U.S. stocks were bearish on Monday ahead of Federal Reserve Chairman Jerome Powell’s speech later this week as well as earnings from PepsiCo (PEP, Financial) and Delta Airlines (DAL, Financial). The Dow Jones Industrial Average fell 0.38% to 26,822, the S&P 500 index declined 0.43% to 2,977 and the Nasdaq Composite Index slid 0.74% to 8,102.
Shares of NetApp Inc. (NTAP, Financial) fell more than 3% on Monday after analysts at Citi downgraded the stock to sell. The analysts also cut the price target to $55 per share from $67 per share. They expect first-quarter numbers will be in line with expectations, but next quarter's outlook will suffer from the impact on margins.
Shares are flat year to date and trade at 13.4 times earnings.
During the quarter ended March 31, Lee Ainslie (Trades, Portfolio) exited his position and Jeremy Grantham (Trades, Portfolio) reduced his holding by 14.6% to 161,495 shares. Ray Dalio (Trades, Portfolio) and Dodge & Cox also trimmed their holdings by 61.71% and 16.77%. Paul Tudor Jones (Trades, Portfolio) established a position, buying 6,078 shares.
Gainers
- Edison International (EIX, Financial)
- Micron Technology Inc. (MU, Financial)
- Western Digital Corp. (WDC, Financial)
- EOG Resources Inc. (EOG, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
Losers
- DaVita Inc. (DVA, Financial)
- TripAdvisor Inc. (TRIP, Financial)
- Juniper Networks Inc. (JNPR)
- F5 Networks Inc. (FFIV, Financial)
- Cimarex Energy Co. (XEC, Financial)
Global markets
The main European stock markets traded lower. The U.K.'s FTSE 100 dipped 0.05%, France's CAC 40 lost 0.08%, Germany's Dax slid 0.20% and Spain's IBEX 35 fell 0.54%.
In Asia, Japan's Nikkei 225 declined 0.98%, India’s BSE Sensex tumbled 2.01%, Hong Kong's Hang Seng retreated 1.54% and China's Shanghai Composite slipped 2.58%.
Disclosure: The author holds no positions in any stocks mentioned.
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