Why BlackBerry, Tesla, and Lyft Slumped Today
Major benchmarks gave up ground on Tuesday amid investor pessimism about geopolitical conditions. Between possible impeachment proceedings and the potential for new escalation in trade disputes between the U.S. and China, market participants were in no hurry to send indexes toward their old all-time highs. Adding to the gloom was bad news from some key individual companies. BlackBerry (NYSE: BB), Tesla (NASDAQ: TSLA), and Lyft (NASDAQ: LYFT) were among the worst performers. Here's why they did so poorly.
Shares of BlackBerry plunged nearly 23% after the mobile device pioneer reported its second-quarter financial results. In some ways, BlackBerry looked strong, with adjusted revenue climbing 22% and break-even earnings results that were better than many had expected. Yet it also warned that revenue growth wouldn't be as strong going forward as previously expected. Despite positive comments from CEO John Chen, many seem worried that the tech company won't be able to produce success merely by concentrating on the software and services offerings that make up nearly all of its revenue currently.
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Source Fool.com
