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The Dow’s in the Dumps: Wednesday’s IP Market Recap

Dow Jones suffers first three-day skid of 2013


Forget about that morning hubbub.

InvestorPlace Market RecapBig early gains for the Dow Jones Industrial Average and the rest of the major U.S. indices completely petered out by day’s end. Continued concern about the Federal Reserve’s direction on interest rates, as well as overseas market difficulty, sent stocks broadly into the red and gave the Dow its first three-day losing streak of 2013.

The Dow — which has suffered daily swings of 100 points in seven of June’s eight trading sessions — dropped 126 points, or 0.84%, and broke the 15,000 threshold by fishing at 14995.23. The Nasdaq led the way down, closing off 1.06% at 3100.43, and the S&P 500 fell 0.84% to close at 1612.52, with all 10 of its sectors in the red.

One of the few bright spots for the Dow was Hewlett-Packard (HPQ), whose shares climbed more than 2% after CEO Meg Whitman said on CNBC  that the company might be able to grow revenues this fiscal year.

Shares of Cooper Tire & Rubber (CTB) spiked on a buyout bid by India’s Apollo Tyres for $2.2 billion, or $35 per share — a roughly 43% premium to CTB’s closing price on Tuesday. Competitor Goodyear Tire & Rubber (GT) improved 2% in sympathy.

Lastly, First Solar (FSLR) plunged more than 10% after the renewable-energy firm announced plans for a new stock offering of nearly 10 million shares.

Three Up

  • Live Nation (LYV): Up 16.8% ($2.33) to $16.17.
  • Ulta Salon (ULTA): Up 14.9% ($12.51) to $96.64.
  • Questcor Pharmaceuticals (QCOR): Up 7.4% ($3.11) to $45.22.

Three Down

  • Icahn Enterprises (IEP): Down 9.8% ($7.78) to $71.74.
  • Lululemon (LULU): Down 5.2% ($3.55) to $64.30.
  • JA Solar (JASO): Down 5.1% (36 cents) to $6.72.

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

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