The S&P 500 climbed to a new 2009 high last week, closing the week up 1.7% to 1,105.98. Nine out of 10 sectors posted gains, with energy as the only laggard. A flurry of good news fueled the market’s gains last week: Concerns surrounding Dubai’s debt situation began fading; the unemployment rate unexpectedly dipped to 10% from 10.2%; and Bank of America pledged to pay back the $45 billion of taxpayer money it borrowed.
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 |
|---|---|
|
Big Lots |
17% |
|
Robert Half International |
16% |
|
Micron Technology |
16% |
|
Apartment Investment & Management |
15% |
|
Advanced Micro Devices |
15% |
Source: Capital IQ (a division of Standard & Poor's).
Losers on the week:
|
Company |
Percentage Loss on the Week |
|---|---|
|
GameStop |
(16%) |
|
Abercrombie & Fitch |
(10%) |
|
American International Group |
(10%) |
|
Family Dollar Stores |
(9%) |
|
UnitedHealth Group |
(7%) |
Source: Capital IQ (a division of Standard & Poor's).
A closer look
Though there was a good deal of positive news, last week also told the story of disappointing retail sales for the month of November. Teen retailer Abercrombie & Fitch reported that comparable-store sales for the month of November tumbled 17%, worse than the 9% decline analysts were expecting. Total sales slipped 8%.
Family Dollar managed to post an increase in November same-store sales of 2.4%; however, analysts had expected an increase of 4%. Although traffic increased during the quarter, the average value of purchases was flat. Despite the shortfall, the discount retailer maintained first-quarter earnings guidance. Total net sales inched up nearly 4% for the month.
One retailer that managed to buck the downward trend was Big Lots. The discount retailer closed out a strong week after reporting better-than-expected third-quarter results and raising full-year and fourth-quarter guidance. Big Lots is taking advantage of the economic climate, given its status as a discount retailer. The firm opened 52 new stores this year -- more than expected -- as it seeks to take advantage of better-located property. However, the retailer is also closing 30 stores this year, down from the 40 it initially planned to close. Big Lots also said it would buy back $150 million in stock.
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