After Market: A Volatile Roller Coaster Ride on Wall Street

DailyFinance Staff
Updated

Stocks moved higher on Monday. They also moved lower. Then, they reversed course once again.

The Dow Jones industrial average (^DJI) was up by triple-digits in the early going, then sank into negative territory by early afternoon, then rallied once again -- ending the day up 87 points. The Standard & Poor's 500 index (^GPSC) rose 6, but the Nasdaq composite (^IXIC) lost 1 point.

ANG-87868 : Liseberg roller coaster ; Gothenburg ; Sweden
Dinodia Photos/Alamy

Many of the Nasdaq's momentum stocks, which tumbled on Friday, continued to lose ground, but did end above their worst levels of the day.

Netflix (NFLX) fell 2½ percent as Microsoft (MSFT) said it will begin to produce original programming for its Xbox customers. Netflix shares have lost nearly a third of their value since peaking at the beginning of March.

Amazon (AMZN) fell 2 percent, Facebook (FB) fell 3 percent, and LinkedIn (LNKD) lost 6½ percent.

Priceline (PCLN) fell another 1½ percent, and a broad group of travel and leisure stocks followed suit. Casino operators Wynn Resorts (WYNN) and Las Vegas Sands (LVS) both lost more than 3 percent. Hotel operators Marriott (MAR) fell 2 percent and Starwood (HOT) fell 1 percent. The vacation rental firm HomeAway (AWAY) fell 2 percent.

Elsewhere, Bank of America (BAC) dropped more than 6 percent because of a big accounting error in filings with the Federal Reserve. As a result of the mistake, the company is suspending its stock buyback and dividend increase.

Under Armour (UA) fell 3½ percent. It was announced last week that the stock is being added to the S&P 500. Usually that sparks a round of buying, but over the past week, the stock is down 12 percent.

The one bright spot for the market was a series of acquisitions and takeover offers.

Pfizer (PFE) gained 4 percent after renewing its bid for AstraZeneca (AZN), which jumped 12 percent. A deal could be worth more than $100 billion.

Furiex Pharmaceutials (FURX) surged 29 percent after agreeing to be bought by Forest Labs (FRX), which was slightly lower on the day.

Susser Holdings (SUSS) rallied 36 percent as the operator of convenience stores agreed to be acquired by Energy Trust Partners.

But Newmont Mining (NEM) fell nearly 7 percent. It ended talks with Barrick Gold (ABX), which lost 3 percent.

I'm Karina Huber with the Daily Finance After Market report.
What to Watch Tuesday:

  • Standard & Poor's releases the S&P/Case-Shiller index of home prices for February at 9 a.m. Eastern time.

  • The Conference Board releases the Consumer Confidence Index for April at 10 a.m.

  • Federal Reserve policymakers begin two-day meeting on interest rates.

The following major companies are scheduled to report quarterly financial results:

  • Bristol-Myers Squibb (BMY)

  • Coach (COH)

  • EBay (EBAY)

  • ExpressScripts (ESRX)

  • Goodyear Tire & Rubber (GT)

  • Marriott International (MAR)

  • Merck (MRK)

  • MGM Resorts International (MGM)

  • Moneygram International (MGI)

  • NCR (NCR)

  • Nokia (NOK)

  • Plantronics (PLT)

  • Spirit Airlines (SAVE)

  • Sprint (S)

  • Trulia (TRLA)

  • Twitter (TWTR)

  • U.S. Steel (X)

  • Valero Energy (VLO)

-Produced by Drew Trachtenberg.

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