After Market: Internet High-Flyers Continue Their 3-Day Dive
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.
The Dow Jones industrial average (^DJI) fell 167 points, the Nasdaq composite (^IXIC) slid 48 and the Standard & Poor's 500 index (^GPSC) lost 20 points.
Let's check some of the big name losers on the Nasdaq.
Apple (AAPL) lost 1.5 percent, LinkedIn (LNKD) dropped 3.5 percent and Pandora Media (P) fell 5 percent despite an upgrade by Wedbush Securities. Pandora shares have now tumbled by 27 percent over the past month.
But Facebook (FB) and Netflix (NFLX) turned around in the final hour to post modest gains.
Online travel companies Priceline (PCLN), Expedia (EXPE) and TripAdvisor (TRIP) all continued to decline. And Tesla Motors (TSLA) lost another 2 percent.
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. %VIRTUAL-article-sponsoredlinks%IBM (IBM), Intel (INTC) and Cisco Systems (CSCO) all gained about 1 percent.
Among other blue chips, Walt Disney (DIS) fell 1.5 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.
There weren't many gainers, but big name food companies were among them: Kellogg (K), General Mills (GIS), Kraft (KRFT) and Coca-Cola (KO) all gained more than 1 percent.
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.
And the health technology firm Questcor (QCOR) jumped 19 percent agreeing to be acquired by Mallinckrodt (MNK) for $5.6 billion.
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 quarterly corporate earnings:
-Produced by Drew Trachtenberg.
