SE - Why These 2 Large-Cap Stocks Dropped 10%-Plus on Tuesday
2023-05-16 12:36:00 ET
The stock market was mixed at midday on Tuesday, as investors tried to reach a comfort level with the state of the global economy and the combination of near-term and longer-term factors affecting businesses and their strategic vision. Although the Nasdaq Composite managed to post modest gains, the Dow Jones Industrial Average and S&P 500 were both lower.
Dragging on market sentiment were a couple of well-known large-cap stocks that posted double-digit percentage declines in their share prices. Sea Limited (NYSE: SE) raised some concerns about the strength of consumers in the Asia-Pacific region, while shareholders in Horizon Therapeutics (NASDAQ: HZNP) had to deal with a threat that could bring hopes for a lucrative acquisition to a grinding halt.
Shares of Sea Limited dropped 15% on Tuesday morning following the release of the Southeast Asian e-commerce and video game specialist's latest financial results. Investors weren't pleased to see signs that Sea's turnaround efforts haven't gained as much momentum as they had hoped.
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Why These 2 Large-Cap Stocks Dropped 10%-Plus on Tuesday