S&P 500 Weekly Recap: FedEx and J.C. Penny Give Shareholders a Treat

The S&P 500 (NYSEARCA:SPY) was down 2.83% this week and stands at 1,219. Here are the most actively traded stocks with hot news you must know.

Urban Outfitters (NASDAQ:URBN) shares are up after the clothing and accessories retailer reports in a regulatory filing that its comparable retail segment net sales thus far in Q4 are “mid-single-digit positive.” URBN shares have traded in a 52-week range of $21.47 to $39.26. Volume today was 8,235,114 shares versus a 3-month average volume of 3,606,760 shares. The company’s trailing P/E is 20.59, while trailing earnings are $1.36 per share.

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Sprint (NYSE:S) is on the rise as the AT&T merger with T-Mobile looks more and more improbable. S shares have traded in a 52-week range of $2.10 to $6.45. Volume today was 26,415,401 shares versus a 3-month average volume of 60,496,500 shares. The company’s trailing earnings are $-0.84 per share.

Despite NetApp’s (NASDAQ:NTAP) poor FQ3 guidance and market share losses, JPMorgan stays bullish on the company. The firm believes recent performance problems have been dealt with, and foresees that the launch of version 8.1 of its Data ONTAP operating system will stimulate the company by reinforcing NetApp’s offerings for “scale-out” storage deployments. Competitors EMC (NYSE:EMC), Hewlett-Packard (NYSE:HPQ), and Hitachi (NYSE:HIT) have all recently taken on scale-out specialists. NTAP shares have traded in a 52-week range of $33.00 to $61.02. Volume today was 3,467,591 shares versus a 3-month average volume of 7,499,560 shares. The company’s trailing P/E is 23.42, while trailing earnings are $1.64 per share.

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Avon Products (NYSE:AVP) gains 10% at the open following yesterday’s announcement that the company is looking for a replacement for chief executive Andrea Jung. Citigroup likes the move and has faith that the beauty products firm can improve, but says change takes time and “there is no easy fix.” So far today, Caris and BMO Capital have upgraded the stock. AVP shares have traded in a 52-week range of $16.09 to $31.60. Volume today was 15,846,455 shares versus a 3-month average volume of 5,968,980 shares. The company’s trailing P/E is 10.05, while trailing earnings are $1.70 per share.

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Progressive Corporation (NYSE:PGR) climbs despite a waning stock market. The insurance firm reports a November net income of $0.20/share vs $0.17/share this time last year, with a 6% Y/Y rise last month to $1.07B in net premiums written. PGR shares have traded in a 52-week range of $16.88 to $22.08. Volume today was 7,491,624 shares versus a 3-month average volume of 5,519,670 shares. The company’s trailing P/E is 11.43, while trailing earnings are $1.63 per share.

J.C. Penny (NYSE:JCP): The retailer continues to find strong bidders on holiday season bets the former Apple executive can change company fortunes. JCP shares have traded in a 52-week range of $23.44 to $41.00. Volume today was 2,281,859 shares versus a 3-month average volume of 4,948,040 shares. The company’s trailing P/E is 35.48, while trailing earnings are $0.92 per share.

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Novellus (NASDAQ:NVLS)Lam Research’s (NASDAQ:LRCX) prospective purchase of Novellus advances some of the companies’ rivals, as investors show optimism that the merger of the third and fourth largest U.S. chip equipment manufacturers will encourage even more consolidation in the afflicted industry. NVLS shares have traded in a 52-week range of $25.95 to $41.82. Volume today was 22,521,527 shares versus a 3-month average volume of 1,740,440 shares. The company’s trailing P/E is 11.85, while trailing earnings are $3.50 per share.

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FedEx (NYSE:FDX) projects FQ3 EPS to be $1.25-$1.45 vs. consensus of $1.31, and reasserts its estimate of $6.25-$6.75 for FY12. The company announces a deal to buy 27 Boeing (NYSE:BA) 767s as part of efforts to modernize its fleet, while holding off taking delivery of 11 777Fs “to better balance … capacity to demand.” FDX shares have traded in a 52-week range of $64.07 to $98.66. Volume today was 5,903,536 shares versus a 3-month average volume of 2,906,980 shares. The company’s trailing P/E is 17.14, while trailing earnings are $4.83 per share.

Covidien (NYSE:COV) announces plans to turn its pharmaceutical business into a standalone public company. The pharma unit presently generates $2B in sales, but will bring in around $9.6B in sales after the split. COV shares have traded in a 52-week range of $41.35 to $57.65. Volume today was 3,760,673 shares versus a 3-month average volume of 3,875,540 shares. The company’s trailing P/E is 11.64, while trailing earnings are $3.76 per share.

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