Heavy Selling Drags Share Prices of These 10 Firms

7. Coty Inc. (NYSE:COTY)

Coty Inc. fell by 7.49 percent on Wednesday, the second day, as traders sold off positions following the company’s announcement of disappointing earnings results for the past quarter.

In a statement, COTY said its net income last quarter fell 83 percent to $30.6 million from $186 million year-on-year, pulling down its net profit from July to December by 38 percent to $121.3 million from $196.2 million year-on-year.

Net revenues for the quarter dipped by 3 percent to $1.67 billion from $1.73 billion, while six-month net revenues were flat at $3.3 billion.

In the same release, COTY cut its annual profit forecast primarily due to expectations of lower demand for cosmetics products.

The company, which operates the brand CoverGirl has seen weakness in the Asian travel retail business, particularly at airports and travel destinations in Asia, including Korea and China.