As Wall Street Rallies, Investors Are Losing Patience With These 2 Stocks
When the stock market rallies, it's never a good thing to own a stock that doesn't go up. The market rebound to start the month of November has been like that for many investors, as some stocks are soaring even as others miss out on the broad move upward.
With high expectations among shareholders, companies that fall short in their financial results often get punished severely. That was the case for Sleep Number (NASDAQ: SNBR) and Upstart Holdings (NASDAQ: UPST), with both former high-growth companies facing big reversals and seeing their shares lose a huge amount of ground. Here's why so many of those following Sleep Number and Upstart were disappointed Wednesday morning.
Sleep Number shares were down 32% at the open on Wednesday morning. The sharp move lower for the bed and mattress maker followed the Tuesday afternoon release of third-quarter financial numbers that showed the ongoing impact of macroeconomic pressures on the company and the broader industry.
Source Fool.com
