Today’s market was relative calm, at least compared to yesterday. All of the major exchanges managed to stay trading through close of market today, and gains were made in all of the major indices. The S&P 500 gained 0.38% on today’s market, the Nasdaq increased in value by 1.21% and the Dow Jones Industrial Average gained 0.05%.
Despite the relative calm in the market, and the strong gains made across the board today, there were some big movers across the market. Microsoft Corporation (NASDAQ:MSFT), Facebook Inc (NASDAQ:FB), and Autodesk, Inc. (NASDAQ:ADSK) all made big gains in trading Friday, while Hibbett Sports, Inc. (NASDAQ:HIBB) and Pandora Media Inc (NYSE:P) both lost big chunks of value.
Michele Ragazzi's Giano Capital returned 1.9% for March, taking the fund's year-to-date performance to 1.7%. Since its inception, Ragazzi's flagship fund has produced a compound annual return of 7.8%. According to a copy of the €10 million fund's March update, a copy of which ValueWalk has been able to review, Giano's most significant investment at Read More
Microsoft Corporation (NASDAQ:MSFT) had a surprising day all around, starting with the announcement that Steve Ballmer, the company’s CEO was planning to leave the company in the next twelve months. That announcement came this morning, and was followed by another interesting development, Microsoft Corporation (NASDAQ:MSFT) shares jumped by 7.35% on today’s market to finish $34.77.
Steve Ballmer may not be feeling particularly good about himself when looking at the company’s stock ticker this afternoon. The huge rise in the value of the company since the news was announced signals the excitement surrounding Microsoft’s future. The company has not really been under-performing, but its ability to adapt to changes in the technology market has not been proven.
Ballmer may not have been the man to make changes at Microsoft Corporation (NASDAQ:MSFT), but his tenure at the company has not been a failure. Ballmer has contributed much to the company that he helped found with Bill Gates so many years ago. Microsoft’s future is unknowable, but the CEO search is likely to dominate news about the company for the foreseeable future.
Pandora Media Inc (NYSE:P) shares lost a large amount of their value on today’s market, dumping 12.9% on today’s market to close Friday’s trading at $18.91. The reason for the loss in value was the company’s earnings report, which was released after the market closed on Thursday. The company began to shed value as soon as those results were announced, as after market trading bit into the company’s earnings.
The problem with Pandora Media Inc (NYSE:P was mainly contained in its guidance for the coming year which was lowered, disappointing investors. The company actually managed to beat the consensus expectations of analysts with the numbers in the report, putting up earnings of 4 cents per share, 100% higher than the 2 cents expected by the market place.
Facebook Inc (NASDAQ:FB) is on the increase again after many months of share price depression. Shares in the social networking company rose by 5.19% on today’s market to close at $40.55. The $38 barrier that plagued the company for so long is behind it now. Facebook Inc (NASDAQ:FB) investors must be incredibly optimistic about long term potential now.
Today’s rise may have had a lot to do with investors getting involved in the stock as it rose above its IPO price and continued above $40. If there’ momentum behind Facebook Inc (NASDAQ:FB) there’s real potential for massive growth in share price in a short period of time.
It will take a while before Facebook Inc (NASDAQ:FB) manages to break out from the psychological confines of its hilarious IPO, but it’s well on the way. Facebook Inc (NASDAQ:FB) could be the next big growth stock on the tech market.
Hibbett Sports, Inc. (NASDAQ:HIBB) is a mid cap sports retailer that dumped more than 8% of its value today after an earnings report in which the company lowered its 2014 outlook. The firm’s shares lost 8.76% on today’s market to finish the day’s trading at $53.40 per share. The lowered outlook problem is one the company shares with Pandora Media Inc (NYSE:P), the day’s other big loser.
Today’s losses erased pretty much all of the gains made in the company’s shares through the year. Through yesterday’s close the company had added more than 10% in 2013. The new guidance offered by the firm was for Full Year 2014 EPS of $2.65-$2.77, down from $2.85-$3.05 and consensus estimates of $2.94.
Autodesk, Inc. (NASDAQ:ADSK) saw shares rise by 7.69% on today’s market to finish trading at $38.91. The impetus for the change in value at the software and services company was the earnings report it released yesterday afternoon, and the analyst reports about the company that subsequently emerged.
In the earnings report, the company revealed earnings per share of 42 cents beating expectations. The company also raised its forecasts for the current quarter, though they remained below the consensus expectations of analysts.
Shares in the company fell initially in extended trading Thursday, but as investors had time to read the earnings report and analysts had time to interpret it shares began to climb upward. The result is a share price 10% above where it started the year, and a force of optimism behind the company.