The S&P 500 rose for the second straight week last week, up 2.3% to 1,093.48 as earnings season began to wind down. The index broke 1,100 in Friday’s trading session, but closed slightly lower.
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:
|
Company |
Percentage Gain on the Week |
|---|---|
|
Advanced Micro Devices |
30% |
|
JDS Uniphase |
18% |
|
ProLogis |
17% |
|
priceline.com |
17% |
|
Abercrombie & Fitch |
16% |
Source: Capital IQ (a division of Standard & Poor's).
Losers on the week:
|
Company |
Percentage Loss on the Week |
|---|---|
|
MBIA |
(18%) |
|
Macy's |
(6%) |
|
Genzyme |
(6%) |
|
Southwestern Energy |
(5%) |
|
Sunoco |
(5%) |
Source: Capital IQ (a division of Standard & Poor's).
A look at some of the movers
Shares of Advanced Micro Devices soared last week after the chip maker finally came to a settlement agreement with rival Intel in which Intel will pay AMD $1.25 billion. AMD sued Intel in 2005, alleging that Intel, which controls 80% of the chip market, engaged in illegal actions to maintain its stronghold on the global computer market. Following the settlement, Standard & Poor’s Rating Services raised AMD to B- from CCC+.
Many retailers reported earnings last week, including Abercrombie & Fitch and Macy’s. Abercrombie & Fitch saw third-quarter earnings tumble 39%, though the drop was not as steep as expected. Sales also declined 15%. After losing market share to lower-priced competitors, the teen clothing retailer is diversifying its pricing strategy, adding lower-priced merchandise into the mix.
Department store Macy’s raised its full-year earnings guidance; however, the forecast fell short of analysts’ expectations. Macy’s also raised its same-store sales projection for the year, forecasting a smaller decline than initially anticipated. The retailer says its new strategy of customizing stores’ merchandise to regional tastes is helping. The store also clocked a loss of $0.03 per share (excluding restructuring charges) -- narrower than analysts’ expectations.
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