The markets had a wild ride today starting with an early morning rally. A few names in the tech space suffered strong selloffs today which pulled the Nasdaq 100 lower by a whopping 2.43%. The Dow 30 stayed in the green, adding 88, and the S&P 500 had a small down day of 2 points. Financials had a strong day today which helped the S&P 500 along with the Dow 30 but much of today's media attention will be given to the Nasdaq and its collapse. Next week investors will focus, once again on the Federal Reserve where they will see if Janet Yellen raises rates once again.
Pandora (NYSE: P) spiked over 1% today, but at one point were up over 4% as news was confirmed that Sirius XM (NASDAQ: SIRI) would be making a sizable investment in the music streaming service. The deal was announced that Sirius would be making a $480 million investment in the company which works out to around a 20% stake. This comes after previous talks of a buyout broke down at an offer price of $8 per share. Following Sirius' due diligence period the satellite company said they couldn't justify the valuation. Pandora shares have been sliding all year long but news today gave a temporary pause to the decline.
Endo International (NASDAQ: ENDP) was one of the big losers today as shares sold off over 9%. The move came after the FDA asked the company to pull its opioid drug, Opana ER. The FDA said it had concerns about people using the drug. This caused shares to retreat from yesterdays strong gains. Shares have floated between positive and negative this year so far, stuck in a range between $14.50 and $10.
Snap, Inc. (NASDAQ: SNAP) suffered more losses today, adding to its terrible week. The 4.56% selloff today was due to a downgrade from Citi (NYSE: C) to neutral from buy. The analyst also adjusted its price target to $24 from $28. The analyst note stated that the firm thinks "user growth will remain modest in the near term", and that "ad revenue growth may be slower than expected for the second half of the year." Shares are hovering at their lowest point since going public.