After Market: An Off Day for Stocks, and Also for Troubled GM

The Dow and the S&P 500 took a bit of a breather in their upward climb Monday, and General Motors shares took a break from trading at all after the automaker announced yet another set of recalls.

General Motors (GM) shares were halted temporarily after announcing 6 new recalls that impact 7.6 million vehicles in the U.S. Shares ended the day about 1 percent lower.

As for the broader markets, the Dow Jones industrial average (^DJI) closed 26 points lower, and the Standard & Poor's 500 index (^GPSC) lost almost 1 point, but the Nasdaq composite (^IXIC) gained 10 points.

Home builders got another boost on signs the housing market is heating up. Contracts to buy existing homes rose 6.1 percent in May -- their highest monthly jump since April 2010. D.R. Horton (DHI) gained 3 percent, Lennar (LEN) was up almost 1 percent, and Toll Brothers (TOL) gained more than 1 percent.

Camera-maker GoPro (GPRO) had another stellar day rising 13 percent. It's been up every day since going public last Thursday.

Micron Technology (MU) was up yet again. This time rising 4.5 percent after Credit Suisse (CS) added the chipmaker to its "Focus List." The stock is among the top gainers on the S&P 500 this year, having risen 51 percent.

Yahoo (YHOO) also was a winner too, up 2.5 percent on an upgrade from Piper Jaffray.

Data storage firm NetApp (NTAP) got a 3 percent bump after Standpoint Research began coverage of the stock giving it a buy rating and a price target of $48 a share.

News reports revealing activist investor Nelson Peltz has amassed a $1 billion stake in Bank of New York Mellon (BK) caused that stock to gain 3.5 percent. The hope is that he will instigate changes at the bank, which has been struggling with rising expenses.

Another big gainer on the day was MannKind (MNKD). After an almost decade-long pursuit, its inhaled insulin drug, Afrezza, has just gotten FDA approval for sale in the U.S. The stock was up 9.5 percent.

Allergan sold off (AGN) despite getting FDA approval for a drug that fights diabetic macular edema. Its migraine drug was rejected yet again though, and the stock was down more than 2.5 percent.

Also on the losing side was American Apparel (APP). Already a penny stock, shares slid more than 4 percent on the first day of trading since the retailer adopted a poison pill in an attempt to keep ousted founder Dov Charney from seizing the company.

-Produced by Karina Huber.

What to Watch Tuesday:
  • At 10 a.m. Eastern time, the Institute for Supply Management releases its purchasing managers index for June, and the Commerce Department reports construction spending for May.
These major companies are scheduled to release quarterly financial results.
The 7 Best Things to Buy in July
See Gallery
After Market: An Off Day for Stocks, and Also for Troubled GM
It's time to hit the thrift stores, consignment shops and furniture outlets. Now that most people have done their spring cleaning and renovating, their used furniture is on the market. That means a hefty supply, plus low prices since stores only have so much space. You can also find discounted new furniture in July, because the next year's models arrive in stores in early August. Don't be afraid to try to negotiate on prices. It often works.
Electronics -- computers and tablets specifically -- see decreases in price starting in early July. These prices continue to drop as the school year gets closer, and best way to stay on top of the hottest deals is to sign up for e-newsletters from retailers. Remember to take advantage of company and educational discounts that may be available to you, and to negotiate for free or discounted accessories.
Bottled water goes on sale throughout July as a lure to get you into stores. it also gets purchased more frequently throughout the summer -- the natural result of barbecue and picnic season, when people entertain and spend more time outdoors. So if you drink bottled water year-round, stock up now.
If you can manage, hold off purchasing your new grill until after the Fourth of July, when mark-downs approach 50 percent off. This applies to grilling accessories, too, including grill baskets and utensils. Also, check consignment shops and thrift stores. Many people buy new grills for the Fourth of July and donate or sell their old ones.
Speaking of grilling, among the hottest buys during July are condiments for burgers and hot dogs: mustard, ketchup, relish, sour cream, sauerkraut, mayonnaise and pickles, etc. Buy in bulk, and pair in-store specials with coupons for super-low prices on these summer must-haves.
If you're in the market for a sweet new pair of jeans, July is the best time to buy them. Few people buy jeans during one of the hottest months of the year, so retailers put them on sale to move them. Stores also get new jeans in the late summer in anticipation of fall shopping season, so they're eager to sell old ones to make room for new duds.
Formal suits are also seldom purchased during the middle of summer. Consequently, many suit retailers will hold sales to keep business moving. If you have an upcoming formal wedding to attend -- or if you simply need new suits for work and special occasions -- July is the best time to buy.
Read Full Story
  • DJI26870.10227.500.85%
  • NIKKEI 22522903.07-42.43-0.18%
    Hang Seng25481.583.680.01%
  • USD (PER EUR)1.140.00050.05%
    USD (PER CHF)1.06-0.0008-0.07%
    JPY (PER USD)106.960.03000.03%
    GBP (PER USD)1.26-0.0018-0.14%