In this article, we will take a look at the 10 stocks losing ground on Monday. If you want to see some more stocks declining today, go directly to 5 Stocks Losing Ground on Monday.
Notable S&P 500 stocks, including Netflix, Inc. (NASDAQ:NFLX), Ford Motor Company (NYSE:F) and Applied Materials, Inc. (NASDAQ:AMAT), were spotted losing value this morning.
Shares of Netflix, Inc. (NASDAQ:NFLX) and Applied Materials, Inc. (NASDAQ:AMAT), fell after receiving price-target cuts from analysts. On the other hand, shares of Ford Motor Company (NYSE:F) dropped after a jury imposed a penalty of $1.7 billion on the automaker over an accident involving its F-250 truck.
In addition, entertainment stocks, including AMC Entertainment Holdings, Inc. (NYSE:AMC) and Warner Bros. Discovery, Inc. (NASDAQ:WBD), also lost ground this morning. Check out the complete article below to see the reasons behind the downward movement of these stocks.
10. iMedia Brands, Inc. (NASDAQ:IMBI)
Number of Hedge Fund Holders: 6
Shares of iMedia Brands, Inc. (NASDAQ:IMBI) lost nearly 30 percent of their value this morning after announcing weak preliminary financial results for its fiscal second quarter and slashing its sales outlook for the full year.
iMedia Brands, Inc. (NASDAQ:IMBI) said that it will post Q2 revenue of about $133 million, below the consensus of $154.45 million. Moreover, it estimated Q2 net loss of approx. $14.3 million, nearly $10 million wider than the year-ago period.
Looking forward, iMedia Brands, Inc. (NASDAQ:IMBI) now expects to generate revenue of about $615 for its fiscal 2022, behind analysts’ average estimate of $658.11 million.
9. Advanced Emissions Solutions, Inc. (NASDAQ:ADES)
Number of Hedge Fund Holders: 11
Shares of Advanced Emissions Solutions, Inc. (NASDAQ:ADES) hit a new 52-week low of $4.11 this morning after the company announced that it has inked an agreement to merge with Arq Limited.
Advanced Emissions Solutions, Inc. (NASDAQ:ADES) said that its shareholders would receive a one-time cash payment of $0.52 per share and 1.11 shares of the joint entity as a part of the deal. Moreover, Advanced Emissions would keep operating as a public entity following the completion of the merger.
The deal, subject to shareholders’ consent, is expected to close by the end of this year or early 2023. Advanced Emissions Solutions, Inc. (NASDAQ:ADES) said the combined company is expected to produce annual sales of $196 million by 2026.
8. Bed Bath & Beyond Inc. (NASDAQ:BBBY)
Number of Hedge Fund Holders: 14
Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) plummeted over 12 percent in the pre-market trading session today following reports that certain suppliers have stopped shipments to the New Jersey-based company because it failed to pay them on time.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) gained value for nearly two consecutive weeks. However, the rally finally came to an end on Thursday, August 18, 2022, after investor Ryan Cohen got rid of his entire holdings in the company. According to securities filings, Cohen sold nearly 9.5 million shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) last week.
Meanwhile, several analysts recently downgraded the struggling retailer. On Thursday, August 18, Wedbush analyst Seth Basham lowered his ratings for Bed Bath & Beyond Inc. (NASDAQ:BBBY) from “Neutral” to “Underperform,” saying the company needs more capital to regain supplier confidence.
7. AMC Entertainment Holdings, Inc. (NYSE:AMC)
Number of Hedge Fund Holders: 18
Shares of AMC Entertainment Holdings, Inc. (NYSE:AMC) lost nearly 30 percent of their value in pre-market trading Monday. The drop apparently came after the Kansas-based movie theater chain’s rival Cineworld said that it might file for bankruptcy in the U.S.
Cineworld is trying to reduce debts, and Chapter 11 filing is one of the key options the British entertainment conglomerate could execute to revive its business. The news also dragged down the shares of AMC Entertainment Holdings, Inc. (NYSE:AMC), the biggest rival of Cineworld in the U.S.
While AMC Entertainment Holdings, Inc. (NYSE:AMC) recently posted a wider-than-expected Q2 loss, the company’s senior management is confident that its operating performance will significantly improve in the coming quarters.
Like AMC Entertainment Holdings, Inc. (NYSE:AMC), shares of Netflix, Inc. (NASDAQ:NFLX), Ford Motor Company (NYSE:F), Applied Materials, Inc. (NASDAQ:AMAT) were also losing ground on Monday.
6. Coupa Software Incorporated (NASDAQ:COUP)
Number of Hedge Fund Holders: 40
Shares of Coupa Software Incorporated (NASDAQ:COUP) slid over five percent in the pre-market trading session on Monday after RBC Capital analyst Rishi Jaluria downgraded the tech firm from “Sector Perform” to “Underperform.”
Jaluria was moved by the ongoing economic uncertainty. He thinks Coupa Software Incorporated (NASDAQ:COUP) is more prone to a recession than its competitors. He slashed his price target for Coupa stock from $65 per share to $55 per share, citing multiple downside risks in the near term.
Separately, Coupa Software Incorporated (NASDAQ:COUP) also appeared in the first-quarter 2022 investor letter of investment management firm Aristotle Capital Management. Here’s what the firm said:
“We sold our position in Coupa Software following the company’s fourth quarter 2021 earnings results. The company reported earnings that were disappointing relative to the growth trajectory of both pre-COVID and prior quarters over the past fiscal year. We are concerned that the company is seeing slowing traction in the enterprise sector and felt that the weak topline and billings guidance along with margin compression from increased sales and marketing costs creates too many headwinds for us to be comfortable with. The weak fiscal year 2023 billings guidance when combined with management’s qualitative comments about a strong pipeline is concerning to us, and we believe management has done a disappointing job in providing more transparency around the growth drivers for the business.”
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Disclosure: None. 10 Stocks Losing Ground on Monday is originally published on Insider Monkey.
