NEW YORK, NY / ACCESSWIRE / June 16, 2017 / A poor performance from the Technology Sector dragged U.S. markets lower Thursday. The "FANG" stocks - Facebook, Amazon, Netflix, and Google (now Alphabet, Inc.) – slumped Thursday after Canaccord Genuity analyst Michael Graham downgraded Alphabet Inc. to "neutral" from "buy". The Dow Jones Industrial Average declined 0.07 percent to close at 21,359.90, while the S&P 500 Index dipped 0.22 percent to close at 2,432.46. The tech-heavy NASDAQ Composite Index fell 0.47 percent to close at 6,165.50.
"What's happening here is people are equating FANG to tech more broadly, and that's a mistake," said Michael Arone, Chief Investment Strategist at State Street Global Advisors. "About 74 percent of the tech sector are outperforming the market."
RDI Initiates Coverage on:
Rite Aid Corp.
Rite Aid's stock moved 3.91% lower on Thursday, to close the day at $2.95. The stock recorded a trading volume of 19.13 million shares, lower than the average daily volume of 21.06 million shares. In the last year, Rite Aid Corporation's shares have traded in a range of $2.91 - $8.77. The stock is currently trading 66.36% below its 52 week high. The company's shares are currently trading below their 200-day moving average. Moreover, the stock's 50-day moving average of $3.70 is below its 200-day moving average of $5.62. Shares of Rite Aid Corporation are trading at a Price to Earnings ratio of 737.50. Shares of Rite Aid have fallen approximately 64.2 percent year-to-date.
Access RDI’s Rite Aid Research Report at:
On Thursday, shares of Target Corporation recorded a trading volume of 10.53 million shares, higher than the average daily volume of 7.85 million shares. The stock ended the day 4.15% lower at $55.46. The stock is currently trading 30.09% below its 52 week high with a 52 week trading range of $52.72 - $79.33.The company's shares are currently trading below their 200-day moving average. Moreover, the stock's 50-day moving average of $55.93 is below its 200-day moving average of $62.11. Shares of the company are trading at a Price to Earnings ratio of 11.55. Shares of Target have fallen approximately 23.23 percent year-to-date.
Access RDI’s Target 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 reviewed by Hemal K. Gandhi, CFA® charter holder. 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.