BAC, Financials Lead Markets to Gains — Tuesday’s IP Market Recap

Financial stocks carried the load for the markets Tuesday, pushing both the Dow
Jones and S&P 500 indices to their highest levels in six months. The Dow gained
70 points to finish at 12,462, and the S&P was up more than 11 points to 1,292
as news from Europe, domestic economic data and earnings reports propped up
investor positivity. Financials finished with strong gains, including respective
jumps of 5.7% and 3.2% for domestics Bank of America (NYSE: BAC ) and Citigroup
(NYSE: C ), as well as 5.8% and 4.2% gains abroad for Royal Bank of Scotland
(NYSE: RBS ) and UBS (NYSE: UBS ). Smaller institutions such as Fifth Third
Bancorp (NASDAQ: FITB , +3.24%) and PNC Financial Services (NYSE: PNC , +2%)
also made gains. Eastman Kodak (NYSE: EK ) doubled in value Tuesday to 60 cents
on news that the company was restructuring its corporate organization . Despite
continued rumors of bankruptcy surrounding the company, investors were reassured
by the streamlining of its business from three into two segments. Kodak needs
quick results, however – it must bring its stock back above $1 within months
to keep from being delisted by the New York Stock Exchange. However,
shareholders in WebMD (NASDAQ: WBMD ) were left in the cold, with the stock
getting slammed on the news that CEO Wayne Gattinella was resigning and that the
company had stopped talking to potential suitors including Yahoo (NASDAQ: YHOO
) and Alibaba about a buyout. Shares had traded steadily in the $37-$38 range
for almost a month before sinking almost 30% to $26.25 by Tuesday's end. Three
Up Idenix Pharmaceuticals (NASDAQ: IDIX ): Up 24.22% ($2.34) to $12. Cirrus
Logic (NASDAQ: CRUS ): Up 15.73% ($2.67) to $19.64. Lululemon Athletica (NASDAQ:
LULU ): Up 12.03% ($6.43) to $59.87. Three Down Health Management (NYSE: HMA ):
Down 13.07% (91 cents) to $6.05. Goodyear Tire & Rubber (NYSE: GT ): Down 8.31%
($1.27) to $14.01. Tiffany & Co. (NYSE: TIF ): Down 10.46% ($7) to $59.94. (
Read more about Tiffany & Co. cutting full-year earnings guidance here. ) As of
this writing, Kyle Woodley did not own a position in any of the aforementioned
stocks.