DJIA, Nasdaq, S&P Down on Twitter Plunge

Jacob Harper |

The markets were all dragged down on a horrendous day from social media giant Twitter (TWTR) , who saw a massive sell-off after the company’s six month post-IPO share lockup expired, allowing insiders their first chance to get out of the moribund tech play.

The sell-off came as a shock, as yesterday it appeared Twitter would follow in the footsteps of rival Facebook Inc. (FB) and escape “Lockup Day” relatively unscathed. However, while the biggest insiders like founder Biz Stone appeared to hold firm per their promises, the same couldn’t be said for the scores lesser employees and early investors who also held private shares Twitter. The sell-off began immediately and got worse throughout the day, causing the former momentum play to tank more than 17 percent by days’ end, well below its stock price at the conclusion of its first day of trading in Nov. 2103.

The Twitter debacle hit the tech-heavy Nasdaq index the hardest, but was felt throughout the broader markets. A bright earnings call from First Solar (FSLR) and big gains for Office Depot (ODP) and indie oil & gas play Forest Oil (FST) could not overcome that day’s overall downtrend.    



Results for May 6, 2014

  • Standard & Poor’s 500: -.90 percent to 1,867 points
  • Dow Jones Industrial Average: -.78 percent to 16,401 points
  • NASDAQ Exchange:  -.1.39 percent to 4,080 points

Our Top Stories

Stocks

  • Volatile healthcare stock IsoRay (ISR) jumped on the day on “mysterious buying activity” from momentum buyers.
  • Office Depot spiked on the announcement of an addition by subtraction model, opting to close 400 underperforming locations to bolster the strongest locations.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
GLOP GasLog Partners LP representing limited partnershi 22.75 -0.40 -1.73 120,861 Trade
FB Facebook Inc. 152.24 2.20 1.47 12,753,370 Trade
TWTR Twitter Inc. 18.05 0.07 0.36 6,744,779 Trade
ODP Office Depot Inc. 5.05 0.08 1.51 3,128,317 Trade
FSLR First Solar Inc. 38.33 -0.57 -1.46 2,006,326 Trade
MSPC Metrospaces Inc 0.00 0.00 0.00 1,000,024

Comments

Emerging Growth

Naked Brand Group Inc

Naked Brand Group Inc through its wholly-owned subsidiary is engaged in manufacturing and selling of direct and wholesale men's undergarments to consumers and retailers.

Private Markets

Almond Smart Home Router by Securifi

Securifi sells user friendly touch screen routers that also have support for IoT/home automation.Securifi’s Almond revolutionized wireless router setup with its easy to use Touchscreen Interface in 2012. Now our…

MyForce, Inc.

As parents, we constantly worry about the safety of our loved ones. The media bombards us with incidents from across the nation school shootings, frequent assaults on campuses, and crimes…