The New York Stock exchange re-opened on Wednesday after being closed due to Hurricane Sandy’s relentless beating despite reports of three inches of standing water throughout the trading room floor. Because at the end of the month, traders didn’t care about the water as much as they were concerned about the quickly growing lost opportunities. It was however, a light trading day to many who are still in the midst of recovering from floods and other emergencies caused by the superstorm. —
The traders who were able to make it into the trading floor were ultimately relieved though when they found that the Wednesday morning re-opening greeted them with positive numbers. Investors could breathe a collective sigh of relief at that news for the end of October, but the full effects of the hurricane on the stock market won’t show up until into the fourth quarter.
No one was surprised to see companies who profiting from the devastation of the hurricane. United States Home Depot and Lowe’s stock were off morning highs but were still up 1.8% each. Lumber Liquidators added 2.5%. One of the biggest climbs was from a company called Generac. This company designs and builds generators. With the major power outages through the states still being affected, the full year’s forecast is expected to climb in exponential numbers over initial predictions. This company came in with a surge of 17.4% on Wednesday morning.
Investors were surprised to see that Disney stock had fallen 1.8% and the decrease could be that $4.1 billion was currently paid to acquire Lucasfilm Tuesday. What did not surprise investors was the drop in both Apple and Facebook stocks. Facebook stock is down 2.7% to $21.35 upon the expiration of their currently post IPO-lockups.
Among the increase and decrease activity, investors considered Wednesday to be a smooth re-opening. This is the first time the trading floor had been closed for two days since 1888 due to blizzards and heavy snowfall. No one is able to explain how Wall Street was not able to prevent the floor from flood damage and remain open. Donald Trump was quick to point out, “Not one Trump building, even those along the Hudson River, lost power -- a testament to quality systems and construction.” Even the Trump Atrium was open for business Monday morning.
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