Cisco, Baidu, J.C. Penney Rise

123jump.com Staff
01 Jun, 2009
New York City

Retailers surged in New York trading after market indexes traded higher 2.5% or more. Stocks linked to Russia, China, Brazil and India surged as markets in Asia and emerging economies surged. Energy and commodities stocks gained as well.

[R]1:10PM New York – Retailers surged in New York trading after market indexes traded higher 2.5% or more. Stocks linked to Russia, China, Brazil and India surged as markets in Asia and emerging economies surged. Energy and commodities stocks gained as well.[/R]

Of the stocks in S&P 500 index, 461 increased, 37 declined and 2 were unchanged.

Regions Financial led the decliners in the S&P 500 index with a loss of 4.8% followed by losses in Sprint Nextel Corporation of 3.1%, in SunTrust Banks of 2.6%, in Prudential Financial of 2.5% and in Cephalon Inc of 2.4%.

General Motors led gainers in the S&P 500 index with a rise of 18.4% followed by gains in J.C. Penney Company of 14.2%, in Nordstrom Inc of 14.2%, in Macy’s Inc of 14%, in CBS Corp of 13.8% and in CB Richard Ellis of 12.6%.

Other Movers

CTC Media, Inc ((CTM)), the Russian independent media company surged 18% to $11.70 on a sharp rise in Russian benchmark indexes. The RTS index surged 7.3% at close in Moscow, Russia.

Cisco Systems, Inc. ((CSCO)) gained 6.5% 19.70 and the Travelers Companies, Inc ((TRV)) added 3.8% to $42.19 after the companies were added to Dow Jones Industrial Average replacing Citigroup and GM.

General Motors Corporation ((GM)) fell 12.0% to 66 cents after the company filed for bankruptcy protection in the U.S. GM in the largest industrial bankruptcy will shed $79 billion of debt, lay off 21,000 workers and shut at least 14 plants and wipe out present shareholders. When trading in the shares were halted, stock traded to 89 cents.

The Goodyear Tire & Rubber Company ((GT)) rose 9.5% or $1.10 to $12.56 after the largest U.S. tire maker said the sale of certain of its Akron properties to Industrial Realty Group as a first step toward finalizing plans for developing a new headquarters in Akron. Goodyear will record non-cash, after-tax charge of between $40 million and $45 million in the second quarter of 2009.

Green Mountain Coffee Roasters, Inc ((GMCR)) rose 1.0% or 89 cents to $84.13

J.C. Penney Company, Inc ((JCP)) surged 14% to $29.79 on a rally in retail stocks. Nordstrom, Inc increased 14% to $22.40, Macy’s, Inc added 13.4% to $13.28 and Target increased 6% to $42. Wal-Mart Stores, Inc edged 1.5% to $50.43.

Lululemon Atheltica Inc ((LULU)) surged 15.9% to $14.64 ahead of its first quarter earnings call on Thursday.

Regions Financial Corporation ((RF)) a regional bank dropped 3.4% or 14 cents to $4.05.

China linked stocks surged after benchmark indexes in overnight trading closed higher in Hong Kong and Asia. China Mobile Ltd increased 6.4% to $52.37, PetroChina ((PTR)) Company Limited ((PTR)) increased 4.8% to $121.94 and New Oriental Education & Tech Group ((EDU)) surged 8% to $59.36. Baidu, Inc added 8% to $285.33.

Sprint Nextel Corporation ((S)) dropped 2.3% or 12 cents to $5.04

Varian Medical Systems, Inc ((VAR)) advanced 3.4% or $1.24 to $37.00 on media speculation that sale of its X-ray scanning units may increase on higher sales to securities agencies and hospitals in emerging markets.

The Walt Disney Company ((DIS)) climbed 3.0% or 70 cents to $24.92 after the entertainment company’s “Up,” the summer movie from its Pixar animation unit brought in $68.2 million at the domestic box office, the third-biggest opening for a Pixar film.