In this article, we will take a look at the 10 biggest losers this week. If you want to see some more stocks on the list, go directly to 5 Biggest Losers This Week.
U.S. stocks turned green in the mid-day trading session on Friday, October 21. The surge was apparently driven by reports suggesting that the Federal Reserve may opt for a smaller rate hike in its next meeting. As of 11:49 AM ET, S&P 500 was up 0.71 percent, Dow Jones Industrial Average was positive 0.89 percent and Nasdaq Composite rose 0.78 percent.
Meanwhile, Snap Inc. (NYSE:SNAP), Verizon Communications Inc. (NYSE:VZ) and Tenet Healthcare Corporation (NYSE:THC) made their way into the headlines after posting their Q3 results.
Shares of Snap Inc. (NYSE:SNAP) and Tenet Healthcare Corporation (NYSE:THC) lost nearly 30 percent of their value on Friday morning following their mixed quarterly performances. On the other hand, Verizon Communications Inc. (NYSE:VZ) shares fell after disclosing lower-than-expected wireless subscriber additions for Q3.
Meanwhile, Whirlpool Corporation (NYSE:WHR) and Robert Half International Inc. (NYSE:RHI) also lost some value this week. We will discuss the reasons behind the downward movement of these stocks in the remaining article.
10. The Western Union Company (NYSE:WU)
Number of Hedge Fund Holders: 21
Shares of The Western Union Company (NYSE:WU) fell more than five percent this week. The drop was partly attributed to its preliminary financial results for the third quarter.
The Western Union Company (NYSE:WU) recently announced its preliminary results for Q3. The financial services company expects its sales to decrease around 15 percent versus the same quarter of 2021. The company blamed the suspension of business activities in Russia for the weakness.
Moreover, The Western Union Company (NYSE:WU) also reaffirmed its financial outlook for the full year. It expects its sales to decline in the range of 11 – 13 percent on a year-over-year basis. Moreover, it continues to expect adjusted earnings between $1.75 – $1.85 per share for the same period.
9. PPG Industries, Inc. (NYSE:PPG)
Number of Hedge Fund Holders: 22
Shares of PPG Industries, Inc. (NYSE:PPG) slid over five percent earlier this week after missing profit and sales expectations for the third quarter. The specialty materials company earned $1.66 per share on an adjusted basis, down from $1.69 per share in the year-ago period and below the consensus of $1.83 per share.
Revenue for the quarter inched up two percent versus last year to $4.5 billion but missed the consensus of $4.57 billion. PPG Industries, Inc. (NYSE:PPG) primarily took a hit from inflationary cost pressures during the quarter.
Looking forward, PPG Industries, Inc. (NYSE:PPG) expects adjusted earnings in the range of $1.05 – $1.20 per share for the fourth quarter.
8. Whirlpool Corporation (NYSE:WHR)
Number of Hedge Fund Holders: 24
Shares of Whirlpool Corporation (NYSE:WHR) plummeted over seven percent this week. The home appliances manufacturer recently announced weak financial results for the third quarter amid weak demand.
Whirlpool Corporation (NYSE:WHR) reported earnings of $4.49 per share, behind the consensus of $5.52 per share. Revenue for the quarter fell nearly 13 percent on a year-over-year basis to $5.49 billion, missing the expectations of $5.21 billion.
For fiscal 2022, Whirlpool Corporation (NYSE:WHR) now expects earnings of about $19 per share, down from its previous projection between $22 – $24 per share. The updated outlook also missed the consensus of $21.76 per share.
Speaking on the results, CEO of Whirlpool Corporation (NYSE:WHR), Marc Bitzer, said in a statement:
“While our Q3 results were impacted by ongoing macroeconomic headwinds and continued elevated levels of inflation that resulted in slowing demand, we remain on track to deliver the second-best year in our 111-year history in 2022.”
7. Robert Half International Inc. (NYSE:RHI)
Number of Hedge Fund Holders: 36
Robert Half International Inc. (NYSE:RHI) posted disappointing financial results for the third quarter, sending its shares down more than 10 percent on Friday morning. Overall, the stock has declined nearly 14 percent this week.
The specialized talent solutions firm reported earnings of $1.53 per share, unchanged from last year and below the consensus of $1.62 per share. Revenue came in at $1.833 billion, from $1.713 billion in the corresponding period of 2021. Analysts expected Robert Half International Inc. (NYSE:RHI) to generate revenue of $1.92 billion
Besides Robert Half International Inc. (NYSE:RHI), Snap Inc. (NYSE:SNAP), Verizon Communications Inc. (NYSE:VZ) and Tenet Healthcare Corporation (NYSE:THC) were also among the 10 biggest losers of the week.
6. The Allstate Corporation (NYSE:ALL)
Number of Hedge Fund Holders: 37
Shares of The Allstate Corporation (NYSE:ALL) plummeted nearly 10 percent this week after the Illinois-based insurer announced estimated results for the third quarter that disappointed investors.
The Allstate Corporation (NYSE:ALL) guided for an adjusted loss in the range of $400 – $450 million for Q3. On the contrary, analysts were looking for adjusted earnings of around $256 for the quarter.
Meanwhile, a couple of market research firms cut their price targets for The Allstate Corporation (NYSE:ALL) on Thursday, October 20, following the latest update. Barclays reduced its price target for Allstate from $127 to $112, while Wells Fargo trimmed its price target from $112 to $100.
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Disclosure: None. 10 Biggest Losers This Week is originally published on Insider Monkey.