Netflix, Facebook and Amazon Share Prices All Fell by 5 Percent (at Least) TodayHere are some stock trends from the Entrepreneur Index™.
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More great earnings, but more big beatdowns in the stock market.
Alexion Pharmaceuticalstopped earnings and revenue estimates by a wide margin this morning but the stock was down 9.76 percent -- the second biggest decline on theEntrepreneur Index™今天。的生物技术公司Regeneron Pharmaceuticalswas also down 7.7 percent. The Entrepreneur 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 Entrepreneur 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-growthtechnologystocks 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 Entrepreneur Index™ was down more than 3 percent today, with chipmakerNVIDIA 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 giantsAlphabet Inc.(-4.8 percent),Facebook(-5.41 percent) andAmazon.com(-5.91 percent) also had big declines.
Cyclical stocks continued to struggle as fears about economic growth mount. Truck makerPACCAR Inc.(-4.27 percent) and casino-operatorWynn Resorts(-3.18 percent), which posted the two biggest declines yesterday, were down sharply again today.Fordannounced 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.FedExwas 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.
Teslashares 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 Trusthad the biggest gain on the index today, rising 3.06 percent.Equity Residential(2.65 percent) andExtra Storage Space(1.5 percent) also had strong gains. Food makerJ.M. Smucker Companywas 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.
TheEntrepreneur Index™collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial 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 onEntrepreneur.com.
