After Market: On Flash Crash's Anniversary, Stocks Take a Dip

Internet and social media stocks lead a broad selloff on Wall Street Tuesday. Coincidentally, it's also the anniversary of one of the scariest days in market history. On May 6, 2010, the Dow plunged nearly 1,000 points in a matter of minutes in what became known as the 'flash crash.'

The damage Tuesday was a lot less severe. The Dow Jones industrial average (^DJI) fell 129 points, the Standard & Poor's 500 index (^GPSC) lost 17, and the Nasdaq composite (^IXIC) slid 57 points.

Twitter (TWTR) has become the poster boy for social media stocks that were hyped up too much. It lost 18 percent Tuesday and has now lost nearly a third of its value in just six months. The stock is trading at its lowest level since the company went public in November. The apparent trigger for Tuesday's decline: Stock restrictions were lifted on many insiders, allowing them to sell their shares for the first time -- and sell they did.

Looking at other social media stocks: Facebook (FB) fell 4 percent and LinkedIn (LNKD) lost 5½ percent. Netflix (NFLX) fell 5 percent and Google (GOOG) declined by 2½ percent.

On the earnings front, the insurance giant AIG (AIG) fell 4 percent as net fell sharply from a year ago.

Martha Stewart Omnimedia (MSO) lost 8 percent. Revenue was weak at its publishing and broadcast operations.

On the upside, Office Depot (ODP) jumped 16 percent. Its net topped expectations and the company announced plans to close 400 underperforming stores. Anadarko Petroleum (APC) rose more than 3 percent. And DirecTV (DTV) gained 2 percent after reporting that its net fell, but still beat expectations.

Elsewhere, Athenahealth (ATHN) tumbed 14 percent after the activist investor David Einhorn said he's shorting the stock. He says it could fall by as much as 80 percent. The stock has lost about a quarter of its value in the past six months.

Merck (MRK) fell 2½ percent on news that it had agreed to sell its consumer health unit -- which includes brands such as Coppertone and Claratin -- to the German firm Bayer for more than $14 billion.

And Target (TGT) lost another 4 percent, one day after its chairman and CEO was forced to resign.

What to Watch Wednesday:
  • The Labor Department releases first-quarter productivity data at 8:30 a.m. Eastern time.
  • The Federal Reserve releases consumer credit data for March at 3 p.m.
These notable companies are scheduled to release quarterly financial statements:
  • Anheuser-Busch Inbev (BUD)
  • AOL (AOL)
  • Avis Budget Group (CAR)
  • Caesars Entertainment (CZR)
  • Dynegy (DYN)
  • FTD Cos. (FTD)
  • Hertz Global Holdings (HTZ)
  • HSBC Holdings (HSBC)
  • Humana (HUM)
  • Kelly Services (KELYA)
  • Keurig Green Mountain (GMCR)
  • Molson Coors Brewing Co. (TAP)
  • Mondelez International (MDLZ)
  • Neenah Paper (NP)
  • Tesla Motors (TSLA)
  • Twenty-First Century Fox (FOXA)
  • Vitamin Shoppe (VSI)
  • Zillow (Z)
-Produced by Drew Trachtenberg.

7 Simple Habits to Save a Pretty Penny (or $100)
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After Market: On Flash Crash's Anniversary, Stocks Take a Dip
Have you ever heard of the 30-day rule? As a frugal guy, this is one of my favorite rules in spending. If you’re about to spend any more than $20 on something that is unnecessary, don’t. Instead, put the item down and wait 30 days to buy it. You’ll be amazed at how much money you save by not making unnecessary frivolous purchases.
I literally mean freeze your credit cards. It seems a bit extreme, but think of it this way. The average credit card comes with a 13 percent or higher interest rate. By simply not using credit cards as often, you’ll save a ton. So, get a plastic sandwich bag and put your credit cards in it. Fill it with water, zip it up and throw it in the freezer. Without easy access to those tempting pieces of plastic, you probably won’t use them as much. However, they’ll still be around -- in an emergency, you can retrieve them from the ice.
Have you ever looked around your house, seen a few items and thought, “I could have made that!” You probably could have. The only thing is, you didn’t. Instead you paid for it. From now on, before you buy something you think you can make on your own, give it a shot. I saved a little over a hundred bucks about two weeks ago. I needed a new bird cage for my fiancé’s doves. Instead of buying a cage for $200, I made one that was far bigger for less than $80.
Did you know that a clean air filter in your car can lead to 7 percent more fuel efficiency? That means at current gas prices, with a clean air filter, you’ll save about $100 a year, if you drive the average 10,000 miles.
How often on the way home from the office do you want to stop for a convenient quick meal? You’ve had a long day, and it feels justified. But it costs much more than a home-cooked meal. The answer is your slow cooker. Use it to prepare your meal in the morning on days you know will be rough. This way, you can skip the fast food and rush home to an already ready home-cooked meal.

Do you pay a maintenance fee for your bank account? Why? Tons of banks offer checking and savings accounts without them. Look to your local credit union or even switch to an online bank. When comparing your options, also look at the interest you can earn. Currently, I get about 3 percent on checking and about 3.4 percent on savings, but who knows what kind of great deals you can find?

I’ve had tons of options to sign up for customer rewards programs and I was just too busy. So, I didn’t sign up. Then one day, I realized that I was paying for rewards I wasn’t getting. The cost of the rewards obviously trickles down to the end consumer. So, if the end consumer doesn’t take part, he or she loses money in the process. Since I’ve signed up for every reward program around me, I’ve saved at least 20 or 30 bucks a month in rewards.

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