TECH - Jack Daniels Parent Company EA Cognizant Among 6 Stocks That Shine When Nvidia Slips: Analysis | Benzinga
Six S&P 500 stocks often experience a surge when shares of Nvidia Corporation (NASDAQ:NVDA) take a dip, an analysis by CNBC revealed.
What Happened: The six U.S.-listed stocks that typically see a rise when Nvidia’s shares falter include Jack Daniel's distiller Brown-Forman Corporation (NYSE:BF) (NYSE:BF), gaming giant Electronic Arts Inc. (NASDAQ:EA), health products manufacturer Henry Schein, Inc. (NASDAQ:HSIC), software outsourcing behemoth Cognizant Technology Solutions Corp (NASDAQ:CTSH), pet care company Zoetis Inc. (NYSE:ZTS), and securities exchange Cboe Global Markets, Inc. (BATS:CBOE), CNBC reported on Thursday.
The Pearson correlation coefficient, a measure of linear correlation between two variables, was used in the analysis to determine the relationship between the stock prices. The analysis screened S&P 500 stocks that show an inverse correlation to Nvidia over a month and year period, following Nvidia’s stock falling into correction territory for the second time this month.
Some technical analysts have suggested that it might be time for investors to offload Nvidia ...