The 7.49% drop represents the biggest weekly decline in the index to date.
Best Explanation: The debt ceiling drama. Everything went down in the US: DOW (-4.24%), Nasdaq (-3.58%), S&P 500 (-3.92%), FONE (-3.72%). But EEM (-1.12%) was minimally impacted.
Winner: COBR (+1.56%) rose after a very positive earnings announcement.
Biggest Losers: GLUU (-12.24%), ROVI (-8.97%), P (-16.31%), AUGT (-10.62%). The rest of the stocks in the index all went down between 4.54% (MITK) and 7.97% (VELT).
VOCS and COBR reported earnings this week. On 7/26, VOCS announced that they beat expectations and raised guidance, but the stock went down 0.3% afterwards. Likely this is due to the loss per share of (0.14) remaining the same while they increased operating expenses 30%. By comparison the COBR earnings report was even more dramatic -- the company is clearly profitable now -- and operating income grew 277% YoY. Wall St. rewarded COBR with a 9.4% jump after this announcement. Put into the context of the debt ceiling news, it appears that these stocks have increased their relative value -- for now.
Upcoming earnings announcements: GLUU (8/2), ROVI (8/9), VELT (8/10), NCTY (8/16) .
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