Hot Stock Minute

Stocks fall as tech and momentum names continue to struggle

Stocks took a beating today as The Dow (^DJI) lost 1.02% The S&P (^GSPC) 1.08% and the Nasdaq (^IXIC) 1.16%.

Tech stocks struggled to recover from steep losses that led the Nasdaq to its biggest decline in two months on Friday. Yelp (YELP) gained 0.35% and Netflix (NFLX) was up 0.20% after Oppenheimer upgraded the stocks to “outperform” from “perform”, citing an opportunity created by the recent pullback in the shares. Oppenheimer set a price target of $419 a share for Netflix and $78 a share for Yelp.

Pfizer’s (PFE) experimental breast cancer drug, palbociclib, nearly doubled the amount of time patients in a clinical trial lived without their cancer progressing. The study found that patients given palbociclib, in addition to hormone therapy letrozole, went an average of 20.2 months without seeing a progression in their cancer, compared to an average of 10.2 months for those on letrozole alone. The phase 2 study, which involved women with the most common form of breast cancer, did not show any statistically significant impact on overall survival rates.

Shares of Lands’ End (LE) were in the red by 6.69% in the stock’s first day trading on the Nasdaq. Parent company Sears Holdings (SHLD) spun off Lands’ End Friday night. The move is the latest in Sears CEO Eddie Lampert’s effort to save the struggling retail giant.

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