U.S. markets were dragged lowered Thursday by a continued sell-off in the Biotech and Technology Sectors. The S&P 500 Index declined 2.09 percent to close at 1,833.08, while the Nasdaq Composite Index fell 3.10 percent, the most since 2011, to settle at 4,054.11. "There’s still a continual rotation out of the high-flying momentum stocks of 2013 into more value-driven opportunities," said Stifel Nicolaus portfolio manager Chad Morganlander. "This will continue in the coming weeks as investors look for consistency in earnings. You have concerns about high valuations and flat revenue growth, which is a perfect cocktail for a sector rotation out of growth and into value." Here is how some companies who reported earnings reacted Thursday:
AngioDynamics, Inc. (NASDAQ: ANGO) shares traded in the range of $14.86 to $16.35 Wednesday before settling to close at $15.10, a decrease of 4.73 percent. The stock appears to be facing some resistance at the $16.01 and $16.45 levels with some support at $15.32 and $14.55. Shares of AngioDynamics are down approximately 12.0 percent year-to-date.
More information on AngioDynamics and access to the free equity report can be found at:
www.WallStreetFundamentals.com/ANGO
Bed Bath & Beyond Inc. (NASDAQ: BBBY) shares traded in the range of $63.10 to $64.88 Thursday before settling to close at $63.72, a decrease of 6.17 percent. The stock appears to be facing some resistance at the $87.90 and $88.68 levels with some support at $86.95 and $86.35. Shares of Bed Bath & Beyond are down approximately 20.0 percent year-to-date.
More information on Bed Bath & Beyond and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BBBY
Pier 1 Imports Inc. (NYSE: PIR) shares traded in the range of $18.12 to $19.39 Thursday before settling to close at $18.20, a decrease of 0.11 percent. The stock appears to be facing some resistance at the $18.42, $19.09 and $19.52 levels. Shares of Pier 1 Imports have fallen approximately 21.0 percent year-to-date.
More information on Pier 1 Imports and access to the free equity report can be found at:
www.WallStreetFundamentals.com/PIR
Rite Aid Corporation (NYSE: RAD) shares traded in the range of $6.91 to $7.39 Thursday before settling to close at $6.94, an increase of 8.44 percent. The stock appears to be facing some resistance at the $7.05 and $7.22 levels with some support at $6.80 and $6.44. Shares of Rite Aid have gained approximately 37.0 percent year-to-date.
More information on Rite Aid and access to the free equity report can be found at:
www.WallStreetFundamentals.com/RAD
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