Today’s Research Reports on Trending Tickers: Best Buy Co., Inc. and Target Corporation
Tech stocks fell sharply Wednesday, sending the Nasdaq to its worst single day decline in over three months. The Nasdaq Composite Index dropped 1.27 percent to close at 6,824.39. Financial stocks surged to help lift the Dow Jones Industrial Average 0.44 percent to close at 23,940.68.
“This is a dramatic rotation out of high-octane tech stocks, which is exacerbated by passive flows into index funds,” said Ian Winer, head of the equities division at Wedbush Securities.
“Since so many portfolios had the same positions and are rebalancing, what we are seeing is a mini unwind of momentum stocks. It is difficult to say whether it will spill over to the rest of the market at some point,” Winer said.
RDI Initiates Coverage on:
Best Buy Co., Inc.
Best Buy Co., Inc.’s stock moved 1.34% higher Wednesday, to close the day at $58.83. The stock recorded a trading volume of 5,281,757 shares, which was above its three months average volume of 4,986,376 shares. In the last year, Best Buy Co., Inc.’s shares have traded in a range of 41.67 – 63.32. The share price has gained 41.18% from its 52 week low. The company’s shares are currently trading above their 200-day moving average. The stock’s 50-day moving average of $56.11 is below its 200-day moving average of $56.73. Shares of the company are trading at a Price to Earnings ratio of 15.57. Shares of Best Buy Co. have gained roughly 6.58 percent in the past month and are up 37.87 percent year-to-date.
Access RDI’s Best Buy Co., Inc. Research Report at:
On Wednesday, shares in Target Corporation recorded a trading volume of 18,820,853 shares, which was above the three months average volume of 6,685,298 shares. The stock ended the day 8.94% higher at 61.68. The share price has gained 27.02% from its 52 week low with a 52 week trading range of 48.56 – 78.58. The company’s shares are currently trading above their 200-day moving average. The stock’s 50-day moving average of $59.21 is greater than its 200-day moving average of $56.46. Shares of Target Corporation are trading at a Price to Earnings ratio of 12.46. Shares of Target have gained roughly 2.36 percent in the past month and are down 14.61 percent year-to-date.
Access RDI’s Target Corporation Research Report at:
Our Actionable Research on Best Buy Co., Inc. (NYSE:BBY) and Target Corporation (NYSE:TGT) can be downloaded free of charge at Research Driven Investing.
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