The S&P 500 Index (SNPINDEX:^GSPC) is on a winning streak, and it's not a shabby one, either. After surging to five-year highs last Thursday and Friday, the benchmark index again set new five-year highs on Tuesday. Today's gains marked the longest winning streak in about a month and a half as a slew of earnings impressed Wall Street. Unfortunately, three S&P 500 stocks were notable exceptions, falling big time.
Edwards Lifesciences (NYSE:EW) was the index's biggest laggard today, falling 2.7%. The major catalyst may have actually been due to what happened with another company. St. Jude Medical received "CE Mark" approval for two devices that treat heart conditions, a major market for Edwards. Although a CE Mark by no means amounts to FDA approval, it is a step forward for a competitor, and Wall Street sold off Edwards' stock as a result.
The recent spinoff from Abbott Labs, AbbVie (NYSE:ABBV), will be featured one last time in Abbott's earnings report tomorrow. AbbVie, which pays a 4.4% dividend, may not yet have the recognition from the markets that its parent company did, but with a $57 billion market cap and a strong portfolio of pharmaceuticals backing it up, today's 2.4% loss may be more of a temporary setback than an indication of future performance.
With online video streamer Netflix's (NASDAQ:NFLX) 1.4% decline today, we begin to see a bit of a Tuesday trend. Companies set to report results tomorrow are falling as investors become anxious about quarterly results. Netflix, which is expected to swing to a loss this quarter, has recently made a point to pay up for new, popular content. Tomorrow may be an indication of just how much the new content cost the company.
The Motley Fool recommends Netflix. The Motley Fool owns shares of Netflix and St. Jude Medical. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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