Are we stalling near all-time highs? Is it worries over the repo market? Are impeachment concerns rattling the market? Maybe it’s a little of everything as stocks took a hit in the stock market today.
The iShares Russell 2000 ETF (NYSEARCA:IWM) performed the worst, falling 1.5%. On the flip side, bonds, gold and the VIX jumped, with the latter soaring 13.7% but closing well off its highs.
Various assets classes have been making wild moves lately. Last week — and this is why reading this column is important — we asked whether bitcoin was going to break out or break down. It turns out it was the latter, with bitcoin prices falling more than $1,000 on Tuesday.
Keep an eye on bitcoin going forward.
Movers in the Stock Market Today
Nio (NYSE:NIO) stock plunged 20.4%. Worse-than-expected earnings sacked investor sentiment, as Nio plunged to new all-time lows. While revenue beat estimates and grew year-over-year, it declined sequentially, and margins remain under intense pressure. The company is also reducing its workforce by more than 20%. Tesla (NASDAQ:TSLA) fell by 7.5% on the day, too.
BlackBerry (NYSE:BB) joined Nio in the down 20% club on Tuesday, falling 22.8% on earnings. Second-quarter revenue grew 22% year-over-year but missed analysts’ expectations. Flat earnings per share beat estimates calling for a loss of 1 cent per share. Despite management’s outlook of 23%-25% revenue growth for the fiscal year, the Street is giving a big thumbs down.
BlackBerry and Tesla were on InvestorPlace’s Top Stock Trades column.
Anheuser-Busch (NYSE:BUD) raised roughly $5 billion from its Hong Kong IPO, the company’s second attempt at the event. The IPO price rang in at 27 HK dollars per share (or roughly $3.45 per share), which came in at the low end of the range. So far though, it’s the world’s second-largest IPO of the year.
Heard on the Street
Snap (NYSE:SNAP) stock made a run at its prior 52-week highs, initially ripping higher on Tuesday. The move comes after Guggenheim analysts upgrade Snap stock to a buy rating and assign a $22 price target. That’s the highest target on Wall Street now, implying about 29.4% upside.
Like Snap, Disney (NYSE:DIS) shares initially rallied on Tuesday as investors were feeling good about the call from Wells Fargo analysts. They set a $173 price target — implying more than 30% upside — and called it one of their best growth ideas. They also slapped a buy rating on Discovery (NASDAQ:DISCA) and a $35 price target, implying more than 30% upside.
Finally, Wynn Resorts (NASDAQ:WYNN) closed out the day with gains, rallying 1.2%. The move comes after Goldman Sachs upgraded the stock to buy and assigned a $155 price target, implying more than 41% upside.