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Market Wrap-Up for June 17 (COF, VFC, MCO, PM, ORCL, AMZN, more)

We had almost an identical market day as we had yesterday. The averages were up early, drifted lower, but some late-day buying helped the Dow finish in the green. The Nasdaq once again struggled as momentum traders headed for the exits.

Looking at today's action, shares of Capital One Financial ( COF ) finished down slightly following confirmation of a deal to acquire ING's online banking division. Meanwhile, credit ratings agency Moody's ( MCO ) shares dropped 5% following a Wall Street Journal story citing a potential civil fraud lawsuit surrounding the company and other ratings agencies' roles in the recent financial crisis, specifically involving mortgage bonds.

Getting into what worked today, shares of VF Corp ( VFC ) and Coach ( COH ) were higher as investors look for recent winners to jump in on. It's a good day for some of our Best Dividend Stocks , including stocks in the consumer staples sector and tobacco plays. Some names standing out on the upside today included Clorox ( CLX ), Colgate-Palmolive ( CL ), and Phillip Morris International ( PM ).

The recent China IPO web plays that momentum traders and the business media have been gushing about have quickly been decimated. None of them pay dividends, but they were big headline stories the last few months. Billed as the Facebook of China, Renren ( RENN ) broke below $7 after debuting near $18 a few months back. Billed as the ( AMZN ) of China, Dangdang ( DANG ) is now trading near $12 after hitting $36 in frenzied early post-IPO trading. Contributing to the sell-off in these names are accounting concerns that have been spotted in several other China-related companies. Accounting issues notwithstanding, the danger in trading is very real and one that I will keep reminding investors about. The business media is always ready to serve you the next great investment story, but you need to stay focused on building wealth the proper way. That is, buying assets that produce income (dividend stocks, positive cash-flow real estate, businesses).

Quick note - We added a great new highly-anticipated feature to our Premium service yesterday!

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Looking ahead to next week, some quarterly earnings will begin to trickle in as we get set to see how well corporate America did in the second quarter. Watch for earnings results from the likes of FedEx ( FDX ), Walgreen Co. ( WAG ), and Oracle ( ORCL ), just to name a few.

Be sure to catch up with our latest watchlist updates this weekend on Premium , including reports on earnings/story stocks, analyst upgrades/downgrades, dividend ETFs, and much more. And as always, you can view our current recommendations on our industry-leading Best Dividend Stocks List . And if you haven't already, be sure to check out "What's New on Premium" post we published recently to get up to speed on all the great new enhancements we've made to our service.

Thanks for your support everybody and thanks for reading my newsletter too! Please pass this on to anyone you think we can get inspired and educated about building wealth and using common sense to do so.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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