In this article, we will take a look at the top 10 losers of this morning. If you want to see some more companies losing value today, go directly to Top 5 Losers Today.
Notable S&P 500 stocks, including construction and mining equipment maker Caterpillar Inc. (NYSE:CAT), energy firm The Williams Companies, Inc. (NYSE:WMB) and wealth management company First Republic Bank (NYSE:FRC), fell this morning.
Shares of Caterpillar Inc. (NYSE:CAT) and The Williams Companies, Inc. (NYSE:WMB) plummeted after missing sales expectations for the second quarter. In comparison, First Republic Bank (NYSE:FRC) slipped after it decided to sell 2 million shares of its common stock.
Several other companies, including JetBlue Airways Corporation (NASDAQ:JBLU) and Molson Coors Beverage Company (NYSE:TAP), were also spotted losing value earlier today. We will discuss the reasons for the downward movement of these stocks in the remaining article.
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10. Woodward, Inc. (NASDAQ:WWD)
Number of Hedge Fund Holders: 16
Shares of Woodward, Inc. (NASDAQ:WWD) plummeted over 10 percent in the pre-market trading session today. The drop came after the Colorado-based company missed financial expectations for its fiscal third quarter and trimmed its sales outlook for the full year.
Woodward, Inc. (NASDAQ:WWD) reported earnings of 64 cents per share, down from 74 cents per share in the year-ago period. Analysts were looking for earnings of 91 cents per share. The company blamed supply-chain and labor disruptions for hurting its profitability.
Revenue for the quarter increased 10 percent on a year-over-year basis to $614 million but missed analysts’ average estimate of $623.37 million. Woodward, Inc. (NASDAQ:WWD) also released its segment-wise sales results. Its aerospace revenue jumped 18 percent to $341 million, while industrial revenue slipped 1 percent to $216 million in the quarter.
Looking forward, Woodward, Inc. (NASDAQ:WWD) anticipates revenue in the range of $2.35 – $2.4 billion for the full year, down from its previous guidance between $2.4 – $2.55 billion. The updated outlook is below the expectations of $2.416 billion.
9. JetBlue Airways Corporation (NASDAQ:JBLU)
Number of Hedge Fund Holders: 29
JetBlue Airways Corporation (NASDAQ:JBLU) released its second-quarter results earlier today. The low-cost airline failed to meet financial expectations for the quarter amid higher operating costs.
JetBlue Airways Corporation (NASDAQ:JBLU) reported a loss of 47 cents per share, much wider than the consensus estimate for a loss of 11 cents per share. Revenue came in at $2.45 billion, below the expectations of $2.46 billion.
Among other updates, JetBlue Airways Corporation (NASDAQ:JBLU) announced that its boards of directors authorized a deal to acquire Spirit Airlines for $3.8 billion. JetBlue said the merger would help the company better compete with bigger rivals such as Delta Air Lines and American Airlines.
8. Zebra Technologies Corporation (NASDAQ:ZBRA)
Number of Hedge Fund Holders: 31
Zebra Technologies Corporation (NASDAQ:ZBRA) just announced better-than-expected financial results for the second quarter. However, the results were overshadowed by a disappointing profit outlook for the current quarter. The weak guidance sent its shares down nearly 6 percent this morning.
For the third quarter, Zebra Technologies Corporation (NASDAQ:ZBRA) projected adjusted earnings in the range of $4.35 – $4.65 per share, against analysts’ average estimate of $5.08 per share.
Nevertheless, Zebra Technologies Corporation (NASDAQ:ZBRA) reported adjusted earnings of $4.61 per share for Q2, beating expectations of $4.21. The quarterly revenue of $1.468 billion also exceeded the consensus of $1.44 billion.
Speaking on the results, CEO Anders Gustafsson said in a statement:
“Our team delivered solid second quarter results, executing well in a challenging macro environment. Sales growth was near the high end of our expectations, and we were able to deliver adjusted earnings per share growth over the prior year, despite continued elevated supply chain costs and foreign currency exchange headwinds.”
7. Mohawk Industries, Inc. (NYSE:MHK)
Number of Hedge Fund Holders: 33
Shares of Mohawk Industries, Inc. (NYSE:MHK) fell over three percent on Tuesday morning after a couple of research firms cut their price targets for the manufacturer of floor covering products.
Baird lowered its price target for Mohawk Industries, Inc. (NYSE:MHK) from $150 per share to $140 per share on Monday, August 1, 2022. Baird analyst Timothy Wojs referred to the weak demand and higher inventory levels in the second quarter.
Moreover, RBC Capital analyst Michael Dahl also cut his price target for Mohawk Industries, Inc. (NYSE:MHK) from $112 per share to $101 per share, citing the company’s weak third-quarter outlook.
Like Mohawk Industries, Inc. (NYSE:MHK), Caterpillar Inc. (NYSE:CAT), The Williams Companies, Inc. (NYSE:WMB) and First Republic Bank (NYSE:FRC) were also spotted losing value earlier today.
6. Molson Coors Beverage Company (NYSE:TAP)
Number of Hedge Fund Holders: 36
Molson Coors Beverage Company (NYSE:TAP) just announced its second-quarter results. The Illinois-based drink and brewing company met profit expectations for Q2. However, its quarterly sales missed estimates, sending its shares down nearly 8 percent this morning.
On an adjusted basis, Molson Coors Beverage Company (NYSE:TAP) earned $1.19 per share in the quarter, down from $1.58 per share in the year-ago period. Revenue decreased to $2.92 billion, from $2.94 billion last year. Analysts were expecting Molson Coors Beverage Company (NYSE:TAP) to post earnings of $1.19 per share on revenue of $2.93 billion.
Commenting on the results, CFO of Molson Coors Beverage Company (NYSE:TAP), Tracey Joubert said:
“We delivered another quarter of top-line growth on a constant currency basis and achieved income before income tax at the favorable end of our anticipated range, all while continuing to invest in our business, reduce net debt and return cash to shareholders. We also did this while navigating global inflationary pressures, a strike at our Montreal/Longueuil, Québec brewery and distribution centers and the cycling of a strong shipment quarter in the prior year period.”
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Disclosure: None. Top 10 Losers Today is originally published on Insider Monkey.
