The low-volume movement of the final trading week of the year now has the S&P
500 in peril of finishing sideways or worse for 2011. Wednesday's trading
saw the index drop about 1% to end around 1,250 about seven points below its
year-end close 52 weeks ago. The pain was felt across several sectors. Tech
stocks Research In Motion (NASDAQ: RIMM ) and Sony (NYSE: SNE ) dropped about 4%
in a day that saw the Nasdaq lose almost 1.5%. Deutsche Bank (NYSE: DB , -3.83%)
and Bank of America (NYSE: BAC , -3.47%) were among some of the financial
sector's biggest losers. And casino stocks were roundly hit, with Wynn
(NASDAQ: WYNN ) losing 3.8%, Las Vegas Sands (NYSE: LVS ) dropping 3.61% and
Melco Crown (NASDAQ: MPEL ) shedding 3.31%. Lockheed Martin (NYSE: LMT ) shares
couldn't be roused today despite the announcement of a major government
contract. The defense contractor will run the U.S. Antarctic Program, which will
include implementing "a cost-effective, streamlined infrastructure for
managing work stations and medical facilities, research vessels, construction
projects and remote sites." The multiyear contract could be worth up to $2
billion. LMT shares yawned in response, dropping half a percent. Lockheed Martin
stock has been making a steady climb since bottoming below $67 in August and now
is trading around $80, much like it did for most of the first half of the year.
The stock has flirted with the $83 mark numerous times but has failed to finish
a breach. Three Up HomeAway (NASDAQ: AWAY ): Up 3.98% (88 cents) to $23. Diamond
Foods (NASDAQ: DMND ): Up 2.87% (82 cents) to $29.40. Macy's (NYSE: M ): Up
1.21% (39 cents) to $32.67. Three Down Zagg (NASDAQ: ZAGG ): Down 14.27% ($1.12)
to $6.73. ( Read more about Zagg here. ) Hecla Mining (NYSE: HL ): Down 6.85%
(37 cents) to $5.03. Freeport-McMoRan (NYSE: FCX ): Down 4.09% ($1.55) to
$36.31. As of this writing, Kyle Woodley did not hold a position in any of the
aforementioned stocks. Check out our list of previous IP Market Recaps .
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