Q2: Second Verse, Just Like the First — Monday’s IP Market Recap
by Kyle Woodley | April 2, 2012 5:20 pm
[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
- DangDang (NASDAQ:DANG[11]): Up 9.6% (78 cents) to $8.88.
- Smith & Wesson (NASDAQ:SWHC[12]): Up 9.3% (72 cents) to $8.47.
- Sirius XM Radio (NASDAQ:SIRI[13]): Up 3.9% (9 cents) to $2.40.
Three Down
- YPF (NYSE:SPF[14]): Down 15.5% ($4.40) to $24.01.
- Amylin Pharmaceuticals[15] (NASDAQ:AMLN[16]): Down 5.5% ($1.36) to $23.60.
- Lions Gate Entertainment (NYSE:LGF[17]): Down 4.5% (62 cents) to $13.30.
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].
- [Image]: https://investorplace.com/hot-topics/investorplace-market-recap/
- rip-roaring, record-setting first quarter: https://investorplace.com/2012/04/a-less-certain-second-quarter-ahead/
- AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
- YOKU: http://studio-5.financialcontent.com/investplace/quote?Symbol=YOKU
- STX: http://studio-5.financialcontent.com/investplace/quote?Symbol=STX
- BSFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=BSFT
- GRPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GRPN
- restate its fourth-quarter earnings: https://investorplace.com/ipo-playbook/its-goof-on-at-groupon-again/
- sparked a host of options trading: https://investorplace.com/2012/04/put-sellers-give-groupon-a-halfhearted-vote-of-confidence/
- AVP: http://studio-5.financialcontent.com/investplace/quote?Symbol=AVP
- DANG: http://studio-5.financialcontent.com/investplace/quote?Symbol=DANG
- SWHC: http://studio-5.financialcontent.com/investplace/quote?Symbol=SWHC
- SIRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIRI
- SPF: http://studio-5.financialcontent.com/investplace/quote?Symbol=SPF
- Amylin Pharmaceuticals: https://investorplace.com/2012/04/here-comes-a-bidding-war-for-amylin/
- AMLN: http://studio-5.financialcontent.com/investplace/quote?Symbol=AMLN
- LGF: http://studio-5.financialcontent.com/investplace/quote?Symbol=LGF
- Kyle Woodley: https://investorplace.com/author/kyle-woodley/
- InvestorPlace.com: https://investorplace.com/
- 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/