After Market: A Volatile Roller Coaster Ride on Wall Street

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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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Iselin007

It's something seeing all these people going over to other cable businesses. One person has tons of makeup on the new channel as opposed to being pale on the old channel. Shame Bloomberg use to be over the air but for the last decade or so it's ony on cable. I mean really aren't the advertisers supposed to fund the stations?

April 28 2014 at 8:53 PM Report abuse rate up rate down Reply
Iselin007

It's all a show because the insiders know when to work their plans.

April 28 2014 at 8:32 PM Report abuse +1 rate up rate down Reply
thefacts22

It is a sign that oba economic policies are ....are working? Under this regime we are living in an alien society

April 28 2014 at 7:06 PM Report abuse -1 rate up rate down Reply
SPQR

rumors have it that wallstreet has enticed Putin to invade the Ukraine for a undisclosed sum.

Unknown traders are going short the market before the invasion which will last 1 week. Keep an eye on Amazon when it hits bottom during the invasion.

Also in the news the Mottly F predicts that all retail stores will close and the properties 5 billion acres will be new government housing for our new low cost labor force

April 28 2014 at 6:54 PM Report abuse -2 rate up rate down Reply
1 reply to SPQR's comment
Iselin007

You mean retail wages aren't low enough now?

April 28 2014 at 8:38 PM Report abuse +1 rate up rate down Reply