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Daily Market Wrap

John MorganJohn Morgan

The Barron’s 400 Index (B400) took a breather Monday, slipping 0.38 points and 0.09 percent to 452.37, as a sharp drop in orders for U.S. factory goods and trouble in strife-torn Syria weighed on the stock market.

Amgen Inc., 3D Systems, Synergy Resources and Cohen & Steers led B400 gainers.

Amgen (AMGN), the world’s biggest biotech firm, rose 7.22 percent to $113.75 on the heels of its blockbuster deal to acquire Onyx Pharmaceuticals. Piper Jaffray raised Amgen to overweight from neutral.

3D Systems Corp. (DDD) jumped 7.18 percent to $51.92. Insider Monkey said hedge funds are increasing their stakes in the company.

Oil and gas operator Synergy Resources Corp. (SYRG) continued its winning ways, climbing 4.29% to $8.49. Global investment firm Cohen & Steers (CNS) tacked on 3.06 percent to $34.04.

For the year to date in 2013, the Barron’s 400 is up 23.63 percent, more than some other major benchmark indexes.

On the minus side of the market, leading B400 losers were Cooper Tire & Rubber, WD-40 Co., Sinclair Broadcast and Barrett Business Services.

Cooper Tire & Rubber (CTB) lost 3.26 percent to $31.50.

WD-40 Co. (WDFC) fell 2.78% to $58.65.

Sinclair Broadcast (SBGI) declined 2.70 percent to $25.26. The company was downgraded by Thomson Reuters/Verus from buy to hold.

Business management solutions company Barrett Business Services (BBSI) fell 3.61 percent to $64.08.

Among the other leading indexes, the Dow Jones Industrials drooped 64 points to 14,946, the Nasdaq was unchanged at 3,658, and the S&P 500 lost 7 points to 1,657.

U.S. stocks were weighed down early by a big 7.3 percent drop in orders for factory goods plus a weak reading on a barometer of planned business spending on capital goods.

While stocks recovered somewhat later in the session, a statement nearer the close of trading by Secretary of State John Kerry that the U.S. will hold Syria accountable for the use of chemical weapons increased concerns about the volatile Mideast.

John Morgan is a journalist and media executive who began his career at United Press International (UPI) and Cable News Network (CNN). He is a frequent editorial contributor to and other financial news outlets. Morgan was the founder of the Entertainment News Wire and several prominent media and entertainment sites including, and He has held management positions at two successful VC-backed portfolio companies.

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