The combination of S&P 500 index futures opening deep into the red and another round of sellers attempting to lock in profits instigated a nosedive off Friday's open. It was able to find intra-day support at $99.68 and managed to close in triple digits at $100.49. When the buy the dippers nudged the issue to no further than $106.39, the floodgates opened and panic-selling ensued. Short-sellers seized on the negative news and had Nvidia trading lower by nearly $5.00 in the $105.00 handle by Thursday's open. He couldn't recall a bigger move in either direction with the catalyst being a double upgrade or downgrade from Wall Street analysts.

In fact, PreMarket Prep co-host Dennis Dick said on the show he was amazed on how these mid-tier Wall Street firms could have such an impact on as heavily traded issue as Nvidia. Although these are respected Wall Street firms, they certainly don't carry the same weight with their ratings as a Goldman Sachs, JP Morgan or Bank Of America. EST.īefore Thursday's open, BMO Capital downgraded the stock from Market Perform to Underperform with an $85 target. In thin after-hours trading, the issue declined from $110.76 to $108.30 by the conclusion of after-hours trading at the 8:00 p.m. Aggressive short sellers and others that were long the issue hit the exit button. That's when Nomura downgraded the stock from Buy to Reduce and announced a $90 price target, well below its closing price of $110.76. After maintaining that level on Wednesday, all hell broke loose after the close. Per its 2016 style, the issue began last week with a nearly $4 gain, rallying from it's previous close ($107.23) to $111.07. Last year, the issue ran up 224 percent from its 2015 year-end close ($32.96) to $106.74. It was a rough week for Nvidia Corporation NVDA, one of the top performing issues in the S&P 500 index in 2016.

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