Zoom, MercadoLibre Smack Nasdaq Despite Earnings Strength
After an amazing first day of the month, stocks moved back lower on Tuesday. Once again, the Nasdaq Composite (NASDAQINDEX: ^IXIC) took the brunt of the hit, falling more than 1% even as other major stock benchmarks had only fractional percentage declines.
What's interesting about the Nasdaq's behavior lately is that a bunch of high-growth stocks have seen their share prices fall even after delivering strong financial results. That trend continued on Tuesday, as both Zoom Video Communications (NASDAQ: ZM) and MercadoLibre (NASDAQ: MELI) revealed amazing performance to close out 2020. Yet both stocks were down significantly on the day. Here's a closer look.
Shares of Zoom Video Communications fell nearly 5% Tuesday afternoon. That drop came after an initial rise that took the stock as much as 10% higher in after-hours trading immediately after the video conferencing specialist's results were made public Monday afternoon.
Source Fool.com
