Starbucks, SaaS Stocks Weigh Down Nasdaq
The stock market has moved aggressively higher for months, but investors hit an air pocket on Wednesday. Some Wall Street pros have been taken aback by the massive short squeeze in well-known stocks, and that has raised new uncertainty in the current environment. Just after 2:30 p.m. EST, the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down more than 2%.
Earnings season continued apace, and investors in Starbucks (NASDAQ: SBUX) weren't entirely happy with what they saw. Meanwhile, many stocks in the software-as-a-service realm saw deep declines early Wednesday but regained much of their lost ground in the afternoon.
Shares of Starbucks were down more than 6% Wednesday afternoon. The coffee giant reported fiscal first-quarter results that showed signs of recovery but weren't able to match the high expectations of its shareholders.
Source Fool.com
