Midday movers: Staples, OfficeMax, Spirit Airlines
Stocks are higher as Thursday's Fed-sparked rally continues.
UnitedHealth Group (UNH) was selected to replace Kraft Foods (KFT) in the Dow Jones industrial average at the start of trading Sept. 24.
S&P Dow Jones Indices, which manages the index, said the change reflects both the growing importance of health care spending in the U.S. economy and Kraft's plan to spin off its North American grocery business.
Home Depot (HD) announced plans to close its last seven big box outlets in China and focus on Internet-based sales and specialty stores. The company said it will record an after-tax charge of $160 million, or about 10 cents per diluted share, in Q3 due to the lay-offs and restructuring.
Among the notable gainers Friday was Staples (SPLS), which rose another 4% after being up Thursday following a report of potential interest in taking the company private. Peers Office Depot (ODP), up 6%, and OfficeMax (OMX), up 12%, rose as well, though OfficeMax may have also benefited from stating that it will see a pre-tax gain in Q3 on the resolution of some matters related to Lehman-backed notes.
Among the noteworthy losers were Spirit Airlines (SAVE), down 14% after its guidance for its Q3 revenue per available seat mile disappointed, and Werner Enterprises (WERN), down 7% following at least five downgrades of its stock after the company issued a profit warning.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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