The S&P 500 gained 0.9% last week to 1,159.90, its third consecutive week of gains. The market rose on encouraging economic data and with the Federal Reserve deciding to keep rates on hold at historic lows, underscoring continued low borrowing costs that help fuel the recovery.
Pops and drops
Here are the five biggest S&P 500 increases and the five biggest S&P 500 drops of last week (measured Friday close to Friday close):
Winners:
Company |
Percent Gain |
---|---|
LSI |
15.1% |
GameStop |
9.9% |
Coventry Health Care |
8.3% |
Aetna |
8.2% |
First Horizon National |
7.8% |
Source: Capital IQ (a division of Standard & Poor's).
Losers:
Company |
Percent Loss |
---|---|
Consol Energy |
(16.2%) |
Nabors Industries |
(11.7%) |
Southwestern Energy |
(10.7%) |
Cabot Oil & Gas |
(8.9%) |
Devon Energy |
(8.8%) |
Source: Capital IQ (a division of Standard & Poor's).
A closer look
Shares of LSI got a boost last week after the company raised its first-quarter revenue and earnings outlook on a pickup in business spending on technology. LSI also said it is repurchasing $250 million in shares, and that it would not rule out other stock repurchases.
GameStop also issued upbeat guidance for 2010, which overshadowed a disappointing fourth quarter. Shares leapt on the news, but perhaps investors should be cautious. My Foolish colleague Rick Aristotle Munarriz is skeptical of the company's forecast, given management's track record of inaccurate calls.
In a move to broaden its natural gas business and diversify its risk profile, Consol Energy said it is buying Dominion Resources'
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