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.