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Italian Jitters Sink Stocks — Monday’s IP Market Recap

Barnes & Noble, Zynga among companies that bucked the trend


InvestorPlace Market RecapWith no hard domestic economic news and little on the earnings front to focus on Monday, investors instead looked out across the Atlantic to Europe — in particular, to elections in Italy — and didn’t like what they saw.

Europe’s indices finished mixed, and Italian stocks were hammered, including a nearly 6% loss for the iShares MSCI Italy Index (NYSE:EWI) ETF. That late selling came back across the pond as all three major American indices followed last week’s losses with another round.

The net result were broad losses, with the S&P 500 sinking 1.83% to 1,487.85, while the Dow Jones Industrial Average sank 1.55% to 13,784.17, and the Nasdaq was trimmed by 1.44% to 3,116.25.

In corporate news, shares of Barnes & Noble (NYSE:BKS) rose nearly 12% after Chairman Leonard Riggio said he plans to buy the company’s retail operations while leaving the Nook electronic book segment separate. Riggo’s SEC filing for the purchase did not include a price.

Zynga (NASDAQ:ZNGA) shares continued to ride momentum from last week’s news that Nevada will allow real-money gambling over the Internet, rising more than 7% on the day.

On the earnings front, shares of content-to-print solutions provider 3D Systems (NYSE:DDD) sank 9% after it reported quarterly results that were only slightly better than expected. It also executed a 3-for-2 stock split.

Meanwhile, home improvement retailer Lowe’s (NYSE:LOW) reported lower sales and earnings that drove shares down just less than 5%. However, the results were slightly better than forecasts, and the company sweetened the news by unveiling a $5 billion share repurchase program.

Earnings notables for Tuesday include Home Depot (NYSE:HD), Macy’s (NYSE:M), and RadioShack (NYSE:RSH).

Three Up

  • Eldorado Gold (NYSE:EGO): Up 5.7% (55 cents) to $10.16.
  • Amgen (NASDAQ:AMGN): Up 3.1% ($2.73) to $89.55.
  • Hertz Global (NYSE:HTZ): Up 1.7% (31 cents) to $19.04.

Three Down

  • Chesapeake Energy (NYSE:CHK): Down 6.8% ($1.39) to $19.11.
  • Office Depot (NYSE:ODP): Down 6.7% (28 cents) to $3.93.
  • Alpha Natural Resources (NYSE:ANR): Down 6% (52 cents) to $8.15.

Marc Bastow is an Assistant Editor at As of this writing he does not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media,

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