S&P 500 Leaders and Laggards: AMZN SNDK
By
Associated Press
May 19, 2008
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The Standard & Poor's 500 finished flat on Monday, with investors flocking to Amazon.com Inc. after a Goldman Sachs analyst added it to a conviction buy list, but a warning of softer sales from SanDisk Corp. tempered enthusiasm.
The S&P 500 gained 1.28 points to close at 1,426.63.
Amazon.com rose $5.83, or 7.6 percent, to $82.96. On Monday, Goldman Sachs analyst James Mitchell added the stock to the bank's "Americas Conviction Buy" list.
He also boosted his 6-month price target to $98 from $75, predicting the Web retailer can sustain 20 percent or more revenue growth in the next five to 10 years.
Building materials supplier Vulcan Materials Co. rose $5.52, or 7.1 percent, to $82.99.
Networking products maker Tellabs Inc. jumped 20 cents, or 3.6 percent, to $5.79.
Among the decliners, SanDisk shed $2.42, or 7.5 percent, to $30.02. The memory chip maker said at JPMorgan's technology conference Monday it could see soft sales.
E-Trade Financial Corp. lost 28 cents, or 6.5 percent, to $4.03 after the discount brokerage filed with the Securities and Exchange Commission to sell up to $2.6 billion of company stocks and bonds.
And Campbell Soup Co. gave up $2.25, or 6.3 percent, to $33.70. The company said its adjusted profit fell to 43 cents per share in the fiscal third quarter and missed Wall Street's target by 1 cent.