U.S. stocks were up moderately Monday, with both the Dow Jones Industrial Average and S&P 500 reaching all time highs. The healthcare sector led the way thanks to an upcoming Supreme Court review of some different aspects of The Affordable Care Act.
Investors were generally pleased with the results of recent corporate earnings reports, with technology stocks finishing strong on the day. Specifically, Alibaba (BABA), 3D Systems (DDD), and Sprint (S) were among some of the better performers on Wall Street.
Alibaba (BABA)
Recent IPO Alibaba hit a record high today, with BABA stock closing up 4% higher. Alibaba shares climbed ahead of China’s “Singles’ Day,” which falls on Nov. 11 and is the country’s biggest online shopping day of the year. One year ago, Alibaba grossed $5.8 billion in sales on November 11, which set a company record, and the company has rung up $2 billion in just one hour of this year’s edition.
Alibaba shares are now 75% higher than their IPO price.
3D Systems (DDD)
The maker of 3D printers surged more than 5% today after reporting third-quarter earnings that were mixed, but maintaining its 2014 guidance. Revenue rose 23% to $166.9 million, but was below estimates of $167.5 million; sales growth was slowed by delays in manufacturing. Earnings of 18 cents per share beat Street estimates by a penny, but came in far less than the 26 cents per share 3D Systems earned a year ago.
Still, it appeared the earnings beat was enough to help DDD stock bounce during an otherwise tough year. 3D Systems’ shares still are down 60% for the year to date.
Sprint (S)
The wireless carrier closed up again today, following Friday’s 1.3% gain after disclosing it will take a $105 million charge. At the bell, Sprint was more than 3% higher, closing at $4.88. Sprint plans to cut another 2,000 jobs from its work force, and it announced last week that it had lost 272,000 postpaid subscribers in the most recent quarter.
Today’s price rise appears to be a technical bounce from an extremely oversold condition.
Ethan Roberts doesn’t own any of the companies mentioned in this article.
