Markets Post-Election Rally Slows: Today's Research Reports on GoPro and NVIDIA

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Accesswire 7-Mar-2017 8:45 AM
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NEW YORK, NY / ACCESSWIRE / March 7, 2017 / U.S. markets experienced a pullback as 10 of the 11 sectors in the S&P 500 Index all experienced declines on Monday. The S&P 500 Index fell 0.33 percent to close at 2,375.31, while the Dow Jones Industrial Average fell 0.24 percent to close at 20,954.34. As of March 3rd, the S&P 500's forward price-to-earnings ratio is currently at 17.9, the highest it's been since 2004, according to data from FactSet. The Energy sector was the lone gainer in the S&P 500 Index with a 0.30 percent gain.
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"We've seen a very large rally in the highest-risk components of the equity market since the election, and we're seeing a reversal of that trade today. The good news over fiscal policy got priced in very quickly, and the market is now trying to figure out what comes next," said Kevin Caron, portfolio manager at Stifel Nicolaus & Co.
Let's Take a Closer Look at Today's Trending Tickers
GoPro's shares dropped 7.92 percent to close at $8.14 a share on Monday. The stock traded between $7.95 and $8.73 on volume of 9.92 million shares traded. Shares of the GoPro hit an all-time low after Goldman Sachs downgraded the company's rating to "sell" from "neutral" and lowered its price target on the stock to $6.00 from $9.50. On March 3rd, Citigroup initiated coverage of the stock with a "sell" rating and called the company the "best house in a deteriorating neighborhood" and set a price target of $8. Consensus of 19 analysts has "underweight" rating on the company with median target price of $8.25, according to The Wall Street Journal. Shares of GoPro have fallen approximately 6.54 percent year-to-date.
"We think GoPro's main challenge is that its core action market is largely saturated, as it has not attracted a significantly broader and more mainstream audience," Simona Jankowski, a Goldman Sachs analyst, wrote in a note to clients on Monday. "We expect GoPro to continue to struggle fundamentally."
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NVIDIA's shares declined 0.77 percent to close at $97.67 a share on Monday. The stock traded between $95.17 and $98.10 on volume 22.09 million shares traded. The company has fallen over 16 percent in the past month. On Monday, based on technical analysis NVIDIA briefly fell into bear market territory when it fell to an intraday low of $95.17, MarketWatch. A bear market is considered a drop of more than 20 percent from a "significant peak". The company was the best performing stock in the S&P 500 last year after gaining over 200 percent. NVIDIA reported record revenues of $6.91 billion for fiscal 2017, an increase of 38 percent when compared to revenues of $5.01 billion a year ago. Shares of NVIDIA have fallen approximately 8.5 percent year-to-date.
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Today's Features Includes:
GoPro Inc. (NASDAQ: GPRO)
NVIDIA Corporation (NASDAQ: NVDA)
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