What happened
Twilio (TWLO -0.50%) fell 15.2% in February, according to data from S&P Global Market Intelligence . The company reported earnings on Feb. 9 that beat Wall Street's estimates , and its growth forecasts also impressed investors. However, the momentum from that earnings report wasn't enough to overcome the market forces that dragged tech stocks lower throughout the month.
So what
Correlated assets can tell us a lot about the forces behind a stock's movement. Twilio's February price chart was nearly identical to the ProShares Ultra QQQ exchange-traded fund (ETF), which is meant to triple the performance of the Nasdaq Composite index .
^CRUSSCAPV data by YCharts
Twilio fell 15.2% in February, according to data from S&P Global Market Intelligence . The company reported earnings on Feb. 9 that beat Wall Street's estimates , and its growth forecasts also impressed investors. However, the momentum from that earnings report wasn't enough to overcome the market forces that dragged tech stocks lower throughout the month.