After Market: Late Gains Turn Bearish Day into a Dow Record

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A late-afternoon buying spree lifted the Dow Jones industrial average into record territory Friday. The Dow (^DJI) rose 32 points, edging above the high water mark set last week. The Standard & Poor's 500 index (^GPSC) added nearly 3 points, and the Nasdaq composite (^IXIC) gained 20 points.

A number of retail stocks bucked the weakness that was prevalent during most of the day, thanks to better-than-expected sales figures for April. Gap (GPS) led the way, up 3 percent. It also raised its earnings outlook for the first quarter.

J.C. Penney (JCP), Urban Outfitters (URBN) and American Eagle (AEO) also gained about 3 percent.

But Ralph Lauren (RL) dropped 2 percent. Earnings topped expectations but the company warns that expenses will rise in 2014. Over the past year, Ralph Lauren stock is down 19 percent.

And Radio Shack (RSH) fell another 9 percent. It's now trading at just $1.34 a share. The company says it will not close as many stores as planned because of disagreements with some key lenders.

Elsewhere, Apple (AAPL) edged lower on reports it plans to pay more than $3 billion to buy Beats, the maker of fashionable headphones and speakers, and operator of a music streaming service.

AthenaHealth (ATHN) gained nearly 6 percent, but it's been a rough week for the company. Activist investor David Einhorn said he's shorting the stock.

On the earnings scorecard, CBS (CBS) fell 2 percent. Its net rose, but revenue fell -- and that, known as top-line growth -- is the big focus for investors right now.

The digital advertising company Rocket Fuel (FUEL) tumbled 21 percent as net fell short of expectations and the outlook was disappointing.

Jazz Pharmaceuticals (JAZZ) fell 3 percent, also hurt by a weak outlook.

A pair of tech firms beat expectations. Symantec (SYMC), maker of Norton computer security software, rose 3 percent. And Computer Sciences (CSC) jumped 7 percent.

Finally, 3D printer companies lost another dimension. Stratasys (SSYS) fell 4½ percent after warning that expenses are on the rise. VoxelJet (VJET) and Exone (XONE) also fell. All three have lost a third of their value or more so far this year.

What to Watch Monday:
  • The Treasury Department releases the federal budget for April at 2 p.m. Eastern time.
These major companies are scheduled to release quarterly financial results
  • Babcock & Wilcox Co. (BWC)
  • Elizabeth Arden (RDEN)
  • Nissan Motor Co. (NSANY)
-Produced by Drew Trachtenberg.


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29 Comments

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progressivehoax

It must be Obama's sequestration.

May 11 2014 at 10:49 AM Report abuse -1 rate up rate down Reply
militiaman2013

Unlike you clowns who frequent this forum but don't know anything about finance; I alerted the market activity of DRL yesterday and while you punks were making childish comments I jumped in at $2.20 and got out at $2.40 with a very nice and quick profit.

May 10 2014 at 3:40 PM Report abuse rate up rate down Reply
militiaman2013

Was there really any doubt that the Shysters on Wall Street would make more money for themselves?

Daily Finance didn't report the 1000's of 401k accounts that were robbed for Wall Street to accomplish this magic last minute rally.

May 10 2014 at 1:54 PM Report abuse -2 rate up rate down Reply
Denny

It has to be Obama's fault!

May 10 2014 at 10:00 AM Report abuse -2 rate up rate down Reply
savannahswithgod

It's not muscle is it, it's Scam, Lie, Fib as the Greed continues on it's way to destroying the World. Free Enterprise a fully loaded gun in Russian Roulette. Those handing you the gun of course know it is loaded and don't care for those not having a gun to hand you.

May 10 2014 at 9:51 AM Report abuse -2 rate up rate down Reply
Craig

It's earning season, companies continue to set the bar low just so at the end of the quarter their earning beat expectations. That's like a kid telling his parents to expect D's and F's on his report card and he comes home with C's. This country can't even build a car without it being recalled, but hey America keep drinking the grape juice the Fed is feeding.

May 10 2014 at 7:13 AM Report abuse -3 rate up rate down Reply
1 reply to Craig's comment
flip33732

Hey Craig, please don't tell me they allow you to procreate.

May 10 2014 at 10:16 AM Report abuse -1 rate up rate down Reply
elendil3136

It never ceases to amaze me how little intelligent comment is to be found on this thread.

May 09 2014 at 9:19 PM Report abuse +2 rate up rate down Reply
4 replies to elendil3136's comment
obamaspartyislying.uall

obamaspartyislying.uall

May 09 2014 at 9:12 PM Report abuse -3 rate up rate down Reply
militiaman2013

I see Dopey's family is home from the bean fields and McDonalds, do you roll dice to see who can make the next pointless statement?

May 09 2014 at 9:03 PM Report abuse rate up rate down Reply
4 replies to militiaman2013's comment
Iselin007

The rule says small caps go down the others soon follow. Can you say down?

May 09 2014 at 8:46 PM Report abuse -5 rate up rate down Reply