Tech Rally Pulls the NASDAQ Into the Black

Markets continued to be flat today, with the Dow falling slightly and the NASDAQ rising. The S&P 500 also barely fell, losing 0.64 points to close at 2,098.48. The Dow was down -7.74 to end the day at 18,060.49. The NASDAQ gained 5.50 points to close at 4,981.69. Overseas trading was mixed, with Japan and London posting gains while Hong Kong and Germany fell.

Tech Rallied Today.  The big story today is the way that the tech sector rallied in the face of falling markets, which left the NASDAQ as the sole index that was up on the day.
Although the gains weren't great, it was tech that kept things in the black.

The tech rally started with Apple (AAPL) which shot up over $127 in early trading before settling back and closing the day up to $126.01 per share. Google (GOOG) and Microsoft (MSFT) also did well in trading today. Google was up over half of a point to $529.62 and Microsoft gained 0.30 points to close at $47.63. Autodesk Inc (ADSK), the makers of popular CAD software, gained big on the day. Share prices were up 1.89 points and ended the day at $58.69.

Du Pont Board Battle Sinks Prices.  The CEO of Du Pont (DD) won a contentious battle against electing members of the hedge fund Trian to its board. The fight with Trian has been ongoing, but it culminated today in a proxy battle over whether or not 4 members of the Trian fund, including its founder, would be elected to the 12-person Board of Directors. Du Pont fell -6% over the fight, losing 5 points on the day to close at $69.33 per share.

Energy Stocks Continue To Be Fragile.  Oil closed another day above $60 per barrel, but the energy companies themselves continue to be fragile. A lot of companies in the sector are down more than 30% on the year, and oil prices are still nearly half what they once were. As a result, there are big daily swings in the marketplace depending on the latest news and rumors.

In trading today, two of the biggest losers were from the energy sector. Both CONSOL Energy (CNX) and Southwest Energy (SWN) were down on the day. CONSOL lost nearly -4%, falling -1.26 points to close at $31.29. Southwest was down the same -4%, losing -1.08 points to close the day at $28.17.

Owens-Illinois Share Prices Shoot Up 10% On Acquisition.  Owens-Illinois (OI) was the day's biggest gainer, with a 10% surge in share price after it was announced that the company would acquire a privately-owned competitor. Owens gained 2.19 points in trading today, and closed at $25.98 per share.
Published on May 13, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2016. Content published with author's permission.

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