Here's Why CoStar Group Was Plunging on Wednesday
The stock market was having a generally weak day on Wednesday, fueled by political fears and interest-rate uncertainties, with all three major averages firmly in negative territory at 3:30 p.m. ET. However, real estate data-technology leader CoStar Group (NASDAQ: CSGP) was having an awful day. Shares were down by 14% and declined so sharply at the open, they had to be temporarily halted.
As you might guess, CoStar's downward move was fueled by its latest earnings report, which was released after the closing bell on Tuesday.
At first glance, CoStar's results might not seem too bad. The company's results for the fourth quarter beat analyst estimates on both the top and bottom lines, and its net bookings in the quarter were the strongest they've ever been.
Source Fool.com
