Growth Stocks Leveled in Yesterday’s Sell-Off Are Making a Comeback
Recent IPOs, growth stocks, and niche technology companies got blasted in yesterday’s market sell-off. Investors looking for cover weren’t likely to find it in stocks with P/Es in the thousands (LinkedIn) and others in the high double or low-mid triple digits. Speaking of LinkedIn (NYSE:LNKD), the stock was hemorrhaging Monday after it received a downgrade and “conviction sell” rating from Evercore Partners (NYSE:EVR). Other recent market newcomers in the tech sector joined in the swoon, but today they’re rallying, as are many of yesterday’s biggest market losers. Even LinkedIn, which fell over 15 points yesterday, has climbed 11.59% to a share price of $84.22. Though it’s still trading well below Friday’s closing price of $91.36, the stock has added nearly $10 to Monday’s closing share price.
Stocks to Watch: LinkedIn (NYSE:LNKD) +11.59%, Pandora (NYSE:P) +0.64%, Zillow (NASDAQ:Z) +4.56%, Sirius XM (NASDAQ:SIRI) +6.05%, Netsuite (NYSE:N) +6.94%, Rackspace Hosting (NYSE:RAX) +10.38%, Acme Packet Inc. (NASDAQ:APKT) +4.61%, Yandex (NASDAQ:YNDX) +5.18%.