S&P 500 Worst Performing Stocks and Why: AMD, NFLX, WYNN, SPY
The S&P 500 (NYSE:SPY) is up today by a minuscule .12% and stands at 1,152. Here are three of the biggest laggards in the index.
Advanced Micro Devices Inc. (NYSE:AMD): The stock has been pummeled all day as numerous analysts are downgrading the chipmaker. Rising concerns about China’s growth prospects are not helping matters either. AMD is down 15.85% today.
Netflix (NASDAQ:NFLX): This stock experienced major declines today. One theory is that investors considered Netflix overpriced once it reached $125 a share. Another problem is the massive increase in competition: Kindle users will be able to stream movies, and XBox users will soon be able to stream TV content from Comcast (NASDAQ:CMCSA) and Verizon (NYSE:VZ). Netflix is down 12.70%.
Wynn Resorts (NASDAQ:WYNN): It should have been a good day for Wynn, as Citi raised its price target from $133 to $140 for the stock. But then Citi reduced the price target for MGM because of concerns about its investments in Macau. Concerns about China’s economy could further erode Wynn’s stock. Wynn is down 9.14% today.
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