Q2: Second Verse, Just Like the First — Monday’s IP Market Recap

by Kyle Woodley | April 2, 2012 5:20 pm

InvestorPlace Market Recap[1]After a rip-roaring, record-setting first quarter[2], the markets took a timid step into the beginning of the second quarter Monday.

The S&P 500, which got off to a yawning morning start, eventually perked up by midday and finished Monday trading up about 10 points to 1,148. Similarly, the Nasdaq and Dow also finished with gains of less than 1% after taking morning stumbles. Most of the credit was being given to positive manufacturing reports on both the U.S. and Chinese fronts.

Tech stocks had a strong day Monday, with some of the more notable gainers including Apple (NASDAQ:AAPL[3]), which rose 3.2%, as well as Chinese Internet company Youku.com (NASDAQ:YOKU[4], +4.2%), Seagate Technology (NASDAQ:STX[5], +3.7%) and Broadsoft (NASDAQ:BSFT[6], +9%).

Groupon (NASDAQ:GRPN[7]), however, wasn’t in their ranks.

The daily-deals site watched shares fall almost 17% as the day progressed — the fallout of Friday’s announcement that the company had to restate its fourth-quarter earnings[8] because of higher-than-expected customer refunds. Revenues ended up being more than $14 million worse than originally restated, and earnings were about $22 million lower. The news also sparked a host of options trading[9].

Heading in the opposite direction was Avon Products (NYSE:AVP[10]), which gained more than 17% on news that it declined a $1 billion buyout bid from private beauty company Coty. The offer was for $23.25 per share, about a 20% premium from Friday’s closing price. AVP shares finished Monday trading at $22.70.

Three Up

Three Down

Kyle Woodley[18] is the assistant editor of InvestorPlace.com[19]. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[20].

  1. [Image]: https://investorplace.com/hot-topics/investorplace-market-recap/
  2. rip-roaring, record-setting first quarter: https://investorplace.com/2012/04/a-less-certain-second-quarter-ahead/
  3. AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
  4. YOKU: http://studio-5.financialcontent.com/investplace/quote?Symbol=YOKU
  5. STX: http://studio-5.financialcontent.com/investplace/quote?Symbol=STX
  6. BSFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=BSFT
  7. GRPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GRPN
  8. restate its fourth-quarter earnings: https://investorplace.com/ipo-playbook/its-goof-on-at-groupon-again/
  9. sparked a host of options trading: https://investorplace.com/2012/04/put-sellers-give-groupon-a-halfhearted-vote-of-confidence/
  10. AVP: http://studio-5.financialcontent.com/investplace/quote?Symbol=AVP
  11. DANG: http://studio-5.financialcontent.com/investplace/quote?Symbol=DANG
  12. SWHC: http://studio-5.financialcontent.com/investplace/quote?Symbol=SWHC
  13. SIRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIRI
  14. SPF: http://studio-5.financialcontent.com/investplace/quote?Symbol=SPF
  15. Amylin Pharmaceuticals: https://investorplace.com/2012/04/here-comes-a-bidding-war-for-amylin/
  16. AMLN: http://studio-5.financialcontent.com/investplace/quote?Symbol=AMLN
  17. LGF: http://studio-5.financialcontent.com/investplace/quote?Symbol=LGF
  18. Kyle Woodley: https://investorplace.com/author/kyle-woodley/
  19. InvestorPlace.com: https://investorplace.com/
  20. here: https://investorplace.com/hot-topics/investorplace-market-recap/

Source URL: https://investorplace.com/2012/04/q2-second-verse-just-like-the-first-mondays-ip-market-recap/
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