After falling more than 1.6% yesterday on worries that Greece wouldn't be able to gather enough support from its investors to complete a willing bond restructuring, The Dow Jones Industrial Average
But today, Greece appears to be getting closer to the magic number it needs. Additionally, the Federal Reserve reported higher consumer-debt figures, a possible sign of economic activity, and the Wall Street Journal wrote an article about the Fed considering another plan to help fuel the economic recovery. All this boosted financials like Bank of America
But not every stock joined in the rally:
Blue-chip Kraft may be less volatile than the other two finalists, but it was the worst-performing Dow stock of the day. A Jeffries analyst downgraded the food giant, arguing that weaker demand, costs related to its plan to split into two companies, and higher pension expenses could reduce 2012 earnings. Although the market may be overreacting to one analyst's projection -- and a short-term one, at that! – I've also pointed out that the stock seems a bit richly priced, perhaps due to its attractiveness to economically defensive investors, given its growth prospects relative to other mature companies.
Pandora shares are taking a beating after the release of the music netcaster's quarterly report. Although listening hours doubled, so did content-acquisition costs. Investors are worried that these figures and the company's disappointing 2013 outlook suggests it's having trouble monetizing its mobile users, who make up nearly three-quarters of its user base.
Deckers isn't feeling the love from Wall Street today either, selling off after Sterne and Stifel Nicolaus analysts reduced their respective price targets. Sterne's was worried about a possible inventory glut and the company's distribution and pricing.
I don't have a strong opinion on these stock's valuations, and Pandora and Deckers are particularly difficult to call. However, the selloffs today do seem likely to be overreactions. Kraft, Pandora, and Deckers all lost to the market today, but let's remember to keep perspective: What happens on a day-to-day or even week-to-week basis doesn't matter nearly as much as long-term performance.
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Ilan Moscovitz doesn't own shares of any company mentioned. The Motley Fool owns shares of JPMorgan Chase and Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.