10 Stocks Fall Behind Amid Market Optimism

2. Neogen Corporation (NASDAQ:NEOG)

Neogen dropped for a second day on Wednesday, losing 28.69 percent to end at $5.02, following the company’s recent earnings performance and leadership management.

On Wednesday, NEOG reported a surprising rise in earnings per share but missed analysts’ revenue estimates.

In an investor call, NEOG posted EPS of $0.10, bucking a -$0.01 as forecast by analysts. However, revenues stood at $221 million, falling short of the $232.36 million consensus.

On the same day, NEOG announced the resignation of John Adent from his position as CEO, ending his eight-year career in the company.

The company added that its Board of Directors formed a special committee to direct the search for the company’s next CEO. It said the special committee has engaged a leading global executive search firm to support the research.

“We are grateful for John’s leadership over the past eight years as Neogen has transformed its business to focus on long-term, secular tailwinds in the food safety market,” said Jim Borel, a member of the board. “We appreciate John’s continued support to ensure a smooth transition while we complete a comprehensive search process.”