The shake-out on Wall Street continued on Monday, with Nasdaq stocks taking the brunt of the selling. Over the past three trading sessions, the Nasdaq has plunged 177 points, or more than 4 percent. Big name Internet and social media stocks led the downturn, but the damage was widespread.
Let’s check some of the big name losers on the Nasdaq.
Apple (AAPL) lost 1½ percent, LinkedIn (LNKD) dropped 3½ percent and Pandora (P) fell 5 percent despite an upgrade by Wedbush Securities. Pandora shares have now tumbled by 27 percent over the past month.
But biotechs avoided the heavy selling today. Biogen Idec (BIIB) actually turned higher. And some of the money flowing out of internet stocks moved into “old” tech companies. IBM (IBM), Intel (INTC) and Cisco Systems (CSCO) all gained about 1 percent.
Among other blue chips, Walt Disney (DIS) fell 1½ percent despite a strong opening weekend for “Captain America: The Winter Soldier.”
Pfizer (PFE) fell 3 percent. It reported generally positive results for a new breast cancer drug, but there was disappointment the findings were not even better.
And Procter Gamble (PG) gained 1 percent after increasing its dividend.
Elsewhere, 3-D printers are malfunctioning. Stratasys (SSYS) lost 7 percent. Over the past three months it’s lost nearly a quarter of its value.
World Wrestling Entertainment (WWE) got pinned, losing 15 percent even though the company says it is on target for 1 million subscribers this year.
Buffalo Wild Wings (BWLD) fell 2 percent even though it expects to do big business for tonight’s NCAA championship game.
What to Watch Tuesday:
- The Labor Department releases job openings and labor turnover survey for February at 10 a.m. Eastern time.
These major companies are scheduled to report quarter corporate earnings:
–Produced by Drew Trachtenberg.