S&P 500 Ends Its Streak — Thursday’s IP Market Recap

by Alyssa Oursler | December 13, 2012 4:54 pm

InvestorPlace Market Recap[1]U.S. markets slid on Thursday after House Speaker John Boehner declared that the fiscal cliff crisis has not been resolved because, in his view, the White House is not serious about cutting spending.

The remarks offset other positive macroeconomic news — including a rebound in retail sales and a sharp decline in jobless claims — to knock the markets lower.

The Nasdaq came out the big loser, down 0.72% to 2,992.16, while the S&P 500 snapped a six-day streak of gains, finishing in the red 0.63% to 1,419.45. The Dow lost 0.61% to end at 80.98.

It wasn’t all bad news, though.

After delaying its IPO[2] and being forced to slash the offering price, SolarCity (NASDAQ:SCTY[3]) burst onto the market with nearly 50% gains.

Big-box laggard Best Buy (NYSE:BBY[4]) was another big mover Thursday, as shares headed 16% higher on news that founder Richard Schulze is expected to make a bid[5] by the end of the week.

CVS Caremark (NYSE:CVS[6]) headed skyward when the company announced a better-than-expected profit forecast for 2013 and announced a 38% increase in its quarterly dividend. CVS stock finished 2% higher. Shares of Boston Beer Co. (NYSE:SAM[7]) soared by more than 15% after the company raised its full-year forecast, sending the stock to a new 52-week high[8].

Clearwire (NASDAQ:CLWR[9]) cruised as Sprint (NYSE:S[10]) announced a $2.1 billion offer to buy the rest of the company[11]; shares have cruised nearly 30% in the past three days as buyout news bubbled to the surface.

Several pharma stocks struggled on the day. Rigel Pharmaceuticals (NASDAQ:RIGL[12]) plummeted 35% after the rheumatoid arthritis drug it is licensing to AstraZeneca (NYSE:AZN[13]) didn’t meet an objective in its study. Acura Pharmaceuticals (NASDAQ:ACUR[14]) also lost 11%, while Supernus Pharmaceuticals (NASDAQ:SUPN[15]) fell 8%.

Finally, shares of printing equipment maker Lexmark (NYSE:LXK[16]) dropped 6% on an analyst downgrade, while homebuilder Hovanian (NYSE:HOV[17]) fell more than 5% on a Q4 loss.

Three Up

Three Down

Alyssa Oursler is an Editorial Assistant at InvestorPlace.com. As of this writing, she did not hold a position in any of the aforementioned securities.

  1. [Image]: https://www.investorplace.com/hot-topics/investorplace-market-recap/
  2. delaying its IPO: https://investorplace.com/ipo-playbook/solarcity-delays-its-ipo/
  3. SCTY: http://studio-5.financialcontent.com/investplace/quote?Symbol=SCTY
  4. BBY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBY
  5. expected to make a bid: https://investorplace.com/2012/12/a-bid-for-best-buy-may-be-imminent/
  6. CVS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CVS
  7. SAM: http://studio-5.financialcontent.com/investplace/quote?Symbol=SAM
  8. to a new 52-week high: https://investorplace.com/2012/12/stocks-at-new-highs-new-lows-for-1213/
  9. CLWR: http://studio-5.financialcontent.com/investplace/quote?Symbol=CLWR
  10. S: http://studio-5.financialcontent.com/investplace/quote?Symbol=S
  11. to buy the rest of the company: https://investorplace.com/2012/12/sprint-seeks-to-acquire-remaining-clearwire-stake-for-2-1b/
  12. RIGL: http://studio-5.financialcontent.com/investplace/quote?Symbol=RIGL
  13. AZN: http://caps.fool.com/Ticker/AZN.aspx?source=isssitthv0000001
  14. ACUR: http://studio-5.financialcontent.com/investplace/quote?Symbol=ACUR
  15. SUPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=SUPN
  16. LXK: http://studio-5.financialcontent.com/investplace/quote?Symbol=LXK
  17. HOV: http://studio-5.financialcontent.com/investplace/quote?Symbol=HOV
  18. ONCY: http://studio-5.financialcontent.com/investplace/quote?Symbol=ONCY
  19. UAL: http://studio-5.financialcontent.com/investplace/quote?Symbol=UAL
  20. JCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=JCP
  21. HRG: http://studio-5.financialcontent.com/investplace/quote?Symbol=HRG
  22. ALLT: http://studio-5.financialcontent.com/investplace/quote?Symbol=ALLT
  23. MCP: http://studio-5.financialcontent.com/investplace/quote?Symbol=MCP

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