After Market: New Highs for Dow and S&P, but Tech Took a Hit

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Wall Street had another rising day, with the Dow Industrials and the S&P 500 reaching new record highs. But one tech stock tanked and the momentum took a bunch of others in the sector down with it.

The Dow Jones industrial average (^DJI) closed 25 points higher, the Nasdaq composite (^IXIC) added 8 points, and the Standard & Poor's 500 index (^GPSC) was up 3 points.

One of the top gainers on the S&P 500 was used car giant CarMax (KMX). Its share price zoomed higher by 16.5 percent with revenue and profits hitting record levels. The still lackluster economic recovery is causing many to drive off lots in used cars instead of new vehicles. And the hottest model over the past two years? The Nissan Altima. Automotive retailer AutoNation (AN), which runs new and used dealerships, also got a boost, rising more than 5 percent.

It was a different story for software giant Oracle (ORCL), which was one of the S&P 500's biggest losers. Its stock fell 4 percent on sagging earnings. Social media stocks fell too. Pandora (P) was down 1.5 percent as was Groupon (GRPN), LinkedIn (LNKD) lost almost 1 percent and Amazon (AMZN) fell less than 1 percent two days after unveiling its first smartphone.

But poor Radioshack (RSH). Its stock hit a new low, trading below a dollar a share for the first time after falling almost 10 percent. Since the beginning of the year the stock is down 64 percent. One analyst has a price target of zero on the stock. Ouch. (We hope you don't have that one in your portfolio.)

And Darden's (DRI) earnings weren't very appetizing. Profits came in much lower than expected and guidance was weak. The stock fell 4 percent. It is selling its Red Lobster chain and trying to focus on revamping Olive Garden.

Solar stocks had a bright day, though. Shares of SunEdison (SUNE) shone brightly rising 1.5 percent on news it was acquiring some solar farms in Massachusetts. Other solar stocks also basked on the day. Canadian Solar gained 6 percent, and SolarCity (SCTY) was up 1.5 percent.

In the pharmaceutical sector, there were some clear winners and losers. Alexion Pharmaceuticals (ALXN) was up 3.5 percent, Eli Lilly (LLY) gained by 3.5 percent as well, but Regeneron Pharmaceuticals (REGN) was down 4 percent.

What to Watch Monday:
  • The National Association of Realtors releases existing home sales for May at 10 a.m. Eastern time.
These major companies are scheduled to release quarterly financial statements:
  • Micron Technology (MU)
  • Sonic (SONC)
-Produced by Karina Huber.


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Iselin007

Keep talking about earnings to your blue in the face because you know this market has to crash after ******* the life's blood out of the economy.

June 20 2014 at 10:29 PM Report abuse rate up rate down Reply
1 reply to Iselin007's comment
merstockgto

Too bad you are sitting on the sidelines instead of investing like me and a lot of other making money hands over fist. Have invested since 1980. The market goes up and it goes down but I hang in there for the long haul and it pays great in so many ways.

June 21 2014 at 12:28 AM Report abuse rate up rate down Reply
Iselin007

John Henry was a steel driving man goes the tale. He worked so hard trying to beat the machine, the work killed him. What we have today is smaller staffs working harder going in the opposite of working smarter not harder. Productivty goes up so high it just becomes sweatshop labor. Yeh you'll live longer right not physically doing the work ment for more staff.

And don't tell me about John Henry the tale is attributed to one of my ancestor's descendants in Virgina who ran a railroad.

June 20 2014 at 10:24 PM Report abuse +1 rate up rate down Reply
Iselin007

Now the global winners are coming to gobble up realstate and push prices higher as they pay cash pushing the American Dream for yes, ( citizens of the USA) into the sewer.

How long did you think before higher productivity started burning out the aging population?

June 20 2014 at 10:13 PM Report abuse rate up rate down Reply
toosmart4u

People remember you will get what you vote for. If you are on social security and medicare or soon to be thank a democrat. If you want to end these two fine programs vote republican. President Obama is doing a wonderful job cleaning up the buss jr. administration mess. Lets not forget chaney.

June 20 2014 at 9:30 PM Report abuse +1 rate up rate down Reply
1 reply to toosmart4u's comment
Iselin007

The mess was created along time ago. After tossing people out of their manufacturing jobs, tech jobs, and importing visa workers the new global unbalanced market place leaves charred remains of the American Dream. The age of retirement goes up like a joke. People are thrown out on their backside before they can retire. Public sectors kept getting higher benefits and pay all while the rest of the country was being saturated with taxes.

June 20 2014 at 10:05 PM Report abuse -1 rate up rate down Reply
texastotenmom

vote out any one that does not want to deport all illegal immigrants that ovomit let "break" into america with their ebola diseases n mersa~~>deport all illegal immigrants that ovomit let "BREAK" into america. !!!

June 20 2014 at 5:24 PM Report abuse -5 rate up rate down Reply