Why SeaWorld Entertainment, Navient, and GoPro Slumped Today
Thursday was another record-setting day for the stock market, as the Dow, S&P 500, and Nasdaq Composite all rocketed to unprecedented levels. News out of Washington featured the House passage of a federal budget, and investors appear to be more hopeful than ever that gridlock within Congress could finally give way to progress in implementing the Republican domestic agenda. Meanwhile, economic conditions in the U.S. remained generally positive. Yet that didn't stop a few stocks from suffering from bad news. SeaWorld Entertainment (NYSE: SEAS), Navient (NASDAQ: NAVI), and GoPro (NASDAQ: GPRO) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.
Shares of SeaWorld Entertainment dropped 6.5%, giving back some gains from Wednesday's session as investors try to parse various potential deals on the mergers and acquisitions front. Reports surfaced that Legoland operator Merlin Entertainments might be interested in acquiring some of SeaWorld's theme park assets, but some investors were disappointed that discussions appear not to center on a sale of the enter company. Speculation that a major U.S. theme park and media giant might step in with a bid of its own could make business sense, but right now, SeaWorld shareholders want something more than rumors to justify a rebound for the stock.
Image source: SeaWorld Entertainment.
Source: Fool.com
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