2 months ago
Stock Market

Walgreen's, Tesla, Symantec Nudge Nasdaq Into Bear Territory

Investing.com – Walgreen's, Tesla and Symantec were under siege heading into the close Thursday, keeping the Nasdaq firmly in bear-market

Investing.com – Walgreen's, Tesla and Symantec were under siege heading into the close Thursday, keeping the Nasdaq firmly in bear-market territory.

The NASDAQ Composite has plunged more than 20% from its Aug. 29 peak, putting it firmly in a bear territory.

Tesla (NASDAQ:TSLA) fell more than 4% even as the electric automaker revealed it is planning to launch a new program called "Instant Drive Away," that will allow customers to complete the buying and delivery process within five minutes, according to electric vehicle news source Electrek.

Walgreens Boots Alliance (NASDAQ:WBA)'s first-quarter results beat analysts' estimates, but that did little to prevent a rout in its shares as the company's restructuring program targeting cost cuts of $1 billion over the three years was not welcomed by investors. Its shares fell 4.5%.

Cyber security company Symantec (NASDAQ:SYMC) fell 4% amid ongoing fears that private equity firm Thoma Bravo may back away from a deal to acquire the company.

CNBC reported earlier this week that private equity firm Thoma Bravo is in talks to buy rival McAfee from Intel (NASDAQ:INTC) and TPG in a deal that could value the company at more than $4.2 billion.