In this article, we will take a look at the 10 stocks getting crushed on Monday. If you want to see some more companies on the list, go directly to These 5 Stocks are Getting Crushed on Monday.
U.S. stocks inched up before the opening bell today. However, the gains couldn’t continue for long. All three major U.S. indices slipped by Monday afternoon. As of 01:02 PM ET, S&P 500 was down 0.84 percent, Dow Jones Industrial Average was negative 0.90 percent and Nasdaq Composite slid 0.18 percent.
The latest drop is partly attributed to a surge in U.S. Treasury yields this morning. Moreover, concerns related to further tightening of monetary policy from the U.S. central bank also triggered today’s sell-off.
If we look at the U.S. stock market, FedEx Corporation (NYSE:FDX), Micron Technology, Inc. (NASDAQ:MU) and Lyft, Inc. (NASDAQ:LYFT), were among the notable stocks that fell this morning.
Shares of Micron Technology, Inc. (NASDAQ:MU) and Lyft, Inc. (NASDAQ:LYFT) dropped after receiving price-target cuts from analysts. On the other hand, FedEx Corporation (NYSE:FDX) shares extended their downward movement on its recent sales miss and a weak outlook. Check out the complete article to see some other stocks getting crushed on Monday.
Photo by Ruben Sukatendel on Unsplash
10. IBEX Limited (NASDAQ:IBEX)
Number of Hedge Fund Holders: 2
Shares of IBEX Limited (NASDAQ:IBEX) turned red in the pre-market trading session today after Citi lowered its price target for the customer experience company from $20 per share to $18 per share. The research firm was moved by the company’s recent earnings miss.
Last week, IBEX Limited (NASDAQ:IBEX) posted adjusted earnings of 42 cents per share for its fiscal fourth quarter, compared to 31 cents per share in the year-ago period. Revenue increased to $123.7 million, from $108.9 million in the corresponding period of 2021. The results were marginally below the consensus of 45 cents per share for earnings and $124.13 million for revenue.
Looking forward, IBEX Limited (NASDAQ:IBEX) expects to generate revenue in the range of $124 – $127 million for the current quarter. The midpoint of the guidance represents a growth of 15.6 percent on a year-over-year basis.
Speaking on the results, CEO of IBEX Limited (NASDAQ:IBEX), Bob Dechant, said in a statement:
“Although we incurred costs associated with the transition in the quarter, we believe we are in a great position starting Q1 of FY23 to realize immediate and long-term benefits from this pivot.”
9. Immunovant, Inc. (NASDAQ:IMVT)
Number of Hedge Fund Holders: 11
Immunovant, Inc. (NASDAQ:IMVT) is next on the list of 10 stocks getting crushed on Monday. The stock fell more than seven percent this morning after UBS analyst Colin Bristow lowered his ratings for the clinical-stage biopharmaceutical company from “Buy” to “Neutral.”
Bristow was primarily moved by the absence of any significant growth catalyst in the near term. He also cut his price target for Immunovant, Inc. (NASDAQ:IMVT) from $7 per share to $5 per share.
Like Immunovant, Inc. (NASDAQ:IMVT), shares of FedEx Corporation (NYSE:FDX), Micron Technology, Inc. (NASDAQ:MU) and Lyft, Inc. (NASDAQ:LYFT), also fell this morning.
8. Perella Weinberg Partners (NASDAQ:PWP)
Number of Hedge Fund Holders: 22
Shares of Perella Weinberg Partners (NASDAQ:PWP) stumbled nearly four percent in mid-day trading Monday after Keefe Bruyette downgraded the financial services company from “Outperform” to “Market Perform.”
Analyst Michael Brown referred to the sudden change in the company’s senior management. Perella Weinberg Partners (NASDAQ:PWP) today named its new CEO. However, Brown believes the announcement timing is inappropriate considering the ongoing market turmoil. He also cut his price target for Perella stock from $10 per share to $8 per share.
Perella Weinberg Partners (NASDAQ:PWP) announced in a press release today that Peter Weinberg plans to leave the position of CEO. The company added that its co-president Andrew Bednar would become the new chief executive after Weinberg’s exit in January.
7. Li Auto Inc. (NASDAQ:LI)
Number of Hedge Fund Holders: 28
Shares of Li Auto Inc. (NASDAQ:LI) slid nearly three percent before the opening bell today. The drop came after the Chinese electric vehicle (EV) maker trimmed its vehicle-delivery outlook for the third quarter, citing supply chain disruptions.
Li Auto Inc. (NASDAQ:LI) now expects to deliver 25,500 units in the current quarter, below its previous guidance of 27,000 – 29,000 units. Nevertheless, the company said it is working with partners to overcome the supply chain challenges.
The resurgence of coronavirus cases has affected the growth of several Chinese stocks, including Li Auto Inc. (NASDAQ:LI), this year. Beijing’s strict Covid-19 policies have disrupted the day-to-day operations across various industries. As a result, many had to cut their growth projections.
6. Tronox Holdings plc (NYSE:TROX)
Number of Hedge Fund Holders: 29
Tronox Holdings plc (NYSE:TROX) lowered its adjusted EBITDA outlook for the third quarter, citing weakening TiO2 sales volumes. As a result, its shares slipped over two percent before the opening bell on Monday. The stock is already down more than 50 percent on a year-to-date basis.
The titanium products maker now expects adjusted EBITDA in the range of $240 – $255 million for Q3. Previously, Tronox Holdings plc (NYSE:TROX) was looking for adjusted EBITDA between $275 – $295 million.
Tronox Holdings plc (NYSE:TROX) attributed the revised outlook to a weaker-than-expected demand in certain regions. The company also blamed soaring energy costs in Europe for hurting its operating income.
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Disclosure: None. These 10 Stocks are Getting Crushed on Monday is originally published on Insider Monkey.
