NEW YORK, NY / ACCESSWIRE / November 30, 2017 / Tech stocks fell sharply Wednesday, sending the Nasdaq to its worst single day decline in over three months. The Nasdaq Composite Index dropped 1.27 percent to close at 6,824.39. Financial stocks surged to help lift the Dow Jones Industrial Average 0.44 percent to close at 23,940.68.
"This is a dramatic rotation out of high-octane tech stocks, which is exacerbated by passive flows into index funds," said Ian Winer, head of the equities division at Wedbush Securities.
"Since so many portfolios had the same positions and are rebalancing, what we are seeing is a mini unwind of momentum stocks. It is difficult to say whether it will spill over to the rest of the market at some point," Winer said.
RDI Initiates Coverage on:
Activision Blizzard, Inc.
Activision Blizzard, Inc.'s stock moved 6.00% lower Wednesday, to close the day at $62.01. The stock recorded a trading volume of 9,261,591 shares, which was above its three months average volume of 5,954,115 shares. In the last year, Activision Blizzard, Inc.'s shares have traded in a range of 35.12 - 67.03. The share price has gained 76.57% from its 52-week low. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $63.28 is greater than its 200-day moving average of $61.69. Shares of Activision Blizzard Inc. are trading at a Price to Earnings ratio of 41.87. Shares of Activision Blizzard have fallen roughly 3.32 percent in the past month and are up 71.73 percent year-to-date.
Access RDI's Activision Blizzard, Inc. Research Report at:
On Wednesday, shares in Zynga Inc. recorded a trading volume of 14,176,034 shares, which was above the three months average volume of 9,533,312 shares. The stock ended the day 5.37% lower at 4.05. The share price has gained 68.75% from its 52-week low with a 52-week trading range of 2.40 - 4.34. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $3.88 is greater than its 200-day moving average of $3.71. Shares of Zynga have gained roughly 7.43 percent in the past month and are up 57.59 percent year-to-date.
Access RDI's Zynga Inc. Research Report at:
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered broker-dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
For any questions, inquiries, or comments reach out to us directly at:
Research Driven Investing, Unit #901 511 Avenue of the Americas, New York, NY, 10011
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.