Twilio drops 7% on heavy volume as work-from-home stocks sell off
jaanalisette/iStock Editorial via Getty Images


Twilio (NYSE:TWLO) shares dropped sharply on Wednesday, nearing a 52-week low, amid a broader decline in tech stocks, and specifically, stocks that benefited from the COVID-19 pandemic.
Twilio (TWLO) shares fell nearly 7.5% to $134.54 as more than 1.5 million shares changed hands shortly before 12 p.m. EST.

For comparison purposes, the average daily volume for Twilio (TWLO) is just over 3.9 million shares.
Other stocks that benefited from the work-from-home trend dropped sharply on Wednesday, led by Netflix (NFLX), which declined more than 40% after the streaming giant missed subscriber estimates for the first-quarter on what some analysts called a "sea change" to the business.
Zoom Video Communications (ZM) fell nearly 5%, while DocuSign (DOCU) and Shopify (SHOP) fell more than 6% each.
Last month, Twilio (TWLO) was listed among Wolfe Research's screen for short ideas.