After Market: S&P 500 Joins the Round-Number Milestone Party


It was the S&P 500's turn to close at a milestone level, and a big deal may be brewing the cable industry. The Dow topped 16,000 on Thursday, but Friday, it shared the spotlight with the S&P 500, which closed above 1,800 for the first time.

Most U.S. Stocks Decline as Dow Average Briefly Surpasses 16,000
Bloomberg via Getty Images
The Dow Jones industrial average (^DJI) gained nearly 55 points on the day, to complete its seventh straight weekly gain. The S&P 500 (^GPSC) rose 9 points Friday, and the Nasdaq composite index (^IXIC) added 22.

Time Warner Cable (TWC) jumped 10 percent, following a Wall Street Journal report that its much smaller rival, Charter Communications (CHTR), is nearing a deal to borrow enough money to make a bid for the cable company. Charter gained 5.5 percent, and other cable and satellite companies followed it upward. Cablevision (CVC) rose 6 percent and DirecTV (DTV) added 3 percent.

A big gainer in the drug sector was ARIAD Pharmaceuticals (ARIA), which soared 35 percent after European regulators said the company could continue to sell a cancer drug that the FDA rejected. But -- and this is a big but -- Ariad stock has lost nearly 80 percent of its value over the past 3 months, due largely to that FDA decision last month.

Biogen Idec (BIIB) jumped 13 percent after winning a decade of market exclusivity in Europe for its new multiple sclerosis treatment.

Some retailers continued to struggle. Gap (GPS) fell 1 percent on a disappointing earnings outlook. Target (TGT), J.C. Penney (JCP) and TJX (TJX) also fell.

And another discounter warns investors the holiday season won't have much ho-ho-ho in its sales stocking. Ross Stores forecast results for the current quarter that fell short of expectations. Its shares lost 5 percent.

Other Big Movers Included:
  • Intel (INTC), down 5 percent after forecasting flat sales for next year.
  • Data analytics firm Splunk (SPLK) rallied 22 percent as revenue soared.
What to Watch Monday:
  • The National Association of Realtors releases pending home sales for October at 10 a.m. Eastern time.
  • The Federal Reserve Bank of Dallas releases its manufacturing survey for November at 10:30 a.m.
-Produced by Drew Trachtenberg.

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Brian McCormack

I would like to hear more about what China said this week.
"PBOC Says No Longer in China’s Interest to Increase Reserves"
This was in
What happens when China reduces it's US dollar reserves? What happens if they start reducing their bond purchases? Who will buy all our debt we keep printing?

November 22 2013 at 8:29 PM Report abuse rate up rate down Reply

Cable is way too expensive.

November 22 2013 at 8:14 PM Report abuse -1 rate up rate down Reply