Closing Bell: Pandora Spikes on Deal Talks; Ann Taylor Parent Ascena Trips on Outlook

Stocks snap back from their worst losses in eight months seen a day earlier.

Author:: Keris Alison Lahiff
Publish date:: May 18, 2017 4:14 PM EDT

Stocks snapped back from their worst losses in eight months seen a day earlier. Walmart (WMT) - Get Report boosted the S&P 500 and Dow Jones Industrial Average following a better-than-expected quarter, while health care gave rise to the Nasdaq. Pandora (P) spiked on reports John Malone's Sirius XM (SIRI) - Get Report had begun talks for a possible acquisition. Nearly two weeks earlier, Pandora created a committee to formally engage with prospective buyers. It was a punishing day for Ascena Retail (ASNA) - Get Report after warning investors of a weaker third quarter. The Ann Taylor parent expects same-store sales to fall by 8% over its third quarter and as steep as 7% for the full year. CarMax (KMX) - Get Report surged after an upgrade to OUTPERFORM from NEUTRAL at Wedbush Securities. The firm boosted its rating based on strength in its core business and higher earnings estimates.