In this article, we will take a look at the 10 stocks that are falling today. If you want to check out some other companies losing value on Wednesday, go directly to These 5 Stocks are Falling Today.
All three major U.S. indices marginally moved up on Wednesday morning, a day after plummeting sharply on the consumer price index (CPI) report. Tuesday’s drop was primarily attributed to CPI data that showed inflation ticked up 0.1 percent in August.
The latest surge in CPI fueled investors’ concerns about a further hike in interest rates by the Federal Reserve that could negatively affect the stocks. Meanwhile, economics experts are divided on where the stock market is heading. Some expect inflation to cool down and drive the markets, while others anticipate a new dip.
Now, let’s have a look at the notable losers of this morning. Railroad stocks, including Union Pacific Corporation (NYSE:UNP) and CSX Corporation (NASDAQ:CSX), moved down ahead of a potential strike from workers. The railroad worker unions are seeking a new contract and have threatened to strike if an agreement is not reached by the end of this week.
In addition, Block, Inc. (NYSE:SQ), Altimmune, Inc. (NASDAQ:ALT) and Nucor Corporation (NYSE:NUE), were also among the top losers on Wednesday. We will discuss the reasons behind the downward movement of these stocks in the remaining article.
Photo by Adam Nowakowski on Unsplash
10. Innovid Corp. (NYSE:CTV)
Number of Hedge Fund Holders: 8
Shares of Innovid Corp. (NYSE:CTV) lost more than 12 percent of their value on Wednesday morning after Morgan Stanley issued an “Underweight” rating for the independent advertising platform.
Morgan Stanley analyst Brian Nowak thinks the company’s growth opportunities are already mirrored in its stock price. He set a price target of $2.70 per share for Innovid Corp. (NYSE:CTV). Moving forward, Nowak also expects negative sales revisions amid a potential deterioration in the macro environment.
Innovid Corp. (NYSE:CTV) shares have struggled to advance this year. The stock has lost nearly 57 percent of its value so far in 2022.
9. Vintage Wine Estates, Inc. (NASDAQ:VWE)
Number of Hedge Fund Holders: 10
Shares of Vintage Wine Estates, Inc. (NASDAQ:VWE) plunged nearly 40 percent this morning after issuing a weak sales outlook for its fiscal year 2023. The producer of alcoholic beverages expects to generate revenue in the range of $300 – $310 million, below the consensus of $330.37 million.
Vintage Wine Estates, Inc. (NASDAQ:VWE) received a downgrade from Canaccord following its gloomy guidance. The research firm lowered its ratings for the Nevada-based company from “Buy” to “Hold” and cut its price target from $15 to $5.50.
The company issued the forecast along with its fiscal fourth-quarter results. Vintage Wine Estates, Inc. (NASDAQ:VWE) earned 17 cents per share on an adjusted basis, topping estimates of 14 cents.
Revenue for the quarter climbed 32 percent versus last year to $75.54 million, ahead of the expectations of $74.24 million. Vintage Wine Estates, Inc. (NASDAQ:VWE) also released its segment-wise sales results. Its direct-to-consumer revenue jumped 29 percent to $23.1 million, B2B revenue climbed 55 percent to $30.6 million and wholesale revenue rose 23 percent to $21.6 million in the quarter.
Like Vintage Wine Estates, Inc. (NASDAQ:VWE), shares of Union Pacific Corporation (NYSE:UNP), CSX Corporation (NASDAQ:CSX) and Block, Inc. (NYSE:SQ) also fell this morning.
8. POINT Biopharma Global Inc. (NASDAQ:PNT)
Number of Hedge Fund Holders: 13
Shares of POINT Biopharma Global Inc. (NASDAQ:PNT) dived over 10 percent after the opening bell today. The drop came after the clinical-stage pharmaceutical firm announced an underwritten public offering of 13.9 million shares of its common stock.
POINT Biopharma Global Inc. (NASDAQ:PNT) plans to offer the stock at $9 apiece. It has also given underwriters a one-month option to acquire an additional 2.085 million shares. The company has hired Piper Sandler and Guggenheim Securities as mutual book runners for the offering.
The company expects to generate about $125 million from the sale, excluding commissions and other related costs. POINT Biopharma Global Inc. (NASDAQ:PNT) plans to use the capital primarily to fund its clinical research and other development programs.
7. Flowserve Corporation (NYSE:FLS)
Number of Hedge Fund Holders: 13
Shares of Flowserve Corporation (NYSE:FLS) slipped over two percent this morning after releasing an update related to its third quarter. The company said it employed a new enterprise resource planning system in certain manufacturing and response centers across North America at the start of Q3.
Flowserve Corporation (NYSE:FLS) added that it faced challenges while implementing the new system. Those challenges negatively affected its volumes during the quarter. Moreover, the company also cautioned about an unexpected surge in corporate costs. Flowserve Corporation (NYSE:FLS) expects these factors to drag its Q3 adjusted earnings by 18 – 22 cents per share.
On the bright side, Flowserve Corporation (NYSE:FLS) said it enjoyed solid bookings momentum in the third quarter. The company projected bookings of over $1 billion for Q3.
6. Li-Cycle Holdings Corp. (NYSE:LICY)
Number of Hedge Fund Holders: 15
Shares of Li-Cycle Holdings Corp. (NYSE:LICY) turned red in pre-market trading Wednesday after the lithium-ion batteries recycler posted lower-than-expected results for its fiscal third quarter.
Li-Cycle Holdings Corp. (NYSE:LICY) reported an adjusted loss of 16 cents per share, wider than analysts’ average estimate for a loss of 12 cents. Revenue came in at $1.97 million, missing the expectations of $10.63 million.
Looking forward, Li-Cycle Holdings Corp. (NYSE:LICY) now expects black mass production in the range of 3,500 – 3,800 tonnes for its fiscal year 2022.
Speaking on the results, CEO Ajay Kochhar said in a statement:
“We continue to see robust battery supply from our global customers and are making strides in strategically advancing our Spoke & Hub network to align with their growing needs. The recent enactment of the Inflation Reduction Act in the U.S. is yet another meaningful tailwind for our Spoke & Hub business model.”
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Disclosure: None. These 10 Stocks are Falling Today is originally published on Insider Monkey.
