What happened

Shares of Alteryx (NYSE:AYX), Stitch Fix (NASDAQ:SFIX), and Wayfair (NYSE:W) dropped 10.3%, 10.5%, and 9.5%, respectively, on Monday despite a lack of company-specific news.

Rather, with no new press releases, SEC filings, analyst downgrades, or other developments that might otherwise merit such steep drops, all three stocks appear to be pulling back in tandem with the broader market's decline today.

Stock market data and directional arrows on a colorful LED display


So what

The three stocks do have one thing in common: They were all up nicely in the year leading up to Friday's close. Alteryx had more than tripled, Stitch Fix had risen over 20%, and Wayfar had climbed nearly 17%, with each handily outpacing the S&P 500's modest 4.5% total return over the same period.

However, the circumstances surrounding their gains were more disparate.

Alteryx, for one, is still riding high on the heels of its impressive third-quarter beat and raise early last month. The data science and analytics software company saw quarterly sales climb a better-than-expected 59% year over year, which translated to a surprise adjusted profit of $5.3 million, or $0.08 per share. CEO Dean Stoecker credited their outperformance to "strong global demand for analytics" and the company's investments designed to capitalize on industry tailwinds.

Meanwhile, Wayfair stock most recently soared late last month after the online home goods leader revealed that direct retail sales skyrocketed 58% over the five-day shopping weekend from Thanksgiving to Cyber Monday. 

Finally, Stitch Fix's upward momentum was decidedly less solid; shares only just plunged more than 20% last week after the online personal styling service posted stronger-than-expected quarterly revenue (up 24% to $366.2 million) and earnings (up 250% to $0.10 per share), but it left investors underwhelmed with a slightly weaker-than-expected increase in active clients (up 22.3% to 2.93 million, falling short of consensus estimates for 2.95 million). Then again, Stitch Fix stock also recouped about half of its post-earnings losses the following day as some investors appeared to use the drop as a buying opportunity.

Now what

To be clear, putting aside the broader market dragging down particularly volatile high-flying names like Wayfair, Alteryx, and Stitch Fix today, I can find no reason long-term investors should be concerned. As such, I think patient shareholders would do well to ignore no-news moves like these, and to instead maintain their focus on the health of the underlying businesses.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.