The markets closed out the week with a severe sell off led by the Nasdaq 100. Today alone the Nasdaq lost 146 points (-3.25%). The S&P 500 didn't have as bad of a day but you certainly wouldn't call it a good day as it lost 35 points (-1.85%). The Dow held up a little better (-1.29%) thanks to the high dividend names like Verizon (VZ ) which briefly made new 52 week highs. Weakness was widespread as popular names like Tesla (TSLA ) saw continued selling, losing nearly 8% in today's trade. Although it was a rough finish to the week it wasn't all bad but this continues to be a stock pickers market. In the news today: Shares of Tyson Foods (TSN ) saw a 9.89% gain today after the company posted better-than-expected earnings. The company states that its quarterly results were driven by a sharp decline in livestock and feed costs. Tyson Foods posted net income of $461 million, or $1.15 per share, for the first quarter, up from $310 million on year ago. The company has also upped its full year earnings forecast causing the bulls to chase TSN to new 52 week highs.
Shares of popular social media stock LinkedIn (LNKD ) fell like a rock today after the company gave weak guidance for the current quarter and all of 2016. The professional networking site missed Wall Street estimates as growth slowed in its ads business to 20% in the fourth quarter, down from 56% a year earlier. LinkedIn's Chief Financial Officer Steve Sordello added that the firm's recruitment services business is facing pressure overseas given "current global economic conditions." LNKD closed down a whopping 43.63% today closing just above the $100 number.
Lastly shares of Lions Gate (LGF ) plunged 27.19% today after reporting quarterly earnings. The company stated that soft performance of its movies as the reason for revenue falling 11% from one year ago. Lions Gate posted earnings at $35.5 million for the three months ending Dec. 31, 2015, compared to a profit of $98 million one year ago. This quarter's results even included Jennifer Lawrence's fourth and final "Hunger Games" movie, which grossed $652 million worldwide. Today's decline marks a new 3 year low for the production company.