Why AppLovin Stock Is Sinking Today

The stock of AppLovin (NASDAQ: APP) is getting hit with big sell-offs in Wednesday's trading. The ad tech company's share price was down 5.9% as of 1:15 p.m. ET today. The S&P 500 and Nasdaq Composite were down 0.9% and 1.7%, respectively. AppLovin stock had been down as much as 14.8% earlier in the session.AppLovin is losing ground today amid a sell-off for the broader market driven by the latest data on U.S. gross domestic product (GDP). The stock is also being hurt by bearish coverage that was published by an analyst this morning.The U.S. Commerce Department released GDP data for the first quarter today that showed an unexpected contraction. GDP shrank 0.3% year over year in the quarter, falling short of economists' target for growth of 0.3%. The shortfall was driven by a steep rise in imports as purchasers moved to buy foreign goods before new tariffs were put in place at the beginning of this month.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool