In this article, we discuss the 5 biggest losers this week. If you want to see some more stocks on the list, go directly to 10 Biggest Losers This Week.
5. Snap Inc. (NYSE:SNAP)
Number of Hedge Fund Holders: 43
Shares of Snap Inc. (NYSE:SNAP) lost nearly 30 percent of their value on Friday morning, bringing the stock to the list of 5 biggest losers this week. The drop came after the social media firm delivered mixed results for the third quarter.
Snap Inc. (NYSE:SNAP) earned 8 cents per share on an adjusted basis, above analysts’ average estimate for breakeven earnings. However, its quarterly revenue of $1.13 billion was marginally below the consensus of $1.14 billion.
Moving forward, Snap Inc. (NYSE:SNAP) expects sales growth to drop in the current quarter. However, the company didn’t issue any specific outlook for Q4, citing an uncertain operating environment.
4. Verizon Communications Inc. (NYSE:VZ)
Number of Hedge Fund Holders: 58
Shares of Verizon Communications Inc. (NYSE:VZ) fell nearly six percent this week, primarily after the telecommunications giant reported a drop in its third-quarter profit.
Verizon Communications Inc. (NYSE:VZ) reported adjusted earnings of $1.32 per share, down from $1.42 per share in the year-ago period. Revenue for the quarter increased 4 percent versus last year to $34.2 billion. Nevertheless, the results were better than the consensus of $1.29 per share for earnings and $33.78 billion for revenue.
On the downside, Verizon Communications Inc. (NYSE:VZ) added 8,000 new wireless phone subscribers during Q3, significantly lower than the 35,400 additions projected by analysts.
3. Tenet Healthcare Corporation (NYSE:THC)
Number of Hedge Fund Holders: 61
Shares of Tenet Healthcare Corporation (NYSE:THC) plummeted to a new low this week after the healthcare services company issued a weak financial outlook for the fourth quarter.
Tenet Healthcare Corporation (NYSE:THC) guided for adjusted earnings in the range of $1 – $1.54 per share and revenue between $4.82 – $5.02 billion for the current quarter. The guidance missed the consensus of $1.80 per share for earnings and $5.04 billion for revenue.
The company issued the forecast along with its Q3 results on Thursday, October 20. Tenet Healthcare Corporation (NYSE:THC) reported adjusted earnings of $1.44 per share, down from $1.99 per share in the year-ago period but above Wall Street estimates of $1.24 per share. Revenue for the quarter also decreased to $4.8 billion, from $4.89 billion last year. However, it was almost in line with the consensus forecast.
2. HCA Healthcare, Inc. (NYSE:HCA)
Number of Hedge Fund Holders: 63
Shares of HCA Healthcare, Inc. (NYSE:HCA) tumbled nearly nine percent this week. Much of that drop came on Friday, October 21, after the healthcare facilities operator posted lower-than-expected sales for the third quarter.
HCA Healthcare, Inc. (NYSE:HCA) generated revenue of $14.97 billion in the quarter, marginally below the consensus of $15 billion. On the bright side, its adjusted earnings of $3.93 per share surpassed the expectations of $3.88 per share.
Moreover, HCA Healthcare, Inc. (NYSE:HCA) reaffirmed its profit outlook for the full year despite weak Q3 sales and macroeconomic challenges. It continues to expect adjusted earnings in the range of $16.40 – $17.60 per share for the year.
Separately, HCA Healthcare, Inc. (NYSE:HCA) appeared in the second-quarter 2022 investor letter of investment advisor Diamond Hill Capital Management. Here’s what the firm said:
“HCA Healthcare, Inc. (NYSE:HCA) is a best-in-class operator of acute care hospitals and other health care facilities, including outpatient surgery centers. It has a strong market presence in highly attractive geographies with growing populations and low unemployment, such as Texas and Florida, which leads to a favorable payor mix. We are further attracted to its strong management team that has a stellar track record of deploying capital, and the founding family continues to own almost a quarter of the business. We initiated a position after HCA reported Q1 earnings — it reduced full year guidance due to increased labor costs and lower-than-expected acuity among COVID admissions, dampening near-term investor sentiment.”
1. Union Pacific Corporation (NYSE:UNP)
Number of Hedge Fund Holders: 65
Shares of Union Pacific Corporation (NYSE:UNP) slid nearly five percent this week after the railroad giant slashed its annual volume growth outlook amid a slowdown in intermodal demand and labor challenges.
Union Pacific Corporation (NYSE:UNP) now expects volume growth of around 3 percent for the full year, down from its previous growth projection between 4 – 5 percent.
Meanwhile, Susquehanna analyst Bascome Majors cut his price target for Union Pacific Corporation (NYSE:UNP) from $208 per share to $200 on Friday, October 21. The analyst was primarily moved by the company’s cautious commentary on inflationary challenges.
You can also take a peek at Cheap Dividend Stocks To Invest In and 13 Best Cybersecurity Stocks To Buy.
