Why Universal Display Stock Dropped Today
Shares of Universal Display (NASDAQ: OLED) were down 10.7% as of 3 p.m. EDT Tuesday, likely driven by a combination of a broader sell-off in tech stocks and news of a notable insider stock sale.
On the former, while the broader markets are down modestly today, with the S&P 500 off around 0.4% as of this writing, the Technology Select Sector SPDR Fund (NYSEMKT: XLK), for one, is down around 1.1%. And high-flying names like Universal Display -- which was up more than 130% year to date as of Monday's close -- tend to get hit harder than most in such situations.
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Source Fool.com
