Beyond Meat Sinks the Nasdaq as Ulta Hits the Target
The sector rotation appeared to continue on Tuesday, as investors fled the most influential stocks in the Nasdaq Composite (NASDAQINDEX: ^IXIC) in favor of stocks listed elsewhere. Even as other benchmarks held up well or even gained ground, the Nasdaq was down more than 150 points, or 1.3%, as of 2:30 p.m. EST.
When some of the best performers start to see signs of cracking, it often bodes poorly for the stock market as a whole. That's one concern that investors have about Beyond Meat (NASDAQ: BYND) and its big plunge on Tuesday. Yet elsewhere, Ulta Beauty (NASDAQ: ULTA) made shareholders quite happy with its latest strategic move to boost traffic and recover from the impacts of the COVID-19 pandemic.
Shares of Beyond Meat got burned Tuesday afternoon, falling 16%. The maker of plant-based meat alternative products had a third-quarter earnings report that failed to leave investors satisfied.
Source Fool.com