Chegg, Perdoceo Education And Other Big Stocks Moving Lower On Monday
Portfolio Pulse from Lisa Levin
Several U.S. stocks recorded losses on Monday despite the Dow Jones gaining over 50 points. Notable decliners include Yatsen Holding, Syntec Optics Holdings, reAlpha Tech, Korro Bio, Genelux Corporation, Chegg, Perdoceo Education, Nikola Corporation, International Paper Company, Honda Motor, Toyota Motor, and Tyra Biosciences. Chegg's stock fell after a downgrade by Morgan Stanley, while Perdoceo Education announced leadership changes.
November 20, 2023 | 3:51 pm
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NEGATIVE IMPACT
Chegg's stock declined by 8.2% to $9.60 after Morgan Stanley downgraded the stock from Equal-Weight to Underweight and lowered the price target from $10 to $9.
Analyst downgrades typically lead to negative short-term price action as they reflect a bearish outlook on the stock's future performance.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Perdoceo Education Corporation's stock fell by 6.3% to $16.96 following the announcement of leadership changes, appointing Todd Nelson as President and CEO.
Leadership changes can create uncertainty about the company's future direction, often resulting in short-term negative market sentiment.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80