Why PayPal Holdings, Okta, and PaySign Slumped Today
Monday was an up-and-down day on Wall Street, as major stock market indexes found themselves on either side of the unchanged line before closing on mixed notes. Investors appear to be waiting to see what steps the Federal Reserve will take with interest rates in the next couple of months, and they'd also prefer more clarity about whether U.S. trade disputes with major trading partners will get resolved favorably. Some stocks took big hits on a combination of general nervousness and company-specific issues. PayPal Holdings (NASDAQ: PYPL), Okta (NASDAQ: OKTA), and PaySign (NASDAQ: PAYS) were among the day's worst performers. Here's why their stocks did so poorly.
Shares of PayPal Holdings closed down around 5% on a generally bad day for payment processing stocks. The industry has been a beneficiary of the rise of electronic payment transactions internationally, but pressures on the global economy have the potential to drag on the growth of PayPal and its peers. Nervousness about the company's ability to keep growing as quickly as investors had been expecting it to has plagued investors ever since the company released its second-quarter financial results back in July. Yet even after Monday's decline, the stock is still up more than 25% from where it stood in early January.
Image source: PayPal Holdings.
Source Fool.com
