The S&P 500 managed to rise for a second straight week -- up 2.4% to 1,117.51 -- despite lingering concerns about the European debt crisis and a moderation in economic data, namely unemployment. But, look no further than the new nominal high gold made last week for proof that anxiety levels remain high.

Pops and drops
Here are the five biggest S&P 500 upticks, and the five biggest S&P 500 drops of last week (measured Friday close to Friday close):

Winners on the week:


Percentage Gain on the Week

M&T Bank (NYSE: MTB)


First Solar (Nasdaq: FSLR)


Sunoco (NYSE: SUN)


Micron Technology




Source: Capital IQ (a division of Standard & Poor's).

Losers on the week:


Percentage Loss on the Week

GameStop (NYSE: GME)


Best Buy (NYSE: BBY)


Sprint Nextel (NYSE: S)


Schwab (NYSE: SCHW)


Apollo Group


Source: Capital IQ (a division of Standard & Poor's).

A closer look
Shares of Best Buy took it in the chin last week after the top consumer electronics retailer reported a weaker-than-expected fiscal first quarter. Sales and earnings clocked in lower than analysts' expectations because of increased costs associated with expanding its business and softer consumer demand. Best Buy experienced weakness in sales across video games, music and movies. It also saw a low single-digit decrease in same-store sales of TVs.

Despite the weaker-than-forecast quarter, my Foolish colleague Alyce Lomax says Best Buy's quarter wasn't all that bad -- especially compared with small rival Conn's results. In fact Lomax thinks the weakness in Best Buy's share price could signal a buying opportunity.

Meanwhile, shares of videogame retailer GameStop also fell after Best Buy announced it would launch a trade-in program for video games. Used video games account for nearly 25% of GameStop's overall sales. Still, Foolish colleague Rick Steier maintains that GameStop is a perfect candidate to sell covered calls against.

Interested in the other stocks on this list? Visit The Motley Fool's free CAPS community for further research and opinions on these stocks!

Related Foolishness:

Fool contributor Jennifer Schonberger does not own shares of any of the companies mentioned in this article. You can follow her on Twitter. Apollo Group, Best Buy, and Sprint Nextel are Motley Fool Inside Value selections. First Solar is a Motley Fool Rule Breakers recommendation. Best Buy and Charles Schwab are Motley Fool Stock Advisor picks. Motley Fool Options has recommended a bull call spread position Best Buy. Motley Fool Options has recommended writing covered calls on GameStop. The Fool owns shares of Best Buy and has a disclosure policy.