Tech got hammered in Wednesday action and sent the tech-heavy Nasdaq southward on the Wednesday trading day while the DJIA and the S&P 500 both rose as investors fled growth plays in favor of blue chips.
The biggest hit for tech came from daily deals site Groupon (GRPN) , who issued poor earnings and consequently plummeted 22.77 percent. NYSE-listed Twitter (TWTR) continued reeling from the expiration of its internal share lockup the day prior, as shares went an additional 3.94 percent lower as the sell-off continued to worsen, helping drag the entire tech sector down and Nasdaq with it. Facebook (FB) followed the trend, losing 2.14 percent on the day.
Solar was hit hard as well, with First Solar (FSLR) quizzically dropping despite beating earnings. The majority of the solar sector followed suit.
It’s wasn’t all rainy days on the market. Dow components United Health (UNH) and American Express (AXP) saw gains of 3.52 percent and 2.06 percent, respectively. In the S&P 500 Electronic Arts (EA) was the clear winner, gaining 21.03 percent after crushing earnings expectations.
Results for May 7, 2014
- Standard & Poor’s 500: +.55 percent to 1,878 points
- Dow Jones Industrial Average: +.72 percent to 16,519 points
- NASDAQ Exchange: -0.31 percent to 4,068 points
Our Top Stories
- Senior Editor Jacob Harper and Quantitative Analyst Nicholas Bhandari discuss what it would take for an investor or group of investors to corner the bitcoin market.
- Toni Turner explores the broader markets and makes some predictions about some of the major ETFs that have been hammered in the investor exodus from growth stocks.
- Equities.com interviews Casey Research Chief Economist Bud Conrad, who talks gold, QE, and the details of his upcoming keynote at the Metals and Minerals Investment Conference.
- In this video, Benjamin Cox discusses what happens when mining companies divest their assets.
- Small cap star Global Cash Access (GCA) jumped more than 20 percent on an analyst upgrade and solid earnings.
- Quantum Fuel Systems (QTWW) bounced back after an abysmal trading session the day prior on report of a big new deal and positive technical factors.
- Senior Editor Joel Anderson explores the curious sell-off in the solar sector, and explores whether this means SolarCity (SCTY) could be due for a big jump if its earnings report cooperates.
- Coracept Pharmaceuticals (CORT) plummeted after the discontinuation of a clinical drug trial for the depression-treating drug mifepristone.