What Happened?
A number of stocks fell in the afternoon session after sentiment weakened following a surprisingly weak private payrolls report from ADP.
According to the ADP National Employment Report, the U.S. private sector added only 22,000 jobs in January, falling significantly short of economists' estimates of 45,000 to 48,000. The slowdown was led by the manufacturing and the professional and business services sectors. The professional and business services category was particularly hard-hit, shedding 57,000 jobs, marking its most substantial monthly decline since mid-2025. This lackluster hiring data points to a potential cooling in the labor market, raising concerns for companies whose revenues are closely tied to employment levels and business spending.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Electronic Components & Manufacturing company TTM Technologies (NASDAQ: TTMI) fell 10.4%. Is now the time to buy TTM Technologies? Access our full analysis report here, it’s free.
- Traditional Media & Publishing company EchoStar (NASDAQ: SATS) fell 3.6%. Is now the time to buy EchoStar? Access our full analysis report here, it’s free.
- Electronic Components & Manufacturing company Jabil (NYSE: JBL) fell 5.8%. Is now the time to buy Jabil? Access our full analysis report here, it’s free.
- Specialized Technology company Mirion (NYSE: MIR) fell 4%. Is now the time to buy Mirion? Access our full analysis report here, it’s free.
Zooming In On TTM Technologies (TTMI)
TTM Technologies’s shares are extremely volatile and have had 40 moves greater than 5% over the last year. But moves this big are rare even for TTM Technologies and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 21 days ago when the stock gained 5.3% on the news that the company presented a strong long-term growth outlook at an investor conference, which prompted positive reactions from analysts. During the Needham Growth Conference, CEO Edwin Roks projected annual revenue growth of 15% to 20% over the next three years, with earnings expected to double between 2025 and 2027. The company's management team highlighted that this projected growth was fueled by strong demand in the aerospace, defense, and AI-driven data center computing markets. In response to the upbeat forecast, Truist Securities raised its price target on the stock to $113 from $91. Similarly, Needham & Company increased its price target to $105 from $79, with both firms maintaining their "Buy" ratings on the shares.
TTM Technologies is up 36.1% since the beginning of the year, but at $96.10 per share, it is still trading 10.7% below its 52-week high of $107.57 from February 2026. Investors who bought $1,000 worth of TTM Technologies’s shares 5 years ago would now be looking at an investment worth $6,894.
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