Stocks (^DJI, ^GSPC, ^IXIC) get slammed as tech tumbles, this despite banks outperforming … Is fear building on the Street ahead of a long holiday weekend? Plus, Nike’s after-hours earnings. And crude stuck in a rut, but does that mean oil names aren’t a buy? A fund manager explains why there are select stocks to play in the energy trade. Catch The Final Round at 4 p.m. with Jen Rogers and Yahoo Finance markets correspondent Myles Udland.
Winners and losers
Stocks in the red today include Prothena Corp. as Carson Block of Muddy Waters revealed a new short position on the drugmaker; Pier 1 Imports as revenue missed estimates and same store sales growth was flat; and Rite Aid, with shares tumbling after Walgreens Boot Alliance ended its deal to buy Rite Aid and will instead buy half of Rite Aid’s stores.
Stocks in the green today include Lululemon on insider buying as director Glenn Murphy bought 100,000 shares, worth around $5.5 million; Groupon as B. Riley upgraded shares to buy from neutral, with a new $5.50 price target; and Constellation Brands, with shares of the adult beverage maker up as profit topped estimates, powered by an 8% rise in beer sales.
Paradigm shift in the oil trade
The volatile oil trade has some worried we are headed for a repeat of last year when oil swooned and brought the broader market with us. Our next guest says not so fast. David Bahnsen, founder and CIO of The Bahnsen Group, joins us now.