Why Opko Health, Avis Budget Group, and Adomani Slumped Today
Thursday was another relatively quiet day for the stock market, and major benchmarks finished on either side of the unchanged mark by the end of the trading session. The Dow Jones Industrials hit another record, but the Nasdaq Composite finished down on the day. The long bull market in stocks has benefited from low interest rates, but market participants today started to speculate that further increases in rates from the Federal Reserve might come sooner than hoped. In addition, some companies suffered from bad news that sent their share prices lower, and Opko Health (NASDAQ: OPK), Avis Budget Group (NASDAQ: CAR), and Adomani (NASDAQ: ADOM) 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.
Shares of Opko Health fell another 7%, adding to its poor performance throughout 2017. Opko has had to deal with disappointment on multiple fronts, including less-than-encouraging results in clinical studies and slow starts for approved drugs. Yet even though several institutional investors have thrown in the towel and given up on the company, Opko has strong potential for sales of its chronic kidney disease treatment Rayaldee to pick up. Moreover, Opko's diagnostic testing business has good prospects as well. Although the company hasn't executed well yet, some are optimistic that the future is bright for Opko.
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Source: Fool.com
