HOOD - Robinhood's Down but This Nasdaq Stock's Fall Is More Surprising
Investors were hoping that stocks would regain their footing on Friday morning, but major market benchmarks still trended slightly lower in choppy trading. As of 10:15 a.m. ET, the Nasdaq Composite Index (NASDAQINDEX: ^IXIC) was close to the break-even point, down just 6 points to 13,347.
Earnings season has gotten off to a tumultuous start, and the most recent slate of quarterly reports was no exception. Robinhood Markets (NASDAQ: HOOD) has seen a massive drop in its stock price lately, and its slide continued after it delivered a financial report that confirmed many of the challenges it has had to face. What was more surprising, though, was a downward move from Western Digital (NASDAQ: WDC) despite some big tailwinds supporting the data storage industry.
Shares of Robinhood Markets were down another 5%. That was actually much better than where it started the day, with an opening decline of 14% taking the share price briefly below the $10 mark.
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Robinhood's Down, but This Nasdaq Stock's Fall Is More Surprising