MDB - Here's How Several Richly Valued Tech Stocks Crashed on Monday's Coronavirus Fears
Many stocks crashed hard on Monday as investors reacted to the continued spread of the novel coronavirus and plunging oil prices. For example, data analytics expert Alteryx (NYSE: AYX) fell as much as 16% and non-SQL database specialist MongoDB (NASDAQ: MDB) bottomed out at a 16.7% drop. Israel-based data security company NICE (NASDAQ: NICE) took a 13.4% haircut and ad-buying platform operator The Trade Desk (NASDAQ: TTD) was trading 12.3% lower at 1:35 p.m., EDT.
All four of these big drops are good examples of how nervous investors can open up some tempting buy-in opportunities for high-quality growth stocks when the going gets rough.
It's true that the virus is spreading all around the world at a dreadful pace. More than 110,000 people have contracted the novel coronavirus so far and more than 3,800 of them have died, according to a Reuters survey of government announcements. The rate of new cases is slowing down in China but surging in new hot spots such as Italy, Germany, and Oregon.