Automakers Take the Wheel: Wednesday’s IP Market Recap
by Marc Bastow | September 4, 2013 4:55 pm
Markets 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[1], +5%), Ford (F[2], +3.5%), Honda (HMC[3], +1.6%) and Toyota (TM[4], +1.3%) all headed higher.
Network communications provider Ciena (CIEN[5]) 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[6]) and Juniper Networks (JNPR[7]) each headed roughly 6% higher in sympathy.
Meanwhile, Apple (AAPL[8]) was bid up more than 2% as investors grow more eager for its Sept. 10 event[9], where it’s expected to unveil its new iPhone lines.
JCPenney (JCP[10]) 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[11]) was crushed, falling more than 25% after announcing both a miss on the top and bottom lines[12] for its second quarter, and guiding lower for the remained of the year.
Lastly, LinkedIn (LNKD[13]) fell over nearly 3% after announcing a secondary offering in which it would sell $1 billion worth of stock.
Three Up
- JA Solar (JASO[14]): Up 15.9% ($1.19) to $8.67.
- E-Trade (ETFC[15]): Up 8.1% ($1.17) to $15.71.
- Micron Technology (MU[16]): Up 5.3% (74 cents) to $14.75.
Three Down
- Vivus (VVUS[17]): Down 7.8% ($1) to $11.90.
- Guidewire Software (GWRE[18]): Down 7.3% ($3.41) to $43.07. (Read more[19])
- SAIC (SAI[20]): Down 4.9% (74 cents) to $14.41.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing he is long AAPL.
- GM: http://studio-5.financialcontent.com/investplace/quote?Symbol=GM
- F: http://studio-5.financialcontent.com/investplace/quote?Symbol=F
- HMC: http://studio-5.financialcontent.com/investplace/quote?Symbol=HMC
- TM: http://studio-5.financialcontent.com/investplace/quote?Symbol=TM
- CIEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=CIEN
- ALU: http://studio-5.financialcontent.com/investplace/quote?Symbol=ALU
- JNPR: http://studio-5.financialcontent.com/investplace/quote?Symbol=JNPR
- AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
- Sept. 10 event: https://investorplace.com/2013/09/wednesday-apple-rumors-china-event-signals-major-iphone-deal/
- JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
- FRAN: http://studio-5.financialcontent.com/investplace/quote?Symbol=FRAN
- a miss on the top and bottom lines: https://investorplace.com/2013/09/francescas-q2-earnings-fran/
- LNKD: http://studio-5.financialcontent.com/investplace/quote?Symbol=LNKD
- JASO: http://studio-5.financialcontent.com/investplace/quote?Symbol=JASO
- ETFC: http://studio-5.financialcontent.com/investplace/quote?Symbol=ETFC
- MU: http://studio-5.financialcontent.com/investplace/quote?Symbol=MU
- VVUS: http://studio-5.financialcontent.com/investplace/quote?Symbol=VVUS
- GWRE: http://studio-5.financialcontent.com/investplace/quote?Symbol=GWRE
- Read more: https://investorplace.com/ipo-playbook/guidewire-software-the-little-ipo-that-could/
- SAI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SAI
Source URL: https://investorplace.com/2013/09/wednesdays-ip-market-recap-gm-f-tm-cien-aapl-bbry/