NEW YORK, NY / ACCESSWIRE / May 30, 2018 / U.S. equities plunged on Tuesday as market participants digested fresh political drama in Italy. The Dow Jones Industrial Average dropped 1.58 percent to close at 24,361.45, erasing year-to-date gains, while the S&P 500 Index declined 1.16 percent to close at 2,689.86, weighed by losses in financial sector. The Nasdaq Composite Index was down 0.50 percent to close at 7,396.59.

"Today's selling is happening on a larger volume, which is concerning. It means that investors are now worried about contagion from the fallout in Italy," said Joe Saluzzi, partner and co-head of equity trading at Themis Trading. "Selling can unravel pretty quickly if we find out that a hedge fund holding Italian bonds is forced to sell good assets, triggering unwinding of other funds," Saluzzi added.

RDI Initiates Coverage on:

Universal Display Corporation
https://rdinvesting.com/news/?ticker=OLED

Cree, Inc.
https://rdinvesting.com/news/?ticker=CREE

Universal Display's stock jumped 3.96% Tuesday, to close the day at $103.60. The stock recorded a trading volume of 8,284,800 shares, which was above its three months average volume of 1,354,828 shares. In the last year, Universal Display's shares have traded in a range of 86.85 - 209.00. The share price has gained 19.29% from its 52 week low. The company's shares are currently trading below their 200-day moving average. The stock's 50-day moving average of $96.36 is below its 200-day moving average of $140.42. Shares of the company are trading at a Price to Earnings ratio of 47.52. Shares of Universal Display have gained roughly 16.14 percent in the past month and are down 39.99 percent year-to-date.

Access RDI's Universal Display Corporation Research Report at:
https://rdinvesting.com/news/?ticker=OLED

On Tuesday, shares of Cree recorded a trading volume of 1,903,937 shares, which was above the three months average volume of 1,390,771 shares. The stock ended the day 3.21% higher at $47.32. The share price has fallen 1.42% from its 52-week high with a 52-week trading range of 20.50 - 48.00. The company's shares are currently trading above their 200-day moving average. The stock's 50-day moving average of $41.89 is above its 200-day moving average of $38.58. Shares of Cree have gained roughly 23.74 percent in the past month and are up 27.41 percent year-to-date.

Access RDI's Cree, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=CREE

Our Actionable Research on Universal Display Corporation (NASDAQ :OLED) and Cree, Inc. (NASDAQ :CREE) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com