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Sears, Angie’s List Spike — Thursday’s IP Market Recap

Pharma stock Vivus also makes a major move


InvestorPlace Market RecapSears Holdings (NASDAQ:SHLD) was the talk of trading Thursday after its plans to bolster its balance sheet buffered the blow from a lousy fourth-quarter earnings report.

The company announced it would sell a handful of stores, reduce inventories and spin off its Sears Hometown and Outlet chains, which should generate about $1 billion all told. With the thought of bankruptcy mostly killed off, investors ran up SHLD stock about 19%.

That jump came despite a fourth-quarter loss of $2.4 billion, or $22.63 per share, just a year after making $3.43 in profits. Adjusted earnings of 54 cents per share also fell well short of expectations of 78 cents, and lower revenues of $12.5 billion barely beat estimates.

2011 IPO offering Angie’s List (NASDAQ:ANGI) gained about 7% despite a nearly $6 million loss in its first quarterly report as a publicly traded company. Investors were buoyed by strong gains in revenues (up 70%) and membership base (78%), as well as current-quarter revenue forecasts above Street expectations.

Overshadowing both Sears’ and Angie’s List’s gains was Vivus (NASDAQ:VVUS), which jumped 77% to an all-time high of $18.73 on positive news concerning its appetite-suppressing drug, Qnexa. A Food & Drug Administration advisory committee recommended approval for the drug, and while not a mandate, it’s likely to go through. The company also is examining Qnexa for potential use to treat diabetes and sleep apnea.

Three Up

  • Orexigen Therapeutics (NASDAQ:OREX): Up 14% (45 cents) to $3.66.
  • MetroPCS Communications (NYSE:PCS): Up 13.8% ($1.42) to $11.70.
  • Sprint Nextel (NYSE:S): Up 13% (29 cents) to $2.52.

Three Down

  • GrafTech International (NYSE:GTI): Down 14.1% ($2.17) to $13.25.
  • Genco Shipping (NYSE:GNK): Down 13.5% ($1.11) to $7.10.
  • Safeway (NYSE:SWY): Down 7.6% ($1.72) to $20.95.

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

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