10 Updates

Nasdaq Closes With More Than 2% Drop As Momentum Stocks Lose Steam

Apr 4 2014, 4:18pm CDT | by

If it initially looked like the markets would shake off Friday’s disappointing jobs report — which showed the U.S. added 192,000 jobs in March, slightly below the 200,000 economists expected, and...

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15 weeks ago

Nasdaq Closes With More Than 2% Drop As Momentum Stocks Lose Steam

Apr 4 2014, 4:18pm CDT | by

If it initially looked like the markets would shake off Friday’s disappointing jobs report — which showed the U.S. added 192,000 jobs in March, slightly below the 200,000 economists expected, and the unemployment rate remains steady at 6.7% — the early-morning green was quickly replaced with red as momentum stocks slowed to a crawl and the S&P volatility index surged more than 6% Friday afternoon. Even popular tech names like Netflix, Priceline, Amazon and Facebook weren’t immune to the sea of red, failing to catch an upswing off of GrubHub’s immensely successful market debut and ranking among the day’s biggest losers.

After early morning gains on the weaker than expected jobs report, all three major indexes took a beating throughout Friday trading, but none more so than the Nasdaq, which was pummeled throughout the day and eventually closed with a 110-point drop, or a 2.6% decline, one of its worst performances of 2014 so far. Nearly every Nasdaq 100 component traded in the red on Friday, with the lone gainers a motley list of names:  networking storage company NetApp, security software company and Norton anti-virus creator Symantec, pharmaceutical company Mylan, and, inexplicably, struggling retailers Sears and Staples.

The S&P volatility index, one of the best gauges of investor fear, jumped more than 6% to a level of 14.22. Spurred by this fear, and possibly an investor movement to rebalance portfolios, popular tech names that have been thought of as momentum stocks lost their steam Friday, weighing down the Nasdaq 100. Travel booking company The Priceline Group closed the day with a $59 or 4.8% drop; video streaming service Netflix closed with a 4.9% decline; Facebook finished the day with a 4.66% drop and Amazon closed with a 3.18% decline.

The Nasdaq’s losses hit the other indices, too, leading the S&P to close 23.6 points, or 1.25%, in the red; the Dow, whose 30 components also traded largely in the red on Friday, closed with a 159-point drop, a decline amounting to a nearly 1% drop.

The bad economic and equity news proved good news for gold, which popped 1.5% on the bad jobs numbers and crossed back above the $1,300-mark. It closed at $1,303.50 an ounce, its biggest weekly gain since March 12. Silver and platinum futures also traded in the green on Friday, while copper ticked down 0.18%.

The one success story of the day was online food ordering service GrubHub, which, as Forbes’ Brian Solomon reported , priced shares above the expected range at $26, but they reached $39 a share at 10:42am ET — pushing the market capitalization over $3 billion. The market newbie — which operates Seamless.com, a Gen Y favorite — ultimately closed at $34.00, a 30.8% gain.

 
Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

"GOLDEN ASIA" Tokyo Premiere Press Conference
KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broke ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

The Prince Of Wales Visits The Royal International Air Tattoo
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dew ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last month. ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

6 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in c ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

6 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

6 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of RM20 m ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

6 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Scheme 2014 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

6 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion K ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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