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Momentum Stocks in Concentration: Accuray Incorporated (ARAY), EV Energy Partners, L.P. (EVEP), Beazer Homes USA, Inc. (BZH)

Wall Street was hit by a broad sell-off on Thursday (Nov 12), dragged lower by downbeat views of the world economy and US rate rise concerns.

Oil shares and banks led the way, but everything from consumer stocks to industrials registered significant losses, “anything related to global growth,” said Charlie Bilello of Pension Partners.

The Dow Jones Industrial Average finished down 254.15 points (1.44 per cent) at 17,448.07. The broad-based S&P 500 dropped 29.03 points (1.40 per cent) to 2,045.97, while the tech-rich Nasdaq Composite lost 61.94 points (1.22 per cent) at 5,005.08.

Investors took remarks from Fed speakers early Thursday as fresh a signal that the Fed is coming close to committing to an interest-rate increase in December.

Speaking at the Cato Institute, St. Louis Fed President James Bullard said it was prudent to raise rates and shrink the Federal Reserve’s balance sheet toward more “normal settings.” Meanwhile, Richmond Fed President Jeffrey Lacker said he doesn’t think that recent low inflation “implies a more permanent departure from our target.”

New York Fed President William Dudley also suggested a rate hike could come in December. Fed Chairwoman Janet Yellen avoided comments on a rate hike in Thursday remarks and that made dollar DXY, +0.11% bulls nervous.

Thursday’s shaky market was sparked by Fed speakers, said Paul Nolte, portfolio manager at Kingsview Asset Management.

Accuray Incorporated (NASDAQ:ARAY) fell -5.50% or -0.41 points on Thursday and made its way into the losers of the day. After trading began at $7.18 the stock was seen hitting $7.25 as a peak level and $6.88 as the lowest level. The stock ended up at $7.05. The daily volume was measured at 1.43 million shares. The company has a market cap of $597.10 million. The mean estimate for the short term price target for Accuray Incorporated (NASDAQ:ARAY) stands at $10.29 according to 7 Analysts. The higher price target estimate for the stock has been calculated at $12 while the lower price target estimate is at $9. On Apr 13, 2015, the shares registered one year high at $10.01 and the one year low was seen on Oct 1, 2015. The 50-Day Moving Average price is $17.40 and the 200 Day Moving Average price is recorded at $-0.67.

Has ARAY Found The Bottom and Ready To Move Up? Find Out Here

EV Energy Partners, L.P. (NASDAQ:EVEP) fell -5.45% or -0.21 points on Thursday and made its way into the losers of the day. After trading began at $3.76 the stock was seen hitting $4.15 as a peak level and $3.56 as the lowest level. The stock ended up at $3.64. The daily volume was measured at 1.50 million shares. The mean estimate for the short term price target for EV Energy Partners, L.P. (NASDAQ:EVEP) stands at $9.11 according to 9 Analysts. The higher price target estimate for the stock has been calculated at $15 while the lower price target estimate is at $5. On Nov 21, 2014, the shares registered one year high at $32.98 and the one year low was seen on Nov 12, 2015.

Has EVEP Found The Bottom And Ready To Gain Momentum? Find Out Here

Beazer Homes USA, Inc. (NYSE:BZH) traded down -5.39% during trading on Thursday, hitting $14.67. The stock had a trading volume of 1.03 million shares. The stock has a market cap of $486.09 million and a price-to-earnings ratio of 1.99. Beazer Homes USA, Inc. (NYSE:BZH) has dropped -16.44% during the last 3-month period. Year-to-Date the stock performance stands at -27.53%. The stock price is expected to reach $ 20 in the short term. The number of analysts agreeing with this consensus is 4. The higher estimate for the short term price target is at $23 while the lower estimate is at $16.50. On June 29, 2015, the shares registered one year high at $21.19 and the one year low was seen on Oct 2, 2015.

Why Should Investors Buy BZH After the Recent Fall? Just Go Here and Find Out