Cathie Wood’s Ark Innovation (NYSEARCA:ARKK) is falling hard on Thursday as one of the exchange-traded fund’s (ETF) biggest holdings drops alongside an earnings report today.
The earnings report from Teladoc (NYSE:TDOC) is the reason behind the ARKK ETF slipping today. TDOC’s earnings saw it missing both earnings per share and revenue estimates for the first quarter of 2022. That was due to a $6.6 billion goodwill impairment charge.
In addition to that, TDOC stock is dropping as analysts weigh in on the company following earnings. This saw some firms downgrading the stock due to the poor performance today.
So just how big of a share is TDOC stock in Ark Innovation’s holdings? It’s currently ARKK ETF’s third-biggest holding at 6.82%. Above it are Zoom Video Communications (NASDAQ:ZM) at 7.31% and Tesla (NASDAQ:TSLA) at 9.34%.
It’s worth pointing out that Wood increased ARKK ETF’s stake in TDOC stock ahead of its earnings report. This saw her add 44,940 shares on Monday and an additional 101,563 shares on Tuesday.
Before the Teladoc earnings report, Wood’s stake in TDOC was worth around $1.1 billion. Following today’s dismal earnings report, those holdings now hold a value roughly half that at $631 million.
While ARKK ETF is falling today, its trading isn’t above normal. As of this writing, about 20 million shares of the stock have changed hands. That’s still below the stock’s daily average trading volume of 24.3 million shares.
ARKK is down 6.9% as of Thursday afternoon. It’s also down 52.4% since the start of the year.
Investors looking for more recent stock market news will want to keep reading!
We’ve got all the latest stock news traders need to know about for Thursday. That includes what’s going on with shares of Warner Bros. Discovery (NASDAQ:WBD), Coca-Cola (NYSE:KO), and Peabody Energy (NYSE:BTU) stock today. You can catch up on all of that news by checking out the links below!
More Thursday Stock Market News
- CEO David Zaslav Just Bought Warner Bros. Discovery (WBD) Stock. Here’s Why.
- Why Is Coca-Cola (KO) Stock in the Spotlight Today?
- Why Is Peabody Energy (BTU) Stock Down 20% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.