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Industryweek 7782 Nasdaq Drops Tesla Netflix Stumble

Nasdaq Drops 0.6% As Tesla, Netflix Stumble

Nov. 19, 2014
High-flying tech companies Netflix and Tesla Motors stumbled Wednesday, pulling the Nasdaq 0.6% lower in a muted day for US equities.

NEW YORK — High-flying tech companies Netflix and Tesla Motors (IW 500/384) stumbled Wednesday, pulling the Nasdaq 0.6% lower in a muted day for US equities.

The tech-rich Nasdaq dropped  26.73 points (0.57%) to 4,675.71.

The Dow Jones Industrial Average slipped 2.09 (0.01%) to 17,685.73, while the broad-based S&P 500 lost 3.08 (0.15%) at 2,048.72.

Tesla shares fell 3.9% after Morgan Stanley trimmed its profit forecast for the electric-car manufacturer, while Netflix dropped 4.7% after it pulled the plug on a Bill Cosby program due to allegations of rape and sexual abuse against the comedian.

Analysts said hot Nasdaq stocks were also affected by profit-taking after big gains in recent weeks.

Copyright Agence France-Presse, 2014

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