7 Worst Stocks in the Nasdaq on Wednesday: Zoom Declines

The worst-performing stocks in the Nasdaq on Wednesday included Zoom Vide, Seattle Genetics, and Mercadolibre Inc., among others
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Stocks traded higher Wednesday even after President Donald Trump criticized the $900 billion bipartisan coronavirus relief package just passed by Congress and demanded higher direct payments to most Americans.

The Dow gained 258 points, or 0.86%, to 30,273, the S&P 500 rose 0.58% and the Nasdaq was up 0.14%.

Jobless claims in the U.S. were better than expected last week though held above 800,000 as businesses continued to scale back hiring amid an ongoing surge in Covid-19 infections, hospitalizations and deaths.

Here are the worst stocks in the Nasdaq on Wednesday by their performance in percentage change at the close of trading on Dec. 23.

1. Zoom Video | Decreased -6.17%

Earlier this month, shares of Zoom Video Communications  (ZM) - Get Report fell sharply, as analysts expressed concern about valuation despite the video-conferencing company releasing a strong earnings report

2. Mercadolibre Inc | Decreased -3.63%

Mecradolibre Inc. MELI reported its third quarter of 2020 financial results in November, posting a net income of $49.7 million.

3. Workday Inc | Decreased -3.50%

Shares of accounting software maker Workday WDAY dropped premarket in November following its third-quarter earnings release despite topping earnings and revenue estimates as the company also issued weak guidance for 2021.

The company said it expects software demand to continue to come under pressure in 2021 due to the coronavirus pandemic. 

4. Seattle Genetics Inc | Decreased -2.88%

In September, Seattle Genetics Inc.  (SGEN) - Get Report said that it will partner with Merck  (MRK) - Get Report on two new oncology collaborations.

The collaboration will include the global development and commercialization of ladiratuzumab vedotin, Seattle Genetics’ antibody-drug conjugate (ADC) which targets LIV-1. This is currently in phase 2 of clinical trials that targets some tumors and breast cancer.

5. Docusign Inc | Decreased -2.71%

Shares of DocuSign  (DOCU) - Get Report traded higher earlier this month after the e-signature company posted quarterly results that handily beat analysts’ estimates, prompting a raft of accolades over the company’s prospects as well as several price-target upgrades.

DocuSign posted fiscal third-quarter earnings of 22 cents a share, well above the 13 cents a share forecast by analysts polled by FactSet. Sales rang in at $382.9 million, up 53% year over year and also above expectations of $361.2 million.

6. Netflix Inc | Decreased -2.45%

Netflix NFLX is "a key beneficiary and driver of the ongoing disruption of linear TV," according to a J.P. Morgan analyst, who raised his price target in November on shares of the video-streaming giant to $628 from $615.

7. Cintas Corp | Decreased -2.36%

Cintas Corp  (CTAS) - Get Report reported in September results for its fiscal 2021 first quarter ended August 31. Revenue for the first quarter of fiscal 2021 was $1.75 billion, a decrease of 3.6% from last year’s first quarter.

Earnings per diluted share (EPS) were $2.78 in the first quarter of fiscal 2021, an increase of 19.8% from last year's first-quarter diluted EPS. 

All stock prices and activity referenced are pulled from Barchart.com