The stock market sank slightly on Friday, with all three major market benchmarks giving up a small amount of ground from Thursday’s close. Slow GDP growth got the bulk of the blame from Wall Street, but it’s also common for market participants to take some money off the table going into the weekend after a strong week.
Meanwhile, earnings season continued to play out, and although the technology industry saw some extremely encouraging reports, not all stocks participated in the rally. Athenahealth (NASDAQ:ATHN), Synchrony Financial (NYSE:SYF), and Time (NYSE:TIME) were among the worst performers on the day. Below, we’ll look more closely at these stocks to tell you why they did so poorly.
Athenahealth gets a little sick
Shares of Athenahealth plunged 20% after the company reported discouraging results in its first-quarter financial report. The provider of cloud-based medical records said that sales were up 11% from the year-ago quarter, but the company posted a net loss, and even after adjusting for extraordinary items, Athenahealth saw its bottom line give up ground from the first quarter of 2016. Yet even though management remains optimistic about long-term business prospects for the company, CFO Karl Stubelis noted that sales were below expectations, and Athenahealth chose to revise its full-year outlook for both revenue and earnings downward. With investors having gotten used to lightning-fast growth from the medical records provider, Athenahealth will have to find ways to speed back up if it wants to satisfy its shareholders going forward.
Hot Growth Stocks To Buy Right Now: Virtusa Corporation(VRTU)
- [By Lisa Levin]
Technology shares gained around 0.85 percent in trading on Friday. Meanwhile, top gainers in the sector included Virtusa Corporation (NASDAQ: VRTU), and Ceragon Networks Ltd (NASDAQ: CRNT).
Hot Growth Stocks To Buy Right Now: Centerra Gold Inc. (CAGDF)
- [By SEEKINGALPHA.COM]
Centerra Gold (OTCPK:CAGDF) bought out the previous owner of the Mt. Milligan Mine, Thompson Creek Metals, which really saved the asset for Royal Gold, as I explained in a past article. Mt. Milligan contributed $31.66 million of Royal Gold’s $106.9 million revenue this past quarter, or 29.6% of total revenue. I own shares of Centerra Gold, and I think Mt. Milligan is a strong asset that will contribute tons of cash flow for Royal Gold.
- [By SEEKINGALPHA.COM]
The top news of the month goes to Centerra Gold (OTCPK:CAGDF), which agreed to buy Aurico Metals (OTCPK:ARCTF) for C$1.80 in cash, a 38.5% premium, at a value of C$310 million ($243 million).
Hot Growth Stocks To Buy Right Now: Ingles Markets Incorporated(IMKTA)
- [By WWW.THESTREET.COM]
Not all grocers will suffer from Amazon’s growing reach, but those who sell to high-income customers in the top 25 U.S. markets may see their business erode. Among those names include Costco (COST) , Trader Joe’s and Whole Foods (WFM) , which have the most to lose according to Barclays. On the other hand, Walmart (WMT) , Sam’s Club (owned by Walmart) and Ingle’s Markets (IMKTA) have the least to lose.