SAN FRANCISCO (MarketWatch) — High-flying momentum stocks Facebook Inc. and Tesla Motors Inc. fell into bear market territory on Friday after slumping in line with the broader market's decline.
Facebook Inc. (FB) shares fell 4.6% while Tesla (TSLA) shed 5.9%, its worst percentage drop so far this year. Both stocks have now fallen more than 20% from their recent highs. Netflix Inc. (NFLX) also slid 4.9% while Priceline Group Inc. (PCLN) dropped 4.8%.
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Best Buy Inc. (BBY) rose 3.5% after the stock's buy rating was reiterated at Bank of America Merrill Lynch, according to Benzinga.com.
Shares of GrubHub Inc. (GRUB) soared 31% to $34 in their debut in the stock market. The online food-ordering service priced its initial public offering late Thursday at $26 a share, above the expected range of $23 to $25. GrubHub offered about 7 million shares.
Peabody Energy Corp. (BTU) shares added 2.9%. The stock's rating was raised to outperform from market perform at Cowen & Co. Analyst Daniel Scott noted that Peabody maintains one of the stronger financial positions among metallurgical coal producers.
Anadarko Petroleum Corp. (APC) rose 2.1%. The company reached a deal with plaintiffs and the U.S. government to settle legal claims against its subsidiary Kerr-McGee for $5.15 billion. The case stems from the bankruptcy of Tronox Inc., which was spun off from Kerr-McGee before it was bought by Anadarko in 2006.
DeclinersE-Trade Financial Corp. (ETFC) fell 7.8% following a 6.5% drop in the previous session. The recent criticism of high-frequency trading by high-profile figures such as Charles Schwab has prompted concerns that regulators may take steps to ban "other perceived market structure flaws" such as payment for order flow, according to analyst Patrick O'Shaughnessy at Raymond James.
Stricter rules on payment for order flow could impact revenue at E-Trade, he added, noting that the online brokerage generated about $72.5 million worth of order flow revenue in 2013.
Shares of TD Ameritrade Holding Corp. (AMTD) also skidded 4.2%.
Intuitive Surgical Inc. (ISRG) shares fell 6.5%, breaking an eight-session winning streak. The stock got a strong boost recently after the company said it received clearance from the U.S. Food and Drug Administration to market its da Vinci Xi Surgical System.
TripAdvisor Inc. (TRIP) shares sank 6.1%, falling for a third day. The stock has been somewhat volatile this year, falling almost 7% in January and then jumping 30% in February before falling in March and April. TripAdvisor is up 4% year to date.
Other notable losers include Alexion Pharmaceuticals Inc. (ALXN) , Keurig Green Mountain Inc. (GMCR) , and Charles Schwab Corp. (SCHW) .
Tickers to watch:BKS: Barnes & Noble Inc. (BKS) shares slid 5.4%. Liberty Media Corp. (LMCA) said Thursday it would sell the majority of its 17% stake in the book retailer.
KMX: CarMax Inc. (KMX) shares fell 4.2%. The company said Friday its fourth-quarter profit fell to $99.21 million, or 44 cents a share, from $107.2 million, or 46 cents a share, a year earlier. Net sales and operating revenues rose to $3.08 billion from $2.83 billion. Results missed expectations.
AMZN: Amazon.com Inc. (AMZN) shares slid 3.2%. The Internet retailer released Fire TV, a new gadget that allows access to various content, including movies and games, from different sources to a tepid response.
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