Top 10 Losers Today

In this article, we will look at the top 10 losers today.

U.S. stocks inched lower on Wednesday morning after the Commerce Department released the economic data for the third quarter. The data showed that the U.S. economy advanced at 2.9 percent in Q3, up from the initial estimates of 2.6 percent growth and marginally above the consensus forecast calling for a gain of 2.7 percent.

Meanwhile, the drop in the share prices of stocks like CrowdStrike Holdings, Inc. (NASDAQ:CRWD), Nutrien Ltd. (NYSE:NTR) and Carvana Co. (NYSE:CVNA) also contributed to the losses in all three major U.S. indices.

Shares of Carvana Co. and Nutrien Ltd. fell this morning after receiving a downgrade from analysts. On the other hand, CrowdStrike Holdings, Inc. shares lost nearly 20 percent of their value on a weak sales outlook for the current quarter.

In addition, shares of Hormel Foods Corporation (NYSE:HRL) and NetApp, Inc. (NASDAQ:NTAP) also dropped today on a soft financial outlook. Check out the complete article to see some other stocks losing value today.

10. Solid Power, Inc. (NASDAQ:SLDP)

Number of Hedge Fund Holders: 15

Shares of Solid Power, Inc. (NASDAQ:SLDP) hit a new 52-week low of $2.88 this morning after DA Davidson downgraded the Colorado-based battery startup from “Buy” to “Neutral.”

Analyst Michael Shlisky was primarily moved by the company’s latest announcement about CEO transition. Shlisky also cut his price target for Solid Power, Inc. from $13 per share to $5 per share.

Solid Power, Inc. announced late Tuesday that its chief executive officer Douglas Campbell is leaving the company. Subsequently, the board named David Jansen, its current President, as an interim CEO.

9. Leslie’s, Inc. (NASDAQ:LESL)

Number of Hedge Fund Holders: 17

Shares of Leslie’s, Inc. turned red in pre-market trading Wednesday after issuing a weak earnings outlook for its fiscal year 2023. The outdoor supplies and sporting goods retailer projected adjusted earnings of 78 – 86 cents per share, below the consensus of 92 cents.

Leslie’s, Inc. released the guidance along with its fiscal fourth quarter results. The company reported adjusted earnings of 35 cents per share, up from 26 cents per share in the same period of 2021.

Revenue came in at $475.6 million, representing a surge of 16 percent on a year-over-year basis. Analysts expected Leslie’s, Inc. to earn 31 cents per share on revenue of $470.3 million.

8. Invitation Homes Inc. (NYSE:INVH)

Number of Hedge Fund Holders: 21

Invitation Homes Inc. (NYSE:INVH) shares slightly moved down this morning after Wolfe Research downgraded the home leasing company from “Outperform” to “Peer Perform,” citing a challenging operating environment.

Earlier this week, Raymond James analyst Buck Horne also lowered his ratings for Invitation Homes Inc. from “Strong Buy” to “Outperform,” mentioning a surge in property taxes.

Horne believes rising property taxes would ultimately weigh on the operating income growth of Invitation Homes Inc. in the coming quarters. He also cut his price target for the stock from $44 per share to $35 per share.

7. Hormel Foods Corporation (NYSE:HRL)

Number of Hedge Fund Holders: 29

Hormel Foods Corporation posted lower-than-expected sales for its fiscal fourth quarter. In addition, its sales outlook for fiscal 2023 also fell short of expectations. As a result, its shares fell to a nearly one-month low this morning.

The food processing company posted earnings of 51 cents per share for the three months ended October 31, unchanged from last year and just above the expectations of 50 cents. In addition, Hormel Foods Corporation posted revenue of $3.28 billion, down 5 percent over the year-ago quarter and below the consensus of $3.38 billion.

For its fiscal year 2023, Hormel Foods Corporation expects revenue in the range of $12.6 – $12.9 billion, below analysts’ average forecast of $13.1 billion.

Like Hormel Foods Corporation, CrowdStrike Holdings, Inc., Nutrien Ltd. and Carvana Co. were also on the list of top 10 losers today.

6. NetApp, Inc. (NASDAQ:NTAP)

Number of Hedge Fund Holders: 36

Shares of NetApp, Inc. dropped over 11 percent this morning following mixed financial performance for its fiscal second quarter and revised outlook for the full year.

NetApp, Inc. reported adjusted earnings of $1.48 per share, easily beating the consensus of $1.33 per share. However, the quarterly revenue of $1.66 billion was marginally below the consensus of $1.67 billion.

Looking forward, NetApp, Inc. cut its full-year adjusted profit outlook to a range of $5.30 – $5.50 per share, from its previous guidance between $5.40 – $5.60 per share.

Speaking on the results, CEO of NetApp, Inc., George Kurian, said in a statement:

“We delivered a solid quarter in a dynamic environment, with all-time highs for Q2 revenue, billings, gross profit dollars, operating income, and EPS. Our modern approach to the hybrid multi-cloud delivers significant value to our customers and creates sizeable opportunity for us. In a challenging macro environment, we remain focused on innovation, execution, and operational discipline.”

5. Carvana Co. (NYSE:CVNA)

Number of Hedge Fund Holders: 43

Shares of Carvana Co. moved down today after Bank of America lowered its ratings for the online used car retailer from “Buy” to “Neutral,” citing concerns over its cash position.

BofA analyst Nat Schindler said Carvana Co. is quickly burning cash. Schindler added that it is also facing difficulties in generating a profit. The analyst believes the company would soon run out of cash without a capital infusion. He also trimmed his price target for Carvana stock from $43 per share to $10 per share.

4. Nutrien Ltd. (NYSE:NTR)

Number of Hedge Fund Holders: 52

Shares of Nutrien Ltd. declined over three percent this morning after receiving a downgrade from Piper Sandler. The research firm cut its ratings for the fertilizer giant from “Overweight” to “Neutral.”

Analyst Charles Neivert was primarily moved by the company’s lower-than-expected results for Q3 and revised guidance for the full year. Neivert also lowered his price target for Nutrien Ltd. from $115 per share to $93 per share.

Earlier this month, Nutrien Ltd. missed financial expectations for the third quarter. Moreover, it also reduced its full-year guidance amid weak potash sales and dropping prices.

Speaking on the results, CEO of Nutrien Ltd., Ken Seitz, said in a statement back then:

“Nutrien has delivered record earnings in 2022 due to the strength of agriculture fundamentals, higher fertilizer prices and excellent Retail performance. During the third quarter, we saw a temporary reduction in potash purchasing in North America and Brazil, which has impacted our sales volumes and realized prices in the second half of the year.”

3. Micron Technology, Inc. (NASDAQ:MU)

Number of Hedge Fund Holders: 74

Shares of Micron Technology, Inc. (NASDAQ:MU) slid nearly four percent after the opening bell today. The drop came after Mizuho trimmed its price target for the semiconductor company from $52 per share to $50 per share.

Mizuho analyst Vijay Rakesh pointed towards near-term weakness because of renewed Covid restrictions in China and elevated inventories. Nevertheless, Rakesh kept a “Neutral” rating for Micron Technology, Inc..

Separately, asset management firm Claret Asset Management also briefly discussed Micron Technology, Inc. in its third-quarter 2022 investor letter. Here’s what the firm said:

“Inflation is still higher than interest rates… not an incentive to save for most people. Either inflation must come down or interest rates have to go up further. Or both. And probably both. Now that they are taking the punch bowl away and the party is over, what happens next? For whatever reason, the stock market seems to always precede the economic reality: Micron reached a high of $98.45 on January 5th, 2022 and is trading at $50.00 today.”

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

Number of Hedge Fund Holders: 85

Shares of CrowdStrike Holdings, Inc. lost nearly 20 percent of their value this morning on lower-than-expected sales outlook for the current quarter. The cybersecurity technology company projected revenue of $619.1 – $628.2 million for its fiscal fourth quarter, below the consensus of $633.9 million.

The weak guidance also overshadowed the company’s earnings beat for its fiscal Q3. CrowdStrike Holdings, Inc. reported adjusted earnings of 40 cents per share, up from 17 cents per share in the comparable period of 2021.

Revenue for the quarter skyrocketed 53 percent on a year-over-year basis to $581 million. Analysts expected CrowdStrike Holdings, Inc. to earn 32 cents per share on revenue of $575.1 million.

1. Intuit Inc. (NASDAQ:INTU)

Number of Hedge Fund Holders: 86

Intuit Inc. (NASDAQ:INTU) managed to surpass financial expectations for its fiscal first quarter. However, it lowered its sales outlook for the full year, sending its shares marginally down in pre-market trading Wednesday.

The business software company earned $1.66 per share on an adjusted basis, beating estimates of $1.19 per share. Revenue came in at $2.6 billion, up 29 percent on a year-over-year basis and above expectations of $2.5 billion.

Looking forward, Intuit Inc. now expects revenue in the range of $14.035 – $14.250 billion for its FY 2023. The updated guidance is below analysts’ average estimate of $14.5 billion.

You can also take a peek at 15 Biggest Fintech Companies in the World and 12 Best Consumer Staple Stocks.

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This article is originally published at Insider Monkey.