S&P 500 Scratches out Slight Gains

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Positive earnings reports fended off a tumultuous market Friday, helping the Standard & Poor’s 500 Index eke out a gain of six points, or about a half-percent, to reach 1,165 in early trading. Advancing stocks outnumbered those declining by better than a 3-to-2 margin. The S&P 500 is up more than 1.5% for the week but down more than 9.3% for the year.

Retailers continued to rise on strong earnings, with Tiffany’s (NYSE:TIF) up more than 5%, or more than $3 a share, to around $66.30. Profits for the second quarter increased by 33% thanks to soaring sales for the upscale retailer. Tiffany’s is up almost 7% for the week and more than 50% for the year.

Electronic Arts (NASDAQ:ERTS) was higher by more than 3% to over $21, a gain of more than 60 cents per share. The tech sector is up this morning thanks to deal activity, which is running at a record clip.

F5 Networks (NASDAQ:FFIV), another tech company, was enjoying gains of about $2.20 per share, or more than 3%, to around $73.90. F5 Networks also was upgraded by Stifel Nicolaus and McAdams Wright Ragen.

Off about 3.5% was Sealed Air Corp. (NYSE:SEE) to under $16.50, a loss of about 60 cents per share. Sealed Air is down about 3% for the week, 20% for the month and 30% for the quarter. Doubts about economic growth are dragging down the share prices of the packaging and container corporation.

Starwood Hotels & Resorts (NYSE:HOT) was lower by more than 30 cents, or about 7%, to drop beneath $40.40 per share. Morgan Stanley downgraded Starwood this morning. Up about 1% for the week, Starwood is down more than 33% year-to-date.

Tenet Healthcare (NYSE:THC) was down to about $5 per share, losing a couple cents for a 0.4% drop. Tenet is up more than 7% for the week and 27% for the year.

Jonathan Yates does not own any of the stocks mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2011/08/sp-500-tiffanys-electronic-arts/.

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