Cirrus Logic Leads Nasdaq Lower, But Why Is Tesla Rising?
The stock market has done extremely well in April, but Wall Street looks like it's ready for a bit of a break. The Nasdaq Composite (NASDAQINDEX: ^IXIC) has made a run toward record highs this week, and investors seem optimistic about its long-term future. Nevertheless, the index gave up nearly 1% as of 2 p.m. EDT Friday afternoon in a broader-based market sell-off.
One problem Nasdaq stocks are having is that earnings announcements are leading to pullbacks even when numbers are reasonably solid. That happened to Cirrus Logic (NASDAQ: CRUS) in the wake of its fiscal fourth-quarter financial report. However, Tesla (NASDAQ: TSLA) defied the downturn with notable gains Friday afternoon for the electric car stock.
Shares of Cirrus Logic plunged more than 15% on Friday afternoon. The maker of components for popular smartphones wasn't able to satisfy its investors with its quarterly results.
Source Fool.com
