Stock Market Today: Nasdaq Hit In Early Trade; Pot Stocks Rip Higher – Investor's Business Daily

The Nasdaq composite took a hit early Wednesday in the stock market today as earnings reports from top growth stocks RH (RH), HealthEquity (HQY), Workday (WDAY) and Coupa Software (COUP) were on Wall Street’s radar.


The Nasdaq slumped 0.6% in early trading; the S&P 500 slipped 0.2% and the Dow Jones industrial average was mostly unchanged.

Early laggards in the Nasdaq 100 included (JD), Workday, NetEase (NTES) and MercadoLibre (MELI).

Marijuana Stocks Up Again

Pot stocks were in favor just after the opening bell Wednesday despite negative comments recently from short seller Citron Research. Cronos (CRON) soared 12%; Tilray (TLRY) jumped 7% and Canopy Growth (CGC) added 4%.

Stock Market Today: Facebook, Twitter In Focus

Facebook (FB) Chief Operating Officer Sheryl Sandberg and Twitter (TWTR) Chief Executive Jack Dorsey are scheduled to appear before a Senate panel Wednesday to defend their response to Russian interference in U.S. elections. Facebook stock was down 0.6% in early trading. Twitter shed 0.9%.

Mixed Bag Of Earnings

Shares of enterprise software name Workday gave back 3% in early trading despite a strong earnings report that showed bottom-line growth of 29% and top-line growth of 28%. Through Tuesday, Workday rose 19 times in 21 trading sessions. Some consolidation should be expected from here.

But another enterprise software stock went the other way on earnings. Coupa Software soared 14% after the company reported an unexpected profit. Sales growth accelerated from the prior quarter, rising 38% to $61.6 million.

RH, formerly known as Restoration Hardware, slumped nearly 7% despite a big earnings beat. Wall Street focused instead on a sales miss and weaker-than-expected same-store sales.

IBD Sector Leader HealthEquity added 1% after the heath savings account custodian reported adjusted earnings per share of 34 cents, nicely above the consensus estimate of 28 cents.


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