From Investor's Business Daily:
4:12 pm EST
The Nasdaq composite lagged noticeably Wednesday after software and internet groups struggled. Otherwise, the stock market was broadly higher.
Weakness in software, internet and Tesla (TSLA) shares dragged the composite, which added only 0.4%. Tesla plunged 17% as it comes off a heated advance over the past eight weeks.
Canaccord Genuity downgraded the stock to hold from buy and maintained a 750 price target. "Given the 3,000 per week China Model 3 production expectations in a country that remains on lockdown, we feel a reset of expectations in Q1 is likely and thus needs to be reflected in the valuation," analyst Jed Dorsheimer wrote in a note to clients Wednesday.
Enterprise, security, database, gaming, design and financial software industry groups were in the bottom 15 of 197 groups in Wednesday's trading. The iShares Expanded-Tech Software Sector ETF (IGV) fell 1.5% after making a record high in early trading. In the internet sector, Snap (SNAP) plummeted nearly 15% after the parent of Snapchat social media apps gave a weak sales outlook.
The S&P 500 rose 1.1%. The Dow Jones Industrial Average climbed 1.7%. Volume rose, according to unconfirmed figures. Advancing stocks led decliners by a 3-1 ratio on the NYSE and by 12-to-5 on the Nasdaq....MORE
