The 4 Stocks That Tanked the Market

Investing

Published: June 3, 2014 4:01 pm

Last Updated: April 28, 2020 6:22 am

June 3, 2014: Markets opened slightly lower on Tuesday and never really recovered. Trading was moderate again today and the index losses were small in most sectors. Shortly before the closing bell the DJIA traded down 0.11% for the day, the S&P 500 was down 0.03%, and the Nasdaq Composite traded down 0.04%.

Today’s big loser among the Dow 30 was Verizon Communications Inc. (NYSE: VZ) which traded at $49.29, down 1.53% in a 52-week range of $45.08 to $51.94. Share volume was about 40% lower than the daily average of nearly 25 million shares traded. Competitor AT&T Inc. (NYSE: T) raised its full-year revenue growth forecast this morning, but lowered its EPS outlook and wireless profit margins will be lower as customers shift to less expensive data plans. AT&T also expects to add customers and investors must be thinking those new customers will be Verizon refugees. AT&T stock is down as well, but not as much as Verizon.

DJIA heavyweight Visa Inc. (NYSE: V) traded lower by 1.02% at $211.34 in a 52-week range of $170.99 to $235.50. The company’s CFO announced that he is retiring within 12 months, and such announcements always hit the stock price. Share volume today was around 35% lower than the daily average of about 3.5 million shares.

Nike Inc. (NYSE: NKE) posted a drop of 1.43% today and traded at $75.62 in a 52-week range of $59.11 to $80.26. Volume was about 30% below the daily average of around 3.6 million shares. The company announced some management changes late Monday, but that hardly accounts for today’s drop. Nike reports fourth quarter and full-year results later this month, and it could be that investors are getting jittery.

Software giant Microsoft Corp. (NASDAQ: MSFT) had no news today but was among the weaker Dow 30 performers. Shares fell 1.23% to $40.28 in a 52-week range is $30.84 to $41.66. Volume was about 60% below the daily average of 33 million shares traded.

Of the Dow 30 stocks 13 looked to close higher today while 17 were on their way to a lower finish.

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