The Nasdaq Doesn't Need Zoom to Set New Record Highs

November was a fantastic month for the Nasdaq Composite (NASDAQINDEX: ^IXIC), and December got off to a great start as well. As of 3:15 p.m. EST, the Nasdaq appeared to be record-bound, rising more than 1% and leading other major market benchmarks higher on the first day of the new month.

Judging from the positive sentiment, you might reasonably figure that Monday afternoon's financial report from Zoom Video Communications (NASDAQ: ZM) was a favorable one. From a fundamental standpoint, you'd be correct about that. Yet shareholders didn't react that way, and Zoom was actually the biggest loser among Nasdaq-100 stocks on the day. The move also pulled down shares of fellow red-hot software-as-a-service stock DocuSign (NASDAQ: DOCU), which is set to report its own earnings later this week.

Shares of Zoom Video Communications lost 16% Tuesday afternoon. The video conferencing specialist reported third-quarter results that on their face continued the company's long streak of amazing performance, but shareholders didn't see any room for the stock price to move higher.

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Source Fool.com