In this article, we will take a look at the 10 biggest losers of this morning. If you want to see some more stocks plummeting today, go directly to 5 Biggest Losers on Thursday.
Tech stocks, including NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD) and Okta, Inc. (NASDAQ:OKTA), fell sharply before the opening bell today.
Shares of NVIDIA Corporation (NASDAQ:NVDA) and Advanced Micro Devices, Inc. (NASDAQ:AMD) dropped after the U.S. government restricted the two companies from exporting certain high-performance chips to China. On the other hand, Okta, Inc. (NASDAQ:OKTA) shares tumbled apparently after its senior executives pointed toward near-term challenges related to its merger with Auth0.
Many other companies, including MongoDB, Inc. (NASDAQ:MDB) and Veeva Systems Inc. (NYSE:VEEV), also lost significant value in mid-day trading Thursday. Check out the complete article below to find what sent these stocks down.
Image by Sergei Tokmakov Terms.Law from Pixabay
10. Lands’ End, Inc. (NASDAQ:LE)
Number of Hedge Fund Holders: 13
Lands’ End, Inc. (NASDAQ:LE) swung to a loss in the second quarter and trimmed its financial outlook for the full year, sending its shares down more than 14 percent this morning. The clothing and home decor retailer reported a loss of 7 cents per share, compared to a profit of 48 cents per share in the year-ago period.
In addition, Lands’ End, Inc. (NASDAQ:LE) posted revenue of $351.2 million, down 8.6 percent over the corresponding period of 2021. Nevertheless, the results were better than analysts’ average estimate for a loss of 14 cents per share on revenue of $343.3 million.
For the full year, Lands’ End, Inc. (NASDAQ:LE) now expects earnings in the range of 49 – 70 cents per share and revenue between $1.60 – $1.64 billion. Previously, it was looking for EPS of 60 – 80 cents and revenue of $1.62 – $1.68 billion.
9. SentinelOne, Inc. (NYSE:S)
Number of Hedge Fund Holders: 26
Shares of SentinelOne, Inc. (NYSE:S) fell over seven percent this morning despite announcing better-than-expected financial results for its fiscal second quarter. The cybersecurity company reported an adjusted loss of 20 cents per share, narrower than analysts’ average estimate for a loss of 25 cents per share.
Revenue for the quarter skyrocketed 124 percent on a year-over-year basis to $102.5 million, while analysts expected SentinelOne, Inc. (NYSE:S) to generate revenue of $95.64 million. Annualized recurring revenue (ARR) also climbed 122 percent to $438.6 million in the quarter.
Looking forward, SentinelOne, Inc. (NYSE:S) expects revenue of about $111 million for its fiscal third quarter and between $415 – 417 million for its fiscal year 2023.
8. Hormel Foods Corporation (NYSE:HRL)
Number of Hedge Fund Holders: 27
Hormel Foods Corporation (NYSE:HRL) missed profit expectations for its fiscal third quarter and issued a weak outlook for the full year. As a result, its shares fell over six percent after the opening bell on Thursday.
The Austin-based food processing company reported earnings of 40 cents per share on revenue of $3.03 billion. On the other hand, analysts expected Hormel Foods Corporation (NYSE:HRL) to earn 41 cents per share on revenue of $2.98 billion.
For the full year, Hormel Foods Corporation (NYSE:HRL) now expects adjusted earnings in the range of $1.78 – $1.85 per share, down from its earlier projection between $1.87 – $1.97 per share. The updated outlook is below the consensus of $1.88 per share.
7. Campbell Soup Company (NYSE:CPB)
Number of Hedge Fund Holders: 27
Campbell Soup Company (NYSE:CPB) released its fiscal fourth-quarter results on Thursday morning. While the food and snack company met financial expectations for the quarter, it expects inflationary pressures to persist in the near term. The cautious comments about elevated inflation apparently sent its shares down before the opening bell today.
For its fiscal third quarter, Campbell Soup Company (NYSE:CPB) reported earnings of 56 cents per share, matching expectations. Its quarterly revenue of $2 billion was marginally above the consensus of $1.99 billion.
Looking forward, Campbell Soup Company (NYSE:CPB) projected adjusted earnings in the range of $2.85 – $2.95 per share for its fiscal year 2023. The midpoint of the guidance was slightly below analysts’ average estimates of $2.92 per share.
Like Campbell Soup Company (NYSE:CPB), NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD) and Okta, Inc. (NASDAQ:OKTA) were also on the list of 10 biggest losers on Thursday.
6. Semtech Corporation (NASDAQ:SMTC)
Number of Hedge Fund Holders: 31
Shares of Semtech Corporation (NASDAQ:SMTC) hit a new 52-week low of $29.59 this morning after Oppenheimer downgraded the supplier of analog and mixed-signal semiconductors from “Outperform” to “Perform,” citing its weak outlook for the current quarter.
Moreover, Benchmark also cut its price target for Semtech Corporation (NASDAQ:SMTC) from $81 per share to $65 per share, citing the same reason. The latest coverage from these research firms came after Semtech Corporation (NASDAQ:SMTC) issued its fiscal third-quarter guidance that fell short of expectations.
Semtech Corporation (NASDAQ:SMTC) projected adjusted earnings of about 63 cents per share on revenue of approx. $175 million for the current quarter. The guidance missed Wall Street’s expectations of 90 cents per share for earnings and $215.6 million for revenue.
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Disclosure: None. 10 Biggest Losers on Thursday is originally published on Insider Monkey.
