After Market: Another Month for the Record Books

DailyFinance Staff
Updated

Stocks posted strong gains in May, but the month ended quietly on Wall Street. Still, the Dow Jones industrial average (^DJI) rose 18 points, closing at a record high. The Nasdaq composite (^IXIC) lost 5 points and the Standard & Poor's 500 index (^GPSC) gained 3 points, edging to its fourth record high in five days. For the month, the Nasdaq was the leader, up about 3 percent.

Some of the laggards in reporting quarterly earnings made big moves.

Express (EXPR) fell 7½ percent as net tumbled from a year ago and the retailer cut its outlook. Pacific Sunwear (PSUN) slid 17 percent. It also cut its forecast for the current period. And Guess (GES) lost 5 percent after posting a loss as sales at the apparel maker dropped.

On the upside, big gains for Big Lots (BIG). Shares of the discount retailer jumped 13 percent. The company beat expectations and raised its forecast.

Ann (ANN), formerly known as Ann Taylor, rose 4 percent. It also topped expectations. While many retailers have struggled, Ann shares are up 29 percent over the past year. While Ann was up, Annie's (BNNY) wasn't. The maker of natural foods fell 6 percent after coming up short of expectations and lowering its outlook.

%VIRTUAL-WSSCourseInline-1049%And it was also a rough day for some tech companies. Infoblox (BLOX), which automates Internet functions, tumbled 37 percent. It issued a weak forecast and the company's CEO resigned. That prompted several analysts to downgrade their ratings. And two leading cyber-security firms lost ground. FireEye (FEYE) fell 5 percent and F5 Networks (FFIV) lost 2 percent.

Two more earnings for you: Splunk (SPLK) went splash, dropping 16 percent on a weak outlook for sales of its software. And the movie company Lions Gate (LGF) lost 11½ percent. Revenue fell despite a strong start for its film "Divergent."

There was also movement on some ongoing merger stories.

Allergan (AGN) gained nearly 6 percent after Valeant Pharmaceuticals (VRX) again sweetened its offer.

Men's Wearhouse (MW) gained 3 percent as federal regulators approved its merger with Jos. A. Bank (JOSB), which added more than 1 percent.

And Lorillard (LO) gained 3 percent on market rumors that Reynolds American (RAI) will raise its bid.

Finally, some of the big name social media stocks were in the red. Facebook (FB) fell 1 percent and Twitter (TWTR) lost 4½ percent.

What to Watch Monday:

  • Markit releases its purchasing managers manufacturing index for May at 9:45 a.m. Eastern time.

  • At 10 a.m., the Institute for Supply Management releases the its manufacturing index for May and the Commerce Department reports construction spending for April.

  • Krispy Kreme Doughnuts (KKD) reports quarterly earnings after U.S. markets close.

-Produced by Drew Trachtenberg.

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