Closing Bell Movers: La-Z-Boy down 24% after earnings miss
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Tech and Communication Services were the biggest losers among the S&P 500 sectors today as investors rotated out of some of the biggest gainers and momentum plays of the year – Palantir (PLTR) and SMCI (SMCI) had more than doubled year-to-date through July but lost 9% and 6% respectively on Tuesday. Coinbase, which had previously tripled from April lows, was also down sharply as crypto names cratered in line with a steep decline in Bitcoin prices. Conversely, the defensive and value plays fared better, as Utilities and Staples outperfored. Real Estate was also higher, with Treasury yields at the long end of the curve slipping after three days of uptick. Target (TGT), TJX (TJX) and Lowe's (LOW) are on deck to report results Wednesday morning as the Retail chapter of the earnings season rolls on.
Check out this evening's top movers from around Wall Street, compiled by The Fly.
HIGHER AFTER EARNINGS –
Fluent (FLNT) up 22.1%
DOWN AFTER EARNINGS –
James Hardie (JHX) down 24.4%
La-Z-Boy (LZB) down 23.6%
Alcon (ALC) down 7.0%
ZTO Express (ZTO) down 5.4%
Jack Henry & Associates (JKHY) down 1.6%
Toll Brothers (TOL) down 1.5%
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Wall Street drifts in premarket trading while Target tumbles on sluggish sales and a CEO change
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