Top 10 Losers on Tuesday

Published August 23, 2022 at 7:41 pm EDT Updated September 7, 2026 at 11:36 am EDT

In this article, we will take a look at the top 10 losers on Tuesday.

Microblogging platform Twitter, Inc. (NYSE:TWTR), pharmaceutical giant Pfizer Inc. (NYSE:PFE) and communications technology company Zoom Video Communications, Inc. (NASDAQ:ZM) were among the top losers of this morning.

Shares of Zoom Video Communications, Inc. fell after issuing a weak financial outlook for its fiscal third quarter, while Twitter, Inc. shares dropped after its ex-security head made serious allegations against the company. On the other hand, shares of Pfizer Inc. slipped apparently after disclosing a lower efficacy of its Covid-19 vaccine for young children.

Many other stocks, including Medtronic plc (NYSE:MDT) and XPeng Inc. (NYSE:XPEV), were also losing value this morning. Check out the complete article to see why these stocks are trading lower today.

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10. Flexsteel Industries, Inc. (NASDAQ:FLXS)

Number of Hedge Fund Holders: 7

Shares of Flexsteel Industries, Inc. (NASDAQ:FLXS) fell over 8 percent after the opening bell today after the wooden furniture products maker missed profit expectations for its fiscal fourth quarter.

Flexsteel Industries, Inc. reported adjusted earnings of 41 cents per share, down from 61 cents per share in the year-ago period. Analysts were looking for earnings of 43 cents per share.

In addition, Flexsteel Industries, Inc. posted revenue of $124.5 million, representing a drop of 8.6 percent over the corresponding period of 2021. However, revenue numbers surpassed the consensus of $119.42 million.

Gross margin dropped to 14.2 percent in Q4, from 19.4 percent in the same period last year. Among other developments, Flexsteel Industries, Inc. reported that it repurchased $7.1 million worth of its common stock during the quarter.

9. Baozun Inc. (NASDAQ:BZUN)

Number of Hedge Fund Holders: 11

Shares of Baozun Inc. (NASDAQ:BZUN) fell to a nearly three-month low this morning following its mixed financial performance for the second quarter. The e-commerce solutions provider reported adjusted earnings of $0 per ADS, missing the estimates of $0.09 per ADS.

Revenue for the quarter slipped 7.9 percent versus last year to $316.8 million but came in above expectations of $310 million. Baozun Inc. also released its segment-wise sales results. Its product revenue fell 28.6 percent to $103.6 million, while services revenue increased 7.2 percent to $213.2 million in the quarter.

Like Baozun Inc., shares of Zoom Video Communications, Inc., Pfizer Inc. and Twitter, Inc. also moved down this morning.

8. DLocal Limited (NASDAQ:DLO)

Number of Hedge Fund Holders: 17

Shares of DLocal Limited (NASDAQ:DLO) fell to a nearly one-month low before the opening bell on Tuesday. The drop came after the Uruguayan fintech company released its second-quarter results.

DLocal Limited reported earnings of 10 cents per share, up from 6 cents per share in the second quarter of 2021. Revenue came in at $101.2 million, representing a jump of 71.6 percent on a year-over-year basis. Analysts were looking for earnings of 10 cents per share on revenue of $98.53 million.

Among other updates, DLocal Limited reported that total payment volume (TPV) jumped 67 percent to $1.5 billion in the quarter.

7. XPeng Inc. (NYSE:XPEV)

Number of Hedge Fund Holders: 24

XPeng Inc. posted a wider-than-expected loss for the second quarter along with a weak outlook. As a result, its shares fell nearly five percent in the pre-market trading session on Tuesday.

The Chinese electric vehicle (EV) maker reported an adjusted loss of about $368 million on revenue of $1.1 billion. On the other hand, analysts expected XPeng Inc. to report a loss of $288 million on revenue of $1.1 billion.

Total vehicle deliveries for the quarter stood at 34,422 versus 17,398 in the comparable period of 2021. Looking forward, XPeng Inc. projected vehicle deliveries of about 30,000 for the current quarter, well below the consensus of 45,000.

XPeng Inc. also issued its sales guidance for the third quarter. It expects to produce revenue of around $1 billion in the current quarter, lower than analysts’ average estimate of approx. $1.5 billion.

6. DocuSign, Inc. (NASDAQ:DOCU)

Number of Hedge Fund Holders: 37

Shares of DocuSign, Inc. (NASDAQ:DOCU) extended their downward movement today, slipping over two percent after the opening bell. The drop follows a downgrade from RBC Capital analyst Rishi Jaluria, who lowered his ratings for the electronic signature solutions provider from “Outperform” to “Sector Perform.”

Jaluria thinks DocuSign, Inc. would likely face challenges in the near term as it looks for a new CEO. In addition, he referred to a series of weak financial performances of the company. Jaluria trimmed his price target for DocuSign, Inc. from $80 per share to $65 per share.

Separately, investment management firm Rowan Street Capital also talked about DocuSign, Inc. in its first-quarter 2022 investor letter, stating:

“We have been following Docusign (NASDAQ:DOCU) since its IPO in 2018. It’s stratospheric valuations over the past few years have kept us admiring this company from the sidelines. We took advantage of the recent drastic drop in stock price to build a core position for the fund.”

5. Zoom Video Communications, Inc. (NASDAQ:ZM)

Number of Hedge Fund Holders: 44

Zoom Video Communications, Inc. delivered mixed results for its fiscal second quarter. Moreover, its financial outlook for the current quarter missed estimates, sending its shares down about 12 percent in pre-market trading Tuesday.

The communications technology company earned $1.05 per share on an adjusted basis, down from $1.36 per share in the year-ago period. Revenue for the quarter rose 8 percent on a year-over-year basis to $1.10 billion. Analysts expected Zoom Video Communications, Inc. to earn 94 cents per share on revenue of $1.12 billion.

Looking forward, Zoom Video Communications, Inc. projected adjusted earnings in the range of 82 – 83 cents per share and revenue between $1.095 – $1.100 billion for its fiscal third quarter. This compares to the consensus of 91 cents per share for earnings and $1.15 billion for revenue.

4. Medtronic plc (NYSE:MDT)

Number of Hedge Fund Holders: 54

Shares of Medtronic plc (NYSE:MDT) fell nearly three percent this morning after releasing its fiscal first-quarter results. The medical device company reported adjusted earnings of $1.13 per share, marginally above the consensus of $1.12 per share.

Revenue for the quarter decreased 7.7 percent on a year-over-year basis to $7.4 billion but surpassed the expectations of $7.22 billion. Medtronic plc (NYSE:MDT) also disclosed its segment-wise sales results.

Revenue from the Cardiovascular segment slipped 6 percent to $2.713 billion, Medical Surgical revenue fell 14 percent to $2.001 billion and Neuroscience revenue decreased 4 percent to $2.115 billion in the quarter.

For its fiscal year 2023, Medtronic plc (NYSE:MDT) continues to expect adjusted earnings in the range of $5.53 – $5.65 per share and organic sales growth between 4 – 5 percent.

3. Twitter, Inc. (NYSE:TWTR)

Number of Hedge Fund Holders: 69

Shares of Twitter, Inc. slid over four percent in the pre-market trading session today. The drop came after multiple news agencies published reports, stating serious allegations by Twitter’s ex-security head Peiter Zatko.

According to Zatko, Twitter, Inc. faces major security issues, posing a risk to the personal data of users on the platform. In addition, the microblogging site has misled regulators over the platform’s safety and fake accounts, according to Zatko. Zatko also said that senior executives at Twitter, Inc. lack the resources to completely understand the actual number of fake accounts on the site.

The latest revelations are expected to hurt Twitter, Inc. in the legal row against Elon Musk, who has accused the social network of hiding information about fake accounts. The two parties will soon face each other in a court trial.

2. Pfizer Inc. (NYSE:PFE)

Number of Hedge Fund Holders: 70

Shares of Pfizer Inc. slipped nearly two percent in mid-day trading Tuesday after the pharmaceutical giant announced that its vaccine is 73.2 percent effective in preventing coronavirus in young children.

The effectiveness percentage disclosed by Pfizer Inc. and BioNTech today was slightly lower than previous efficacy of 80.3 percent. The drop in efficacy apparently dragged down Pfizer shares this morning.

Pfizer Inc. studied 34 coronavirus cases in the latest study, compared to just 10 in the previous analysis. Back then, FDA also pointed towards the small number of participants in the trial, saying the cases were not enough to assess the efficacy of the vaccine.

Speaking on the development, CEO of Pfizer Inc., Albert Bourla, said:

“Building on the strong safety and immunogenicity data that led to FDA authorization of our COVID-19 vaccine for children 6 months through 4 years, we are pleased to share confirmatory evidence that a full course of vaccination helps protect against symptomatic disease, particularly during a time when the Omicron BA.2 strain was predominant.”

1. Workday, Inc. (NASDAQ:WDAY)

Number of Hedge Fund Holders: 71

Shares of Workday, Inc. (NASDAQ:WDAY) slightly moved down after the opening bell on Tuesday. The drop came after OTR Global lowered its ratings for the enterprise cloud applications provider from “Positive” to “Mixed.” The research firm said it found decelerating momentum in the second quarter following its checks with partners.

The downgrade came just ahead of the company’s Q2 results. Workday, Inc. is set to release its earnings report after the close of market on Thursday, Aug 25, 2022.

Earlier this year, investment management firm ClearBridge Investments also mentioned Workday, Inc. in its fourth-quarter 2021 investor letter, stating:

“We believe the weakness created an opportunity for us to add to an exceptionally high-quality payments franchise with an attractive growth and free cash flow profile and little credit or interest rate exposure. It also supported our efforts to maintain diversified IT exposure in a narrowing market; additions to our software-as-aservice (SaaS) holding Workday during the quarter also bolstered this diversification, in which we seek to balance exposure to more widely owned mega cap names…”

You can also take a peek at Jim Cramer Recommends These 10 Stocks For Recession and 10 Best Cyclical Stocks for Inflation.

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