By the Numbers

Daily Market Wrap

0 Comments 10 September 2013

The Barron’s 400 Index (B400) advanced 4.55 points and 1.00 percent Tuesday to 460.10, extending gains as easing Syrian tensions and positive economic news from China gave the U.S. stock market a boost.

The B400 is now ahead 25.75 percent year-to-date, on track for its best performance of the decade so far.

Top performing stocks in the index Tuesday included Polaris Industries, Multimedia Games Holding, iGATE Corp., Sinclair Broadcast Group and Mylan Inc.

Polaris (PII), a maker of all-terrain vehicles and snowmobiles, ascended 5.55 percent to $121.10.

Casino games company Multimedia Games (MGAM) climbed 5.49 percent to $38.98, recovering from a downgrade by Janney Capital in the previous session.

iGATE (IGTE), an offshore IT solutions firm, jumped 6.50 percent to $25.89.

Sinclair Broadcast (SBGI) rose 5.28 percent to $28.42. Benchmark Co. raised its target on the stock to $42, saying Sinclair’s 2014 revenues could reach $1.9 billion.

Mylan (MYL) increased 4.78 percent to $38.24. Shares rose after investors concluded new FDA guidelines on generic forms of asthma medicine Advair would benefit Mylan.

Top losers in the B400 Tuesday included Ebix, Myriad Genetics, Green Mountain Coffee Roasters, Crocs Inc. and Michael Kors Holdings.

Ebix (EBIX), a provider of insurance industry solutions, slumped 4.28 percent to $10.73.

Myriad Genetics (MYGN) slid 6.84 percent to $26.85.

Green Mountain Coffee (GMCR) dropped 3.08 percent to $26.85 after ProPublica, an investigative journalism group, wrote a piece questioning some of the company inventory management processes.

Two retailers rounded out the B400 decliners. Footwear company Crocs (CROX) fell 2.20 percent to $13.31 after cutting its revenue and profit forecast for the quarter ending Sep 30. Women’s apparel retailer Michael Kors (KORS) lost 3.19 percent to $73.21.

International focus on Syria diminished somewhat after ally Russia proposed a plan to remove that country’s chemical weapons to avoid a Western military strike there. In China, government reports of strong industrial output and retail sales showed the global recovery story may be intact.

Other major indexes also scored healthy gains on Tuesday.

The Dow Jones Industrials added 128 points to 15,191, the Nasdaq rose 23 points to 3,729 and the S&P 500 advanced 12 points to 1,684.

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John Morgan

John Morgan - who has written 280 posts on MarketGrader.com Blog.

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 Moneynews.com and other financial news outlets. Morgan was the founder of the Entertainment News Wire and several prominent media and entertainment sites including Adweek.com, Mediaweek.com and Billboard.com. He has held management positions at two successful VC-backed portfolio companies.

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