Two of the newest tech stocks on Wall Street somehow escaped Monday's dizzying stock market selloff (ROKU, SNAP)
- Snap and Roku managed to avoid the slide that carried just about every tech stock down with the broader market on Monday.
- Snap finished up 1%, and Roku was down less than 1%. The Nasdaq Composite fell 3.77%
The stock market took a beating on Monday, and major tech stocks were no exception: Google and Netflix were down 5%, for example, and the broader Nasdaq Composite dropped nearly 4%.
But two newest members of the public markets showed Teflon-like durability during the wild day of trading.
Snap, the parent company of social network Snapchat, actually rose 1%. And Roku, the maker of video streaming boxes for cable cord cutters, declined just three-quarters of 1%.
Snap is hardly a Wall Street darling — its stock has been battered by investors since its 2017 IPO, and is actually trading below its IPO price. Of course, the stock is also only slightly above its 52-week low, so it may be that there wasn't much more room for it to fall.
Roku, by contrast, has seen its share price nearly triple since its September IPO. With that kind of a run up, the fact that it held its ground on Monday is particularly interesting.
Note that the trading volume in Roku's stock on Monday was about one-fifth its average volume. Perhaps investors were more focused on other stocks during the frenetic hour of trading on Monday, as the broader market whipsawed. Maybe they were watching coverage of the stock plunge, streamed to their TVs on a Roku device.
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Tuesday, February 06, 2018
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