Why Skillz Stock Slumped, Then Recovered Today

Skillz (NYSE: SKLZ) slumped on Thursday, following many high-growth and small-cap stocks into negative territory. Shares had fallen as much as 7.8%, but by the close of trading, shares of the mobile-gaming platform had recovered some of the losses, down just 3.3%. There was no apparent catalyst for the move.

There didn't appear to be any company-specific news -- no press releases, no filings with the Securities and Exchange Commission (SEC), not even any analyst reports we could find to explain the slump. Much of broader market was in the red on Thursday, as investors digested another day of testimony on Capitol Hill by Federal Reserve Chair Jerome Powell.

Image source: Getty Images.

Continue reading

Source Fool.com