Another day, another all-time record close for the S&P 500 Index (^GSPC +0.26%). But, really, it's nothing new. Tuesday was the fourth straight day the S&P set new records, as it rose 8.5 points, or 0.5%, to close at 1,625. Even as most stocks were busy defying gravity, three major underperformers still left their distinctive stains on the 500 stock index.
First Solar (FSLR 1.80%) was a victim of its own quarterly results, losing 8.9% after sales came in higher than expected but earnings disappointed. The company, which is one of the most watched in the solar industry, even caused some of the other players in its market to stumble big-time, despite the fact there was nothing to indicate these companies had done anything wrong. First Solar, for its part, spooked investors when it said its sales pipeline was looking great but incredibly uncertain.
After advancing for three straight days, shares of Chipotle Mexican Grill (CMG 0.54%) slipped 3.5% Tuesday. It seems the market may simply be acknowledging how fully priced the organic Mexican food restaurant company's stock is. Of the five investment houses that changed their price targets for Chipotle in April, two of them rated the stock a buy. Yet the highest price target of the five only represents an 8% upside from today's levels.
The last of today's laggards, beleaguered retailer J.C. Penney (JCP +0.00%), stumbled 3.1%. With official quarterly earnings set to come in next Monday, the company seems to be doing a bit of expectation management. Preliminary sales figures came in 16% lower than a year ago, aptly disappointing because the recently ousted CEO decided to do away with sales initiatives. On the brighter side, sales are returning to the retailer, and shareholders can at least be hopeful for a brighter future under new leadership.
