The week may have been short, but it turned out to be sweet for investors. After several near-misses, the S&P 500 ended the regular session at an all-time high of 1,569.10. The previous closing high was 1,565.15 set back in October 2007. The move upward came as banks in Cyprus reopened for the first time since March 16th. Now that the country has settled on a bailout plan, account holders have limited access to their money.
Surprising earnings from BlackBerry (BBRY) had the company's share prices bouncing around all day. The stock, which was up 10% in pre-market, closed the day lower by 0.6%. Behind it all was a quarterly report which showed unexpected profits of 22-cents per share. Estimates had called for a loss of 29-cents. However, revenues were $2.67 billion, below estimates of $2.84 billion. BlackBerry also reported losing 3-million customers, but said it believes it is reversing the trend. The report does not include the period when the new Z10 smart phone was unveiled in the U.S.
Pinnacle Foods (PF), whetted investors' appetites today with its IPO. The frozen food company priced 29-million shares for $20 each. They closed the day 13% higher. Pinnacle is the parent company of popular brands including Duncan Hines, Birdseye, Van De Kamp's Fish Sticks, and Lenders Bagels. The company says it's aiming to issue an 18-cent quarterly dividend, which would be an annual yield of about 3.8% from the share price at offering.
Five Below (FIVE) shares fell 3% following the release of the company's earnings report. The discount chain says it made 39-cents a share, beating expectations by a penny. But it lowered guidance for the current quarter and the full year. Even prior to today's declines, shares are were off 14% this week. Still, people who bought-in when the company went public last summer have realized gains of 50%.
Clothing company PVH Corp. (PVH) is another company that's falling now, after seeing share prices rise 50% within the past year. The stock dropped 5% today after the company issued a strong earnings report following yesterday's closing bell. PVH posted earnings of $1.54 a share versus predictions of $1.50. PVH's brands include Philip Van Heusen, Calvin Klein and Tommy Hilfiger.
Biogen Idec (BIIB) climbed 5% today on news about its oral drug Tecfidera. The FDA has approved the prescription medication to treat multiple sclerosis. The key ingredient in the pills is a chemical once used to treat sofas, but it was found to cause rashes and blisters. Tecfidera is the third pill approved to treat M.S. The global market for M.S. drugs is estimated to be around $14 billion a year.