Many Stocks See Nasty Reversals After Strong Open

Stocks were screaming out of the gate this morning following the China rate and reserve ratio cut. However, after sideways action most of the session, sellers came out in force at the close. Double-digit gains in some stocks quickly evaporated.

Below are some of the dramatic moves today witnessed in a few highly-followed stocks:

• SunEdison (NYSE: SUNE) open at $11.30. Close at $8.80 (-22.1% reversal)
• GoPro (NASDAQ: GPRO) open at $51.41. Close at $47.03 (-8.5% reversal)
• Ambarella, Inc. (NASDAQ: AMBA) open at $94.81. Close at $87 (-8.2% reversal)
• Fitbit (NYSE: FIT) open at $40.05. Close at $36.77 (-8.2% reversal)
• Apple (NASDAQ: AAPL) open at $111.07. Close at $103.74 (-6.6% reversal)
• Netflix (NASDAQ: NFLX) open at $107.88. Close at $101.53 (-5.9% reversal)
• Bank of America Corporation (NYSE: BAC) open at $16.20. Close at $15.26 (-5.8% reversal)
• Tesla (NASDAQ: TSLA) open at $230.52. Close at $220.03 (-4.6% reversal)

Yuck!

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