After Market: Another Month for the Record Books

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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.

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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8 Comments

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gop4ever3

We need more deregulation and less oversight. When this happens the markets will really take off! Wall St. will do right by the American people. If it all collapses who cares. The only greed that exists out there is by the welfare crowd....The millions that lost jobs at the last collapse in 2008 are content to sit home and collect 50% less than what they were making when they were working.

June 01 2014 at 3:31 AM Report abuse rate up rate down Reply
1 reply to gop4ever3's comment
d.barack

Did you ignore the article dumbazz ? Wall Street is setting record highs. On the downside, there are only Obama's part time service jobs available.
Go invent another screen name Evan.

June 01 2014 at 11:05 AM Report abuse -2 rate up rate down Reply
ectullis

Are the feds still printing 85B a month?

May 31 2014 at 8:28 AM Report abuse -3 rate up rate down Reply
1 reply to ectullis's comment
d.barack

83 billion, Yellen is still using Bernanke's formula.

June 01 2014 at 10:37 AM Report abuse -1 rate up rate down Reply
lassosterling

The liberal press loves to tout stock market gains as a distraction from the fact that, six years later, their boy has done absolutley nothing to grow this economy and, what's worse, he still doesn't have a clue as to how to do it. Growing the ecomony was lost when Romney lost the election. The cost of living has skyrocketed, medical insurance has skyrocketed, groceries and urilities have skyrocketed, gas has skyrocketed, unemployment has skyrocketed, taxes have skyrocketed -- and of course laid at the feet of the working class - yes, THE 47%!!! Read the article, then think about how your personal economy is doing. Making a killing in the stock market, are ya?

May 30 2014 at 9:54 PM Report abuse -4 rate up rate down Reply
thefacts22

The economy is growing NEGATIVE,and everything is in state of near collapse.....WS is in the hands of cronies

May 30 2014 at 6:40 PM Report abuse -1 rate up rate down Reply
kimmer0310

Tick, tick, tick.

May 30 2014 at 5:16 PM Report abuse -3 rate up rate down Reply
kimmer0310

Is anybody still falling for this?

May 30 2014 at 5:13 PM Report abuse -4 rate up rate down Reply
1 reply to kimmer0310's comment
d.barack

Barry Soetoro's pilot fish.

June 01 2014 at 10:38 AM Report abuse -2 rate up rate down Reply