Yahoo Finance Twitter, Take-Two Fall Midday; Telecoms Also Struggle
Stocks - Twitter returned to the red in midday trading after a brief rally in the previous session, extending the decline for the stock that started in late July.
Twitter (NYSE:TWTR) fell about 2.6% at 11:50 AM ET (15:50 GMT).
Twitter rose yesterday, but investors took a chance to lock in some of those profits today. Still, the stock seems to be holding support at $28.
Fellow momentum stock Take-Two Interactive (NASDAQ:TTWO) also took a tumble, losing about 2.8%, although that stock has been on the rise of late.
Both names were a drag on the S&P Communications Services index, which was down about 1.5%.
Take-Two's weakness also hit fellow video game stocks Activision, which lost 1.8%, and Electronic Arts (NASDAQ:EA), which slumped 1.7%.
Also hitting the communications services sector was a drop in the telecoms, which tend to underperform when bond yields are rising, as their dividends become less attractive.
Treasuries extended yesterday’s selloff, pushing the yield on the 10-year above 3.2%.
The yield hasn’t hit those levels since 2011.
AT&T (NYSE:T) fell about 0.4%.
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