On November 16, stocks at the top of the SPDR S&P 500 ETF (SPY) were Flir Systems (FLIR), Range Resources (RRC), and Cabot Oil & Gas (COG). These stocks gained 10.3%, 9.1%, and 8.8%, respectively, on the day. RRC and COG gained on the day with gains in oil prices. Flir Systems (FLIR), involved in sophisticated electronic equipment and instrumentation manufacturing, especially defense-related, soared on Monday, November 16. This was despite the company’s revenue missing expectations when Flir announced its third-quarter earnings on November 11.
This occurred in the wake of terror attacks, creating opportunities for the sale of defense-related equipment to the governments of many countries.
On November 16, stocks at the bottom of the SPY ETF were Urban Outfitters (URBN), Starwood Hotels & Resorts (Hot), and Electronic Arts (EA). These stocks yielded -7.4%, -3.6%, and -2.7%, respectively, on the day.
The Consumer Discretionary Select Sector SPDR Fund (XLY), battered by a -2.6% fall on November 13, rebounded with a rise of 1.2% on November 16.
Generally, during times of emergencies, stock prices of luxury items, restaurants, travel, cruises, and apparel fall. Urban Outfitters (URBN), involved in retail, landed at the bottom of the SPY on the day after the company announced its plan to acquire Vetri Family Group, a chain of Italian restaurants.
Starwood Hotels & Resorts (HOT) fell on November 16 after its rival Marriott International (MAR) announced its plan to buy Starwood for $12.2 billion in cash and stock. The deal would make MAR the world’s largest hotelier. Following the news, MAR rose by 1.4% on the day while HOT fell 3.6%.
In the next part, let’s take a glance at the UK stock market as of November 16.