April 25, 2014: Markets opened lower on Friday following weak quarterly reports from some heavily followed stocks. The tech stocks were particularly hard hit as some of the momentum plays were headed south today. Shortly before the closing bell today the DJIA was down 0.73%, the S&P 500 was down 0.71%, and the Nasdaq Composite was down 1.61%.
The Dow 30’s most heavily weighted stock, Visa Inc. (NYSE: V) traded down 4.63% at $200.00, leading the slide in the DJIA today. The company’s first quarter results were mixed at best, and Visa’s usually robust revenue growth has stalled. The stock’s 52-week range is $163.60 to $235.50. Share volume was more than double the daily average of around 3.6 million shares traded.
The downturn in the tech sector also hit Intel Corp. (NASDAQ: INTC) which traded down 1.64% at $26.30 in a 52-week range of $21.89 to $27.24. Volume was about 5% below the daily average of around 30 million shares. Intel had no news today, but fellow chipmaker Broadcom offered guidance that was a little soft after beating estimates in its second fiscal quarter.
Facebook Inc. (NASDAQ: FB) traded today at $57.97, posting a decline of 4.78% shortly before the closing bell. The stock’s 52-week range is $22.67 to $72.59. Share volume was around 25% higher than the daily average of around 70 million shares traded. It’s hard to say whether Facebook starts the momentum ball rolling or keeps it rolling once it gets started, but there’s no question that it is a momentum stock — and a big one.
The Walt Disney Co. (NYSE: DIS) traded down 1.55% today at $78.36 in a 52-week range of $60.41 to $83.65. There was no news on the company today other than it might see its top-ranked box-office hit “Captain America: The Winter Soldier” toppled this week. Volume was about 40% below the daily average of around 7.5 million shares traded.
Of the Dow 30 stocks 8 were set to close higher today while 21 look to close lower and 1 is on track to close unchanged.