9% ($1.19) to $8.67.
  • E-Trade (ETFC): Up 8.1% ($1.17) to $15.71.
  • Micron Technology (MU): Up 5.3% (74 cents) to $14.75.

Three Down

  • Vivus (VVUS): Down 7.8% ($1) to $11.90.
  • Guidewire Software (GWRE): Down 7.3% ($3.41) to $43.07. (Read more)
  • SAIC (SAI): Down 4.9% (74 cents) to $14.41.

Marc Bastow is an Assistant Editor at As of this writing he is long AAPL.

Article printed from InvestorPlace Media,

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