The market follow through to the downside from yesterday’s reversal but pared a significant portion of losses into the close. Although losses in the major indices were relatively muted after the late-day bounce, it certainly appears to be a risk-off environment. Momentum high fliers plummeted today while utility stocks were among the strongest in the market.
The damage was widespread among the momentum stocks, from foreign internets to apparels. Baidu.com, Inc. (BIDU), Sohu.com Inc. (SOHU), SINA Corporation (SINA), Youku.com, Inc. (YOKU) all got slammed, with SINA the worst down about 9.5%. Apparel favorites Lululemon Athletica, inc. (LULU) and Under Armour, Inc. (UA) were both down more than 3%, while Chipotle Mexican Grill, Inc. (CMG) was down 2.5% and is sitting precariously above major support. OpenTable Inc (OPEN) was down nearly 8% ahead of earnings. After the close, Las Vegas Sands Corp. (LVS) had a bad earnings miss and is getting taken to the woodshed, currently (4:30 pm ET) down 11% after hours. The company reported EPS of $0.28 vs. $0.44 expected, and revenues of $2.11B vs. $2.14 expected.
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*DISCLOSURE: Scott Redler is long AAPL, SLV, BAC, JPM.
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