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Omar Venerio
Omar Venerio
Articles (1577) 

Major Stock Indexes in Red Monday

New Relic shares fall on updated outlook, management changes

Dow stocks were in the red on Monday, with oil prices climbing about 15%. The Dow Jones Industrial Average fell 0.46% to 27,093, the S&P 500 Index slid 0.31% to 2,998 and the Nasdaq Composite Index declined 0.28% to 8,153.

Shares of New Relic Inc. (NYSE:NEWR) fell nearly 2% on Monday after updating its revenue guidance and announcing management changes. The stock tumbled more than 30% in August after posting disappointing first-quarter financial results and issuing weaker-than-expected forecast.

Michael Christenson, a current board member, will join the company as president and chief operating officer on Oct. 1. Chief Technology Officer Jim Gochee and Chief Revenue Officer Erica Schultz also announced their resignations.

The company also reaffirmed a second-quarter revenue outlook in the range of $143 million and $145 million. Looking ahead to full-year 2020, the company expects revenue to be between $586 million and $593 million, down from the previous forecast of $600 million to $607 million.

Moreover, the stock is at a two-year low.

During the quarter ended June 30Paul Tudor Jones (Trades, Portfolio) and Louis Moore Bacon (Trades, Portfolio) established new positions in the stock. Jim Simons (Trades, Portfolio)' Renaissance Technologies reduced its holding by 61% to 236,600 shares.



Global markets

The main European stock markets tradedin the red. The U.K.'s FTSE 100 retreated 0.63%, France's CAC 40 declined 0.94%, Germany's Dax dipped 0.71% and Spain's IBEX 35 sli0.94%.

In Asia, Japan's Nikkei 225 gained 1.05%, India’s BSE Sensex fell 0.70%, Hong Kong's Hang Seng rose 0.83% and China's Shanghai Composite swelled 0.02%.

Disclosure:The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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