NASDAQ Leads Wednesday's Recovery

Markets were up, as the NASDAQ lead Wednesday's recovery. The Dow gained 121.45 points to close at 18,162.29. The NASDAQ was up nearly 1.50% on the day, gaining 73.84 points to close out at 5,106.59. The S&P 500 split the difference and rose almost a full percentage point, climbing 19.28 points to 2,123.48.

In overseas trading, Germany's DAX rose 150 points and closed at 11,771.13. London's FTSE was up 85 points. The Hang Seng in Hong Kong fell by -170 points to close at 28,079.71.

Michael Kors Holdings (KORS) Plunges to Multiyear Low

A poor sales outlook has Michael Kors Holdings (KORS) hovering near record lows.
The footwear manufacturer is saddled with debt and having problems staying competitive as retail trade continues to be spotty. Michael Kors Holdings dove -24.20% today, falling -14.66 points to close at $45.93.

Tech Boosts the NASDAQ

The NASDAQ lead in real progress today, with a 1.34% surge that nearly doubled the Dow's own gains. The reason for the NASDAQ's performance in trading today is the index's tech-heavy portfolio. Apple (AAPL) was up nearly 2% on the day, gaining 2.42 points to close at $132.04. Microsoft (MSFT) made money too, up 2.19% to $47.61. Google (GOOG) posted 1.30% gains, rising 7.12 points to close at $554.31.

Broadcom (BRCM) Up on Buyout Offer

Mobile chipmaker Broadcom (BRCM) shot up 22% today on rumors that there might be a buyout offer on the table. The company has struggled under increasing competition lately, the days where its modem chipsets ruled the marketplace long behind it. Avago Technologies (AVGO) is said to be in late-stage talks to buy the company. Broadcom was up 10.24 points to close at $57.16 today. Avago jumped 7% to close up 10.20 points at $141.50.

Today's Luxury Upgrades

Tiffany & Co. (TIF) and Kate Spade (KATE) were both given upgrades by Dawson James analysts today, among others. This led to a big rush on buying. Tiffany's numbers were helped along by a big earnings beat this quarter, with sales that are rising faster than they have in the past 5 years. Tiffany & Co. gained 10%, or 9.01 points, to close the day's trading at $94.54 per share.

Other luxury brands like Kate Spade (KATE) and ULTA Salon (ULTA) were mixed on news of the upgrade. Kate Spade lost -1.24 points on the day, closing down -4.66% to $25.39 per share. ULTA was up 3.08% to $154.78, a gain of 4.62 points on the day.

Oil Off Another Point

Oil has been essentially stangnant since a surge over $60 last week. The recovery in the price of oil will likely be a long one, especially as futures prices are staying low going into the summer demand boom. Oil dropped -0.90% today, and closed at $57.51 per barrel.
Published on May 27, 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 2020. Content published with author's permission.

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