Why PayPal Holdings, VMware, and Align Technology Slumped Today
Monday was an unusual day for the stock market, which saw strong cross-currents take various sectors in different directions. The cyclical sectors of the economy responded favorably to the passage of the Senate tax reform bill, helping to propel the Dow Jones Industrials up by as much as 300 points at one point during the day. Yet former high-flyers like technology suffered, sending the Nasdaq Composite down 1% and cutting into the Dow's gains as well. Moreover, some individual companies also weighed on the market's performance. PayPal Holdings (NASDAQ: PYPL), VMWare (NYSE: VMW), and Align Technology (NASDAQ: ALGN) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.
Shares of PayPal Holdings dropped 6% after the electronic payments specialist gave details about the suspension of operations of a company that it had recently acquired. PayPal said that TIO Networks had suffered a compromise of personal information that covered about 1.6 million customers. The news comes after PayPal's Nov. 10 decision to suspend TIO's operations pending its investigation of the payment processing unit, which it had purchased in July. PayPal was quick to emphasize that none of its own network's information has been breached and that the network remained secure, but shareholders weren't happy with the potential reputational damage that the incident could cause.
Image source: PayPal.
Source: Fool.com
Paypal Holdings Inc Stock
With 51 Buy predictions and 2 Sell predictions Paypal Holdings Inc is one of the favorites of our community.
With a target price of 78 € there is a positive potential of 34.3% for Paypal Holdings Inc compared to the current price of 58.08 €.
