Why Impinj Stock Fell 10.5% Today
Shares of Impinj (NASDAQ: PI) closed Monday's trading session 10.5% lower. The provider of RAIN RFID tags and systems had no news of its own today, but the stock was swept up in a larger market panic. The S&P 500 index fell 1% on Monday, and the tech-heavy Nasdaq Composite index dropped 2.6% lower.
Impinj was more vulnerable to this correction than most stocks because it had been crushing the market recently. Even after Monday's haircut, Impinj's shares have gained 117% in 52 weeks and 84% in the last six months alone. Triggered by a couple of massive drops in the tech sector that had some connection to actual business results, the negative market action spread across most sectors and stock types with the notable exception of ultra-safe investments focused on dividends and consumer staples.
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Source Fool.com
