These 10 Stocks are Getting Hammered Today

Published August 31, 2022 at 3:26 pm EDT Updated September 7, 2026 at 2:25 pm EDT

In this article, we will take a look at the 10 stocks getting hammered today.

Notable stocks from the technology and communication services sectors, including HP Inc. (NYSE:HPQ), CrowdStrike Holdings, Inc. (NASDAQ:CRWD) and Snap Inc. (NYSE:SNAP), fell this morning.

Shares of HP Inc. slid after posting weak sales for its fiscal third quarter and trimming its profit outlook for the full year. On the other hand, the drop in the share price of CrowdStrike Holdings, Inc. surprised many as the cybersecurity technology company easily surpassed expectations for its fiscal second quarter.

Meanwhile, Snap Inc. shares plunged to a new 52-week low before the opening bell today on reports of job cuts and a couple of senior executives leaving the company. However, the stock recovered its lost value later in the day.

Many other stocks, including Ambarella, Inc. (NASDAQ:AMBA) and PVH Corp. (NYSE:PVH), were also spotted getting hammered this morning. Check out the complete article below to see why these stocks were trading lower today.

These 10 Stocks are Getting Hammered Today

Image by MayoFi from Pixabay

10. Bed Bath & Beyond Inc. (NASDAQ:BBBY)

Number of Hedge Fund Holders: 14

Shares of Bed Bath & Beyond Inc. lost over 24 percent of their value this morning after the domestic merchandise retail stores operator announced a number of measures to revive its business.

Bed Bath & Beyond Inc. plans to lay off 20 percent of its employees working in corporate and supply chain units. It would also shut about 150 of its underperforming outlets, with 50 to 60 store closures in the first phase.

In addition, Bed Bath & Beyond Inc. stated that it would sell up to 12 million shares of its common stock. The company primarily intends to use the sale proceeds to reduce its debt.

Bed Bath & Beyond Inc. also updated its fiscal second-quarter guidance. The company now expects to generate revenue of about $1.45 billion in the quarter, below the expectations of $1.52 billion.

9. Express, Inc. (NYSE:EXPR)

Number of Hedge Fund Holders: 16

Express, Inc. (NYSE:EXPR) delivered mixed financial results for its fiscal second quarter along with a weak outlook, sending its shares down nearly 20 percent in mid-day trading Wednesday.

The Ohio-based fashion retailer reported earnings of 10 cents per share, down from 15 cents per share in the year-ago period. Revenue came in at $464.9 million versus $457.6 million in the comparable period of 2021. Analysts expected Express, Inc. to earn 9 cents per share on revenue of $479.62 million.

For the current quarter, Express, Inc. expects its comparable sales to drop in the mid-single digits. For the full year, the company projected a loss of 16 – 22 cents per share.

8. Chico’s FAS, Inc. (NYSE:CHS)

Number of Hedge Fund Holders: 17

Shares of Chico’s FAS, Inc. fell over seven percent after the opening bell today. The drop was surprising considering the better-than-expected Q2 results posted by the women’s clothing retailer this morning.

Chico’s FAS, Inc. earned 34 cents per share in the quarter, up from 21 cents per share in the corresponding period of 2021. Revenue for the quarter jumped 18.4 percent versus last year to $558.7 million. Analysts were calling for earnings of 25 cents per share on revenue of $543.9 million.

Looking forward, Chico’s FAS, Inc. projected earnings in the range of 79 – 87 cents per share and revenue between $2.14 – $2.17 billion for the full year. The outlook is above the consensus of 72 cents per share for earnings and $2.15 billion for revenue.

7. Seagate Technology Holdings plc (NASDAQ:STX)

Number of Hedge Fund Holders: 25

Shares of Seagate Technology Holdings plc (NASDAQ:STX) hit a new 52-week low of $65.10 in mid-day trading Wednesday. The drop came after the data storage company lowered its fiscal first-quarter outlook.

Seagate Technology Holdings plc (NASDAQ:STX) said its adjusted profit would be well below its prior projection in the range of $1.20 – $1.60 per share. Moreover, the company now expects to produce revenue of about $2.1 billion in the current quarter, compared to its earlier guidance in the range of $2.35 – $2.65 billion.

The ongoing economic slowdown has been hurting the sales of tech firms. Seagate Technology Holdings plc (NASDAQ:STX) also blamed softer demand for its products in certain markets as well as cautious spending from enterprise customers for slashing its outlook.

Discussing the revised guidance, CEO Dave Mosley said in a statement:

“Since our earnings call in mid-July, weaker economic trends in certain Asian regions have amplified customer inventory corrections and supply chain disruptions. We have also seen more cautious buying behavior among global Enterprise / OEM and certain U.S. cloud customers amid ongoing macro-economic uncertainties. These external factors are impacting near-term mass capacity demand while continuing to weigh on the consumer centric legacy markets.”

Like Seagate Technology Holdings plc (NASDAQ:STX), shares of HP Inc., CrowdStrike Holdings, Inc. and Snap Inc. also fell this morning.

6. Chewy, Inc. (NYSE:CHWY)

Number of Hedge Fund Holders: 25

Shares of Chewy, Inc. (NYSE:CHWY) plummeted nearly 12 percent before the opening bell today. The drop came after the pet food retailer delivered mixed results for its fiscal second quarter along with a disappointing sales outlook.

Chewy, Inc. reported earnings of $22.3 million for the three months ended July 31, 2022. Revenue for the quarter rose 12.8 percent versus last year to $2.43 billion but missed the consensus of $2.45 billion.

Looking forward, Chewy, Inc. projected revenue of $2.44 – $2.46 billion for the current quarter and between $9.9 – $10 billion for the full year. However, the guidance fell below analysts’ average estimate of $2.57 billion for its fiscal Q3 and $10.25 billion for its fiscal year 2022.

5. Ambarella, Inc. (NASDAQ:AMBA)

Number of Hedge Fund Holders: 27

Shares of Ambarella, Inc. dropped to a nearly one-month low after Baird slashed its price target for the fabless semiconductor design company from $125 per share to $90 per share. Baird analyst Tristan Gerra thinks Ambarella would continue to face headwinds in the second half of the year.

The price-target cut came after Ambarella, Inc. reported a drop in its fiscal second-quarter profit. The company reported adjusted earnings of 20 cents per share, down from 35 cents per share in the year-ago period. Revenue for the quarter increased 2 percent on a year-over-year basis to $80.88 million. Nevertheless, the results surpassed the consensus of 19 cents per share for earnings and $80.21 million for revenue.

For the current quarter, Ambarella, Inc. guided for revenue in the range of $81 – $85 million and adjusted gross margin between 63 – 64 percent.

4. PVH Corp. (NYSE:PVH)

Number of Hedge Fund Holders: 33

PVH Corp. announced the departure of its CEO Trish Donnelly, who is leaving the clothing company to seek opportunities elsewhere. However, Donnelly will continue to advise the company over the next couple of months to ensure a smooth transition.

Meanwhile, PVH Corp. also lowered its financial outlook for the full year. It is now targeting adjusted earnings of about $8 per share versus its earlier projection of about $9 per share. Moreover, the company expects its revenue to drop in the range of 4 – 3 percent in the same period, compared to its earlier guidance calling for a surge of 3 – 4 percent.

PVH Corp. updated its outlook along with its fiscal second quarter results. The company reported adjusted earnings of $2.08 per share, beating the consensus of $2 per share. On the downside, its quarterly revenue of $2.132 billion missed the consensus of $2.21 billion.

The weak outlook, mixed quarterly performance and CEO’s exit sent PVH stock down about 5 percent in pre-market trading Wednesday.

3. HP Inc. (NYSE:HPQ)

Number of Hedge Fund Holders: 35

HP Inc. posted weak sales for its fiscal third quarter and trimmed its profit outlook for the full year. As a result, its shares fell nearly 7 percent in the pre-market trading session today.

The provider of personal computers and related products earned $1.04 per share on an adjusted basis, up from $1 per share in the corresponding period of 2021. Revenue slid 4.1 percent on a year-over-year basis to $14.7 billion in the quarter. Analysts expected HP Inc. to earn $1.03 per share on revenue of $15.6 billion.

HP Inc. also released its segment-wise sales results. Revenue from its personal systems segment slipped 3 percent to $10.1 billion, while printing revenue decreased 6 percent to $4.6 billion in the quarter.

Looking forward, HP Inc. now anticipates adjusted earnings in the range of $4.02 – $4.12 per share for the full year, down from its earlier guidance between $4.24 – $4.38 per share. The updated outlook is below analysts’ average estimate of $4.27 per share.

2. Snap Inc. (NYSE:SNAP)

Number of Hedge Fund Holders: 44

Shares of Snap Inc. hit a new 52-week low in pre-market trading Wednesday following reports that the camera and social media company intends to cut 20 percent of its workforce.

Snap Inc. is struggling to boost its sales amid intensifying competition in the global ad market. Moreover, many businesses have been trimming their advertising budget due to an uncertain macroeconomic environment, hurting the growth of social media firms like Snap Inc..

Meanwhile, Netflix Inc. recently confirmed that it hired two executives from Snap Inc.. The video-streaming giant has brought in Jeremi Gorman and Peter Naylor to lead its advertising department. The two executives were previously working in a similar capacity for Snap Inc.. The news was another reason behind a drop in Snap’s share price earlier today.

1. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)

Number of Hedge Fund Holders: 77

CrowdStrike Holdings, Inc. delivered impressive financial results for its fiscal second quarter along with an upbeat outlook for the current quarter. Yet, its shares fell nearly six percent this morning.

There was no apparent reason behind today’s drop. In fact, a number of research firms lifted their price target for CrowdStrike Holdings, Inc. following its latest quarterly performance.

CrowdStrike Holdings, Inc. reported earnings of 36 cents per share, easily topping the consensus of 27 cents per share. Revenue for the quarter climbed 58 percent on a year-over-year basis to $535.2 million, ahead of the consensus of $515.42 million. Subscription revenue increased to $506.2 million, accounting for more than 98 percent of the total revenue.

For the current quarter, CrowdStrike Holdings, Inc. expects adjusted earnings in the range of 30 – 32 cents per share, above analysts’ average estimate of 28 cents per share.

Speaking on the results, CEO George Kurtz said:

“CrowdStrike delivered a strong second quarter with new milestones across the business. Ending ARR surpassed the $2 billion milestone, net new ARR reached a record $218 million and net new subscription customers reached a record 1,741 in the quarter.”

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