Stocks March Onward and Upward! — Tuesday’s IP Market Recap
by Marc Bastow | May 14, 2013 5:12 pm
[1]Just one day after rumblings that the Fed is planning an eventual exit from QE, the market’s mood shifted on individual earnings reports and a nudge from David Tepper, the founder of hedge fund Appaloosa Management who told CNBC investors shouldn’t be overly concerned[2] about the news.
Momentum shifted back to the upside, and stocks rallied to push the Dow Jones Industrial Average and S&P 500 to still loftier all-time highs.
The S&P 500 led the way, gaining 1.01% to set a new mark at 1650.34, while the Dow rose 0.82% to close at 15215.25. The Nasdaq gained 0.69% to finish at 3462.61.
Bank stocks helped move the ball forward, with Bank of America (NYSE:BAC[3], +2.8%) leading the Dow, while Goldman Sachs (NYSE:GS[4], +3.3%), Citigroup (NYSE:C[5], +2.4%), and JPMorgan (NYSE:JPM[6], +1.1%) also headed higher.
Sony (NYSE:SNE[7]) stock rose over 9% after Third Point hedge fund manager Dan Loeb, who has a 6% stake in the company, announced he was pushing for a spinoff of Sony’s entertainment and life insurance division[8].
Among the few notables who did not enjoy a profitable day was SolarCity (NASDAQ:SCTY[9]) — chaired by Tesla Motors
(NASDAQ:TSLA[10]) leader Elon Musk — which sank more than 12% after reporting a wider-than-expected loss and providing weak forward guidance. For the record, TSLA’s big winning streak came to an end as the stock pulled back just more than 5%.
Meanwhile, BlackBerry (NASDAQ:BBRY[11]) shares fell just under 4% after the company unveiled the Q5[12], a lower-cost smartphone aimed at emerging markets.
Earnings notables for Wednesday include Deere (NYSE:DE[13]), Macy’s (NYSE:M[14]) and Cisco (NASDAQ:CSCO[15]).
Three Up
- Sodastream (NASDAQ:SODA[16]): Up 11.9% ($6.79) to $64.08.
- RadioShack (NYSE:RSH[17]): Up 9.8% (37 cents) to $4.16.
- Groupon (NASDAQ:GRPN[18]): Up 8.3% (53 cents) to $6.89.
Three Down
- Portugal Telecom (NYSE:PT[19]): Down 10% (52 cents) to $4.70.
- Yingli Green Energy (NYSE:YGE[20]): Down 6.4% (16 cents) to $2.36.
- Nokia (NYSE:NOK[21]): Down 5.2% (20 cents) to $3.64.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities.
- [Image]: https://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
- shouldn’t be overly concerned: http://www.cnbc.com/id/100734173
- BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
- GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
- C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C
- JPM: http://studio-5.financialcontent.com/investplace/quote?Symbol=JPM
- SNE: http://studio-5.financialcontent.com/investplace/quote?Symbol=SNE
- spinoff of Sony’s entertainment and life insurance division: https://investorplace.com/2013/05/why-daniel-loeb-is-right-about-sony/
- SCTY: http://studio-5.financialcontent.com/investplace/quote?Symbol=SCTY
- TSLA: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSLA
- BBRY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBRY
- unveiled the Q5: https://investorplace.com/2013/05/blackberry-ceo-introduces-lower-priced-phone/
- DE: http://studio-5.financialcontent.com/investplace/quote?Symbol=DE
- M: http://studio-5.financialcontent.com/investplace/quote?Symbol=M
- CSCO: http://studio-5.financialcontent.com/investplace/quote?Symbol=CSCO
- SODA: http://studio-5.financialcontent.com/investplace/quote?Symbol=SODA
- RSH: http://studio-5.financialcontent.com/investplace/quote?Symbol=RSH
- GRPN: http://studio-5.financialcontent.com/investplace/quote?Symbol=GRPN
- PT: http://studio-5.financialcontent.com/investplace/quote?Symbol=PT
- YGE: http://studio-5.financialcontent.com/investplace/quote?Symbol=YGE
- NOK: http://studio-5.financialcontent.com/investplace/quote?Symbol=NOK
Source URL: https://investorplace.com/2013/05/tuesdays-ip-market-recap-c-gs-jpm-sne-csco/