In this article, we discuss the 5 top losers of this morning. If you want to see some more companies losing value today, go directly to Top 10 Losers Today.
5. The Williams Companies, Inc. (NYSE:WMB)
Number of Hedge Fund Holders: 38
Shares of The Williams Companies, Inc. (NYSE:WMB) dropped over four percent after the opening bell on Tuesday after the energy company posted mixed financial results for the second quarter.
The Williams Companies, Inc. (NYSE:WMB) earned 40 cents per share on an adjusted basis, topping the expectations of 37 cents per share. However, the quarterly revenue of $2.49 billion missed the consensus of $2.72 billion. The Williams Companies, Inc. (NYSE:WMB) had posted adjusted earnings of 27 cents per share on revenue of $2.28 billion for the comparable period of 2021.
Separately, The Williams Companies, Inc. (NYSE:WMB) also appeared in the first-quarter 2022 investor letter of Memphis-based Longleaf Partners Fund. The letter stated:
“Williams – Williams similarly benefitted from the positive natural gas tailwinds in the quarter. We scaled back our position on the back of strong performance but remain confident in the business. Its infrastructure positions Williams to be an important part of the renewable energy transition in the US through joint projects with the likes of Orsted in wind and other alternative energy solutions.”
4. First Republic Bank (NYSE:FRC)
Number of Hedge Fund Holders: 40
Shares of First Republic Bank (NYSE:FRC) fell over three percent this morning after the San Francisco-based wealth management company decided to sell 2 million shares of its common stock through an underwritten public offering.
First Republic Bank (NYSE:FRC) also gave underwriters a 30-day option to acquire an additional 0.3 million shares. The company has selected JPMorgan, BofA Securities and Goldman Sachs as bookrunners for the offering. First Republic Bank (NYSE:FRC) plans to use the sale proceeds for general corporate purposes, such as funding loans and buying investment securities.
3. IDEXX Laboratories, Inc. (NASDAQ:IDXX)
Number of Hedge Fund Holders: 46
Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) fell nearly three percent in the pre-market trading session today after announcing lower-than-expected financial results for the second quarter. The pet healthcare company reported earnings of $1.56 per share, down 33 percent on a year-over-year basis.
Revenue for the quarter rose 4 percent versus last year to $861 million. Analysts were expecting IDEXX Laboratories, Inc. (NASDAQ:IDXX) to earn $1.65 per share on revenue of $864.61 million.
Looking forward, IDEXX Laboratories, Inc. (NASDAQ:IDXX) guided for earnings of $7.77 – $8.05 per share and revenue growth of 3 – 5.5 percent for the full year.
Earlier this year, asset management firm Baron Funds also mentioned IDEXX Laboratories, Inc. (NASDAQ:IDXX) in its first-quarter 2022 investor letter. Here’s what the firm said:
“Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (NASDAQ:IDXX) fell due to broader multiple compression in high-growth businesses. We believe that IDEXX’s business remains healthy and that the veterinary industry should consistently grow at a faster rate than it experienced pre-pandemic. We believe that the long-term secular trends around pet ownership and spending on pet care structurally accelerated during the pandemic. The company’s competitive position remains outstanding, and we expect new proprietary diagnostic tests and sales force expansion to meaningfully contribute to growth. We also expect the company’s margins to continue to improve considerably over time.”
2. Caterpillar Inc. (NYSE:CAT)
Number of Hedge Fund Holders: 54
Shares of Caterpillar Inc. (NYSE:CAT) fell nearly four percent in the pre-market trading session today following its mixed financial performance for the second quarter. The manufacturer of construction and mining equipment reported adjusted earnings of $3.18 per share, easily beating the expectations of $3.01 per share.
On the downside, Caterpillar Inc. (NYSE:CAT) posted revenue of $14.2 billion, missing the consensus of $14.38 billion. The company’s revenue took a hit from the suspension of business activities in Russia and elevated operational costs.
Separately, investment management firm Diamond Hill Capital talked about Caterpillar Inc. (NYSE:CAT) in its first-quarter 2022 investor letter, stating:
“We also initiated a position in Caterpillar (NYSE:CAT), one of the world’s leading manufacturers of construction and mining equipment. It’s a company we know well, as we have owned it in our large cap portfolio for quite some time. Recent share price weakness provided an opportunity for us to add it to our large cap concentrated portfolio at an attractive discount to our estimate of intrinsic value. We believe Caterpillar stands to benefit from increased capital investment supported by a healthier/recovering end market environment, particularly in construction and mining.”
1. The Mosaic Company (NYSE:MOS)
Number of Hedge Fund Holders: 66
Shares of The Mosaic Company (NYSE:MOS) fell over three percent in the pre-market trading session today after the fertilizer manufacturer missed profit and sales expectations for the second quarter.
The Mosaic Company (NYSE:MOS) earned $3.64 per share on an adjusted basis, compared to $1.17 per share in the year-ago period. Revenue for the quarter skyrocketed 92 percent versus last year to $5.37 billion. However, the results were below the consensus of $4.01 per share for earnings and $5.65 billion for revenue.
Moving forward, The Mosaic Company (NYSE:MOS) expects the demand for fertilizers to remain high due to the shortage of vital crop nutrients around the world. Speaking on the results, CEO Joc O’Rourke said:
“We are expanding production to help meet global demand and returning significant capital to shareholders. We expect strong fundamentals will continue for the rest of the year and into 2023.”
You can also take a peek at 11 Best Dividend-Paying Stocks to Buy Now and Jim Cramer Recommends These 10 Stocks For Recession.
