Stocks rebounded today, with the Dow Jones Industrial Average rising 0.38% to 14,606, the S&P 500 up 0.41% to 1,560, and the Nasdaq inched up 0.20% to 3,225. Traders seemed to shrug off the Labor Department's weekly report which showed jobless claims climbing to a four-month high of 385,000. The news came sandwiched in between yesterday's ADP private sector payroll report which measured just 158,000 jobs created in March and the government's monthly labor report which will be released tomorrow morning.
Facebook (FB) shares rose 3% after announcing its new platform that will run on Android smartphones called "Home." The new homescreen is a collection of apps that can be installed on any Android phone that has the most updated version of the Facebook app. In addition, AT&T will offer a new device called the HTC First, which will come pre-loaded with Home. CEO Mark Zuckerberg says he wants this to feel like software, not just another app. Home will be available for download on April 12th. The company says it will be available for tablets "within several months."
Best Buy (BBY) soared more than 16% on news that Samsung is going to open boutiques inside the chain's stores. The Korean electronics maker is opening the shops in conjunction with its rollout of the Galaxy S4, but the subsections will also carry other Samsung products. Best Buy already has special sections just for Apple (AAPL) products, but the Samsung boutiques will be bigger and have their own checkout. Best Buy shares have doubled from its 52-week low hit right after Christmas.
Shares of Lululemon (LULU) climbed over 2% today on a news of a post-pants pandemonium shake-up. The company announced after hours yesterday that its Chief Product Officer Sheree Waterson will leave the company on April 15th. Waterson took the fall for a recall of extra sheer bottoms; the manufacturing mess is expected to cost the company up to $40 million.
It was another down day for Netflix (NFLX). Shares fell 2%, adding to yesterday's 4% drop. It's not completely clear what caused the drop. First there were reports that activist investor Carl Icahn had sold shares of the company-- something which he denies. Later in the day, traders may have been reacting to an announcement that Time Warner (TXW) is starting its own streaming service which will dust off the company's vast archives. Netflix was the S&P 500's best performer in the first quarter. It more than doubled in price.
Shares of Carnival (CCL) sank more than 1.5% as the cruise operator suffered from another mishap. This time its ship Triumph broke loose from its moorings in Alabama, sustaining visible damage. The accident is being blamed on high winds. The Triumph was towed to Alabama last month after a fire in the ship's engine room caused a power outage.