By
Jennifer Schonberger
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More Articles
November 2, 2009
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Last week was certainly a spooky one for the markets, as volatility spiked and stocks moved downward. The S&P 500 closed the week down 4% to 1,036.19. Investors questioned the durability of the economic recovery based on fears that consumer spending -- which accounts for two-thirds of economic output -- would remain muted in the absence of government incentives.
The S&P closed the month of October down nearly 2%, but remains up 53% since the March 9 low.
Pops and drops
Here are the five biggest S&P 500 upticks and five biggest S&P 500 drops of last week (measured Friday close to Friday close):
Winners on the week:
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Company
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Percentage Gain on the Week
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Radio Shack (NYSE: RSH )
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8%
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O'Reilly Automotive (Nasdaq: ORLY )
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6%
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Coventry Health Care (NYSE: CVH )
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6%
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Harman International Industries
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6%
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Harris
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6%
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Source: Capital IQ (a division of Standard & Poor's).
Losers on the week:
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Company
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Percentage Loss on the Week
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Goodyear Tire & Rubber (NYSE: GT )
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(27%)
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New York Times (NYSE: NYT )
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(26%)
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Gannett (NYSE: GCI )
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(26%)
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Apollo Group (Nasdaq: APOL )
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(23%)
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CB Richard Ellis Group
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(20%)
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Source: Capital IQ (a division of Standard & Poor's).
A look at some of the movers on the week
Shares of O’Reilly Automotive rose last week after the auto-parts retailer turned in a killer third quarter. Earnings per share rocketed an eye-opening 103% on a 13% increase in sales and improved gross margins due to lower acquisition costs. Results beat analysts’ forecasts, and the company issued a fourth-quarter outlook that was in line with to above analysts’ expectations.
Coventry Health Care said third-quarter earnings slipped 17% on account of a one-time charge for the sale of its Medicaid service unit, First Health Services. Excluding the charge, the underlying core operations were healthy enough to handily beat analyst expectations; Coventry raised its full-year earnings forecast.
Shares of for-profit education company Apollo plunged last week after the SEC said it has launched an “informal inquiry” into the company’s revenue accounting practices. This marks the second time this year the SEC has investigated Apollo on its revenue recognition.
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