Netflix, Facebook and Amazon Share Prices All Fell by 5 Percent (at Least) Today Here are some stock trends from the BIZ Experiences Index™.
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More great earnings, but more big beatdowns in the stock market.
Alexion Pharmaceuticals topped earnings and revenue estimates by a wide margin this morning but the stock was down 9.76 percent -- the second biggest decline on the BIZ Experiences Index™ today. Fellow biotech firm Regeneron Pharmaceuticals was also down 7.7 percent. The BIZ Experiences Index™ closed the day off 4.08 percent.
Investors continued to move out of stocks and into the safe haven of U.S. Treasury bonds. Only nine of 60 stocks on the BIZ Experiences Index™ posted gains today. Meanwhile, the 10-year Treasury bond yield (which moves opposite to the bond's price), fell another five points to 3.11 percent.
High-growth technology stocks were crushed. The Nasdaq 100 index fell a whopping 4.63 percent, while the Dow and S&P 500 indexes were off 2.41 percent and 3.09 percent respectively.
Every tech stock on the BIZ Experiences Index™ was down more than 3 percent today, with chipmaker NVIDIA Corp. (-9.79 percent) posting the biggest decline of the day. The stock was up more than 40 percent through September, but has dropped nearly 20 percent in the last five trading sessions. It is now up only 3.5 percent on the year. Netflix (-9.4 percent) was down only slightly less. It has given back all it gained and then some after reporting blowout earnings last week. Tech giants Alphabet Inc. (-4.8 percent), Facebook (-5.41 percent) and Amazon.com (-5.91 percent) also had big declines.
Cyclical stocks continued to struggle as fears about economic growth mount. Truck maker PACCAR Inc. (-4.27 percent) and casino-operator Wynn Resorts (-3.18 percent), which posted the two biggest declines yesterday, were down sharply again today. Ford announced a new head of operations in China to help revive flagging sales there, but the stock was down 4.77 percent. The iconic car company will report earnings after the market closes. FedEx was down 4.2 percent after competitor UPS beat earnings estimates this morning but missed slightly on revenue targets. The company blamed tariffs and a strong U.S. dollar for weaker than expected international results.
Tesla shares retreated 1.92 percent after a monster day in the market yesterday. The rare public reversal of opinion by a major Tesla short seller yesterday sent the stock up nearly 13 percent. Tesla also reports earnings after the market closes today.
Defensive stocks did marginally better than the broader market. High dividend-paying real estate investment trust (REIT) stocks were up nicely. Essex Property Trust had the biggest gain on the index today, rising 3.06 percent. Equity Residential (2.65 percent) and Extra Storage Space (1.5 percent) also had strong gains. Food maker J.M. Smucker Company was up 1.32 percent.
Rollins Inc., owners of Orkin Pest Control, had a nice gain on the day. The stock was up 1.52 percent on the strength of good earnings reported this morning as well as the announcement of a special 14 cents per share dividend and a three for two stock split.
The BIZ Experiences Index™ collects the top 60 publicly traded companies founded and run by BIZ Experiencess. The BIZ Experiencesial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on BIZ Experiences.com.
