NEW YORK, NY / ACCESSWIRE / September 7, 2018 / U.S. benchmarks closed mostly lower on Thursday, with the Dow Jones remaining in the green, as internet and tech shares slumped. The Dow Jones Industrial Average was up 0.08 percent to close at 25,995.87, while the S&P 500 Index decreased 0.37 percent to close at 2,878.05. The Nasdaq Composite Index dropped 0.91 percent to close at 7,922.73.
According to Peter Kenny, market strategist at Kenny & Co, “This is very much a tech-centric reversion. It is long overdue, given how much the Nasdaq has been outperforming the rest of the market.” “This is bigger than FAANG, but the scale of that move is the primary driver of what we’re seeing today and what we saw yesterday. I think there’s still some downside ahead, and that this won’t be a short-term correction, but something that will take a long time to work through,” said Kenny.
RDI Initiates Coverage on:
bluebird bio, Inc.
PTC Therapeutics, Inc.
bluebird bio's stock moved 5.64% lower Thursday, to close the day at $152.30. The stock recorded a trading volume of 706,670 shares, which was below its three months average volume of 813,018 shares. In the last year, bluebird bio's shares have traded in a range of 119.90 - 236.17. The share price has gained 27.02% from its 52 week low. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $162.75 is below its 200-day moving average of $177.83. Shares of bluebird bio have fallen roughly 1.84 percent in the past month and are down 14.49 percent year-to-date.
Access RDI's bluebird bio, Inc. Research Report at:
On Thursday, shares of PTC Therapeutics recorded a trading volume of 871,011 shares, which was below the three months average volume of 1,293,315 shares. The stock ended the day 3.16% higher at $43.81. The share price has fallen 17.26% from its 52 week high with a 52 week trading range of 14.56 - 52.95. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $40.63 is above its 200-day moving average of $33.38. Shares of PTC Therapeutics have gained roughly 15.35 percent in the past month and are up 162.65 percent year-to-date.
Access RDI's PTC Therapeutics, Inc. Research Report at:
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