Weekly Market Re-Cap Ending March 8th, 2013

Posted on: March 9, 2013
weekly

This was a historical week for the market as the Dow hit a new record high several times this week. On Friday the Dow closed at an all time new high of 14,397.07. Friday marked the sixth straight day in a row of gains for the S&P 500 and was just 1% away from an all-time closing high. This the ninth positive week out of the 10 for the exchange. All three major indexes experienced their biggest weekly gains this past week since the first week of 2013.

For the week, both the Dow and the S&P 500 closed up 2.2 percent, while the Nasdaq rose 2.4 percent. For the year, the Dow is up 9.9 percent, while the S&P 500 is up 8.8 percent and the Nasdaq is up about 7.5 percent.

Stocks in the spotlight this week included Pandora Media (NYSE:P) who announced stronger than anticipated quartlery results. The Company's CEO Joseph Kennedy is also departing the Company.

Skullcandy Inc (Nasdaq: SKUL) plunged to a new all time low of $5.06 after the headphone maker said it expects to post a loss in the current quarter.

McDonald's Corp (NYSE: MCD) said February sales at established restaurants fell just 1.5 percent, which was a little better than expected.

According to a new report, Apple Inc. (Nasdaq: AAPL) is planning on releasing their rumored and anticipated smart watch, the “iWatch” later this year.

GMX Resources Inc. (NYSE: GMXR) announced it has been notified by the New York Stock Exchange that it is not in compliance with one of the continued listing standards of the NYSE.

Acura Pharmaceuticals, Inc. (Nasdaq: ACUR) announced that they have reached a key milestone with an entrance into the drug store market. KERR DRUG will be the first drug store chain to stock the Company’s Nexafed® - a next generation cold/allergy medicine with abuse-deterrent technology.

J. C. Penney Company, Inc. (NYSE: JCP) slid to a new 52-week low after news was revealed that Vornado Realty Trust (VNO), once the Company’s second-biggest shareholder, had sold almost half of its stake. Macy’s is suing both Martha Stewart and her Company and J. C. Penney on the grounds that Martha Stewart has breached her contract by selling a J. C. Penney line.

In the OTC market, Viratech Corp. (OTC: VIRA) announced an agreement for an exclusive marketing license for women's health product.

Medbox, Inc. (OTC Markets: MDBX) announced they have signed a deal with Entrepreneur Media for a full page ad placement in their award winning magazine "Entrepreneur."

KannaLife Sciences announced $1.5M series A financing from Medical Marijuana Inc. (OTC: MJNA) and CannaVest Corp. (OTC: FCLS)

LiqTech International, Inc. (OTCQX: LIQT) announced that the Company has launched a new state-of-the-art Silicon Carbide (SiC) Flat Sheet Membrane (FSM) disc for Membrane Bioreactors (MBR) and Moving Bed Bioreactors (MBBR) for wastewater treatment.

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