Despite the wobbly start to the session following a surprisingly solid April jobs growth report, the bulls eventually got things going. By the time the closing bell rang, the S&P 500 was up 0.41%. The close of 2,399.29 was just shy of a record high of 2400.98, and was the highest-ever weekly or daily close for the index.
Not every stock jumped on board the bullish train though. Juno Therapeutics Inc (NASDAQ:JUNO), LendingClub Corp (NYSE:LC) and International Business Machines Corp. (NYSE:IBM) all ended the week on a bearish foot.
Here’s what investors need to know.
International Business Machines Corp. (IBM)
The 2.5% setback International Business Machines shares suffered on Friday wasn’t devastating. But, in terms of total market cap lost, IBM did end up doing the most damage to shareholders today, ranking as the biggest loser among large caps.
You can thank Warren Buffett for the loss. He, through Berkshire Hathaway Inc. (NYSE:BRK.A, NYSE:BRK.B), disclosed he had recently sold one-third of an IBM stock position he began accumulating six years ago. With his implied vote of confidence now being shaken, other shareholders began to entertain doubts as to how worth ol’ Big Blue is.
“I don’t value IBM the same way that I did 6 years ago when I started buying … I’ve revalued it somewhat downward. When it got above $180 we actually sold a reasonable amount of stock … I think if you look back at what they were projecting and how they thought the business would develop I would say what they’ve run into is some pretty tough competitors. IBM is a big strong company, but they’ve got big strong competitors too.”
LendingClub Corp (LC)
Online lending venue LendingClub may have upped its outlook for the current fiscal year, but last quarter’s loss — the fourth one in a row — is more than testing shareholders’ patience.
For the first fiscal quarter ending in March, LendingClub booked a loss of 2 cents per share on revenue of $124.5 million. The bottom line was better than the expected loss of 3 cents per share of LC, and revenue topped estimates of $122.8 million. The 29% drop in loan originations, however, sent LC stock down to the tune of 5.7%.
Juno Therapeutics Inc (JUNO)
Finally, biopharma name Juno Therapeutics may have beefed up its first quarter top line, but it didn’t do so enough to suit JUNO shareholders. The stock fell 7.7% today after the company reported a Q1 loss that was bigger than anticipated.
For the quarter ending in March, Juno Therapeutics lost 71 cents per share on revenue of $19.3 million. That loss was smaller than the 79 cents per share the company lost in the same quarter a year earlier, but still missed estimates for a loss of only 66 cents per share. Revenue of $19.3 million was better than the expected $18 million, almost doubling on year-over-year basis.
The bulk of that revenue growth stemmed from the company’s partnership with Celgene Corporation (NASDAQ:CELG), though it’s not clear how long that upside might last. Celgene paid Juno Therapeutics a licensing fee for its CD19 platform, and that was partially accounted for in the quarter.
As of this writing, James Brumley did not hold a position in any of the aforementioned securities.