US STOCKS-Momentum stocks slide anew, dragging equities lower

viernes 4 de abril de 2014 12:56 GYT

* Payrolls roughly in line with expectations

* E*Trade and Netflix weigh on the S&P 500 and the Nasdaq

* Mylan up on report of Meda AB buy

* Dow off 0.4 pct; S&P 500 off 0.7 pct; Nasdaq down 2.3 pct (Recasts lead, headline, updates prices, adds quotes)

By Chuck Mikolajczak

NEW YORK, April 4 (Reuters) - The Nasdaq tumbled more than 2 percent on Friday, led by another selloff in momentum stocks like Netflix and TripAdvisor, as investors ignored relatively strong March jobs data.

Momentum stocks, representing high-growth companies mostly in the tech and biotech sectors that led 2013's rally, have been under pressure in recent days as investors have shifted away from these names. After appearing to stabilize earlier in the week, internet and biotech stocks fell for a second straight session.

The Nasdaq biotech index lost 3.3 percent. It has dropped 17 percent since reaching a high on Feb. 25. Biogen Idec Inc fell 3.6 percent to $291. Gilead Sciences dropped 2.4 percent.

"The market (as a whole) hasn't rolled over, but these bigger high-flyers are taking it on the chin, which suggests some people are changing their ideals," said Michael Matousek, head trader at U.S. Global Investors Inc in San Antonio, which manages about $1.3 billion. "They don't want to be in growth names. They want to be more defensive."   Continuación...