PLTR Stock – Palantir Stock Tumbles, Nike Gains as Stock Market Gets Hammered
Equity markets look set for a lower open Tuesday as technology stocks continue to get hammered.
Weakness in tech stocks won’t let up. The Nasdaq fell 2.5% Monday as investors favor more economically sensitive stocks. The reason: The sharp economic recovery will drive faster earnings growth for those stocks than for tech.
The other concern for tech stocks is valuation. Growth companies, many of which are in the technology space, are trading at higher multiples of near-term earnings than value stocks by a wider margin than that often usually seen over the past 10 years, according to Credit Suisse data. “Valuations in tech stocks are disconnected from reality and the decline in tech stocks is simply the removal of froth from valuations,” writes David Bahnsen, chief investment officer of The Bahnsen Group.
Here are five stocks making moves in Tuesday’s premarket action:
(PLTR) stock fell 10% after reporting a profit of 4 cents a share, in line with forecasts for 4 cents a share, on sales of $341 million, above expectations for $332 million.
(TSN) stock dropped 1.9% after getting downgraded to Neutral from Overweight at Piper Sandler.
Neutral from Buy at Bryan Garnier.
Write to Jacob Sonenshine at [email protected]