Ugh, the vicious selloff in the broader markets on Tuesday is so yesterday's news.
Here are several things that caught TheStreet's attention on the ride home. Write them all down on that new iPhone X, they are likely to come in handy at the opening bell on Wednesday.
FANG Stocks Just Got Routed
The NYSE FANG+ index was smashed on Tuesday to the tune of 5.6%. The move to the downside accelerated after reports surfaced Facebook (FB) - Get Report CEO Mark Zuckerberg would testify in front of lawmakers. Facebook is a holding in Jim Cramer's Action Alerts Plus. Not helping sentiment was a fresh negative call on Twitter (TWTR) - Get Report by noted short seller Andrew Left of Citron Research.
While Facebook has been in the spotlight more than Twitter in its recent data privacy scandal, Twitter is arguably more at fault, per Citron's view. Left said Twitter will generate $400 million this year by selling user data alone. None of that $400 million will come from advertising.
"This is not specific to just Facebook," Left told TheStreet. He noted that the "whole space is uninvestable" until there is more direction regarding what might come of the Senate hearings scheduled in the coming weeks.
On the Positive Side
At least fear of rising interest rates isn't something the market needs to worry about for the moment.
The 10-year yield closed at 2.775% on Tuesday, its first close below the 2.8% level since mid-December. Yields hit as low as 2.768% on the session, according to Bloomberg data.
Now get out and buy that home. But, sell those bank stocks you continue to be overweight.
Tesla Slides Off the Road
Tesla shared got shredded by 8.2% on Tuesday on news the National Transportation Safety Board is investigating a fatal March 23 crash in California. Shares closed at their lowest level since the end of March 2017, points out S3 Analytics.
S3 Analytics notes Tesla short-sellers are now up $838 million on paper this year alone after scoring a $749 million windfall on Tuesday's beating.
No tweets from Tesla CEO Elon Musk on the selloff, yet.
Bonus: TheStreet Hits the NY Auto Show Scene
TheStreet has one swank car gathering under its belt ahead of the official start to the NY Auto Show on Wednesday. Mercedes dazzled at an event Tuesday evening, showing off several new models under its hot-selling AMG performance lines. We came away impressed.