Shares of Nvidia Corp. tumbled 8.9% in afternoon trade, toward the first close below a key trend-tracking line for the first time in a year, in the wake of analyst downgrades to bearish ratings. The stock was changing hands at $100.92, putting it on track for the lowest close since Dec. 16, 2016. It was also heading for the first close below its widely viewed 50-day moving average (MA), which is used by many to track the short-term trend, since Feb. 17, 2016. The 50-day MA currently extends to $107.07, according to FactSet. That would snap a 256-session streak of closes above the 50-day MA, the longest such stretch since the stock went public in January 1999. The last time it first closed below the 50-day MA, after at least 3 months above it, was Jan. 7, 2016. The stock fell another 17% over the next month before bottoming.
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