November 23, 2013 in Business

Netflix leads S&P 500 index gainers

Associated Press
 

NEW YORK – The Standard & Poor’s 500 index has closed above 1,800 for the first time and is up 27 percent this year. The index, which is made up of 500 large companies, includes some big winners and losers.

The Winners:

• Netflix: The video streaming and DVD rental company is playing well with investors. Its stock has jumped 276 percent this year and hit a 52-week high of $389 in October, when its earnings quadrupled and it added 1.3 million more U.S. subscribers. Shares closed at $347.85 Friday.

• Best Buy: The electronics retailer is turning itself around under new CEO Hubert Joly. The stock is up 232 percent this year after shuttering underperforming stores and revamping others to offset tough competition. Last December, Best Buy languished at $11, now it’s almost $40. Shares closed at $39.37 Friday.

• Micron Technology: The chipmaker is getting a memory boost. The stock is up 219 percent this year. Its chips, found in computers, cars and mobile devices, are benefiting from consolidation in the industry. Shares closed at a 52-week high of $20.19 Friday.

The Losers:

• J.C. Penney: The beleaguered retailer has shown flashes of life lately, but it’s still the biggest percentage loser on the S&P 500 index, with a drop of 55 percent this year. The company began its downward spiral during an ill-fated transformation strategy under former CEO Ron Johnson, who was fired in April after 17 months on the job. Now, experts say investors are encouraged that Mike Ullman, who took the top job after having led the retailer for seven years before, is beginning to stabilize the business. Shares closed at $8.87 Friday.

• Newmont Mining: Things aren’t so golden for Newmont. The miner is coping with dropping gold prices and its stock is off 45 percent in 2013. Newmont’s revenue in the third quarter slid 20 percent. Shares closed at $25.74 Friday.

© Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Get stories like this in a free daily email


Please keep it civil. Don't post comments that are obscene, defamatory, threatening, off-topic, an infringement of copyright or an invasion of privacy. Read our forum standards and community guidelines.

You must be logged in to post comments. Please log in here or click the comment box below for options.

comments powered by Disqus