Dell, Techs Head Lower — Wednesday’s IP Market Recap

by Kyle Woodley | February 22, 2012 4:56 pm

InvestorPlace Market Recap[1]The S&P 500 shied away from a key resistance point at 1,360 on Wednesday, with tech and financial stocks among the trading day’s bigger losers.

Dell (NASDAQ:DELL[2]) dropped almost 6% on a lousy fourth-quarter earnings report[3] that saw profits decline 17% and fall below Wall Street estimates. Dell also provided weak current-quarter forecasts[4]. Netflix (NASDAQ:NFLX[5]) dropped more than 4% on the same day it announced its service would be immediately available on Sony’s (NYSE:SNE[6]) PlayStation Vita handheld video game device.

Also falling were online stocks Zillow (NASDAQ:Z[7], -6.1%) Pandora (NYSE:P[8], -4.4%) and medical information company WebMD (NASDAQ:WBMD[9]).

Financials suffered modest losses, especially across regional banks. Comerica (NYSE:CMA[10]) shed around 4%, Suntrust Banks (NYSE:STI[11]) was down 3.7%, PNC Bank (NYSE:PNC[12]) dropped 2.5% and Fifth Third Bancorp (NASDAQ:FITB[13]) lost 2.3%. Big Four banker Citigroup (NYSE:C[14]) also declined 3% on the day.

Wal-Mart (NYSE:WMT[15]) ran into a second straight day of losses after its lackluster earnings report[16], shedding about 2.5% Wednesday. The company’s report, which usually comes near the end of the earnings season, was an appropriate symbol for this go-around — the S&P 500 has seen its lowest earnings beat rate (64%) since 4Q 2008[17], with 26% of companies falling below estimates.

Three Up

Three Down

Kyle Woodley[24] is the assistant editor of[25]. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[26].

  1. [Image]:
  2. DELL:
  3. lousy fourth-quarter earnings report:
  4. weak current-quarter forecasts:
  5. NFLX:
  6. SNE:
  7. Z:
  8. P:
  9. WBMD:
  10. CMA:
  11. STI:
  12. PNC:
  13. FITB:
  14. C:
  15. WMT:
  16. after its lackluster earnings report:
  17. lowest earnings beat rate (64%) since 4Q 2008:
  18. THLD:
  19. CHS:
  20. GRMN:
  21. NFX:
  22. YGE:
  23. ALU:
  24. Kyle Woodley:
  26. here:

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