In this article, we discuss the top 5 losers on Wednesday. If you want to see some more companies on the list, go directly to Top 10 Losers Today.
5. M&T Bank Corporation (NYSE:MTB)
Number of Hedge Fund Holders: 39
Shares of M&T Bank Corporation (NYSE:MTB) fell nearly six percent in the pre-market trading session today after the community-focused bank missed profit expectations for the third quarter.
M&T Bank Corporation (NYSE:MTB) reported earnings of $3.83 per share, compared to $3.76 per share in the same period of 2021. However, analysts were looking for earnings of $3.96 per share.
Net interest income for the quarter rose to $1.69 billion, from $971 million in the year-ago period. In comparison, non-interest income slipped to $563 million, from $569 million in the corresponding period of 2021.
Among other updates, M&T Bank Corporation (NYSE:MTB) reported that it repurchased $600 million worth of its common stock during the latest quarter.
4. Lithia Motors, Inc. (NYSE:LAD)
Number of Hedge Fund Holders: 40
Shares of Lithia Motors, Inc. (NYSE:LAD) plunged to a new low on Wednesday after posting weak financial results for the third quarter. The Oregon-based automotive dealership group earned $11.08 per share on an adjusted basis, slightly down from $11.21 per share in the year-ago period.
In addition, Lithia Motors, Inc. (NYSE:LAD) posted revenue of $7.29 billion, representing a surge of 18.2 percent over the same period of 2021. The results missed the consensus of $12.11 per share for earnings and $7.46 billion for revenue.
Among other key updates, Lithia Motors, Inc. (NYSE:LAD) reported that it repurchased about 2.3 shares of its common stock at an average price of around $281 this year.
3. Ally Financial Inc. (NYSE:ALLY)
Number of Hedge Fund Holders: 42
Shares of Ally Financial Inc. (NYSE:ALLY) hit a new 52-week low of $25.64 this morning after the bank holding company failed to meet financial expectations for its fiscal third quarter.
Ally Financial Inc. (NYSE:ALLY) reported adjusted earnings of $1.12 per share, missing the consensus of $1.77 per share with a big margin. Revenue for the quarter came in at $2.02 billion, while analysts were looking for $2.17 billion.
Discussing the results, CEO of Ally Financial Inc. (NYSE:ALLY), Jeffrey J. Brown, said in a statement:
“Financial results were partially depressed this quarter as a result of an impairment on a nonmarketable equity investment related to our mortgage business, impacting $0.33 of EPS, and higher provisions as a result of loan growth in auto finance and a larger coverage build to ensure the company remains protected as recessionary conditions feel more likely to occur in the coming months.”
2. Lowe’s Companies, Inc. (NYSE:LOW)
Number of Hedge Fund Holders: 53
Shares of Lowe’s Companies, Inc. (NYSE:LOW) slipped over two percent this morning after Evercore ISI lowered its ratings for the home improvement retailer from “Outperform” to “In Line.”
Analyst Greg Melich expressed concerns over decelerating home improvement demand that could affect Lowe’s growth trajectory. Melich also cut his price target for Lowe’s Companies, Inc. (NYSE:LOW) from $220 per share to $210 per share.
Separately, asset management firm Baron Funds briefly discussed Lowe’s Companies, Inc. (NYSE:LOW) in its second-quarter 2022 investor letter. Here’s what the firm said:
“Lowe’s Companies, Inc. is the second largest home improvement center in the U.S. Its shares declined 33% in the first six months of 2022 and are currently valued at only 13.5 times estimated earnings per share versus a long-term average P/E multiple of approximately 18 times estimated earnings per share.”
1. Abbott Laboratories (NYSE:ABT)
Number of Hedge Fund Holders: 61
Shares of Abbott Laboratories (NYSE:ABT) fell nearly five percent before the opening bell today after the healthcare giant reported a drop in its third-quarter profit and sales.
Abbott Laboratories (NYSE:ABT) reported adjusted earnings of $1.15 per share, down from $1.40 per share in the year-ago period. Revenue for the quarter also slipped 4.7 percent versus last year to $10.4 billion. Nevertheless, the results surpassed the consensus of 94 cents per share for earnings and $9.64 billion for revenue.
On the bright side, Abbott Laboratories (NYSE:ABT) raised its full-year adjusted earnings outlook to a range of $5.17 – $5.23 per share, from its earlier projection of around $4.90 per share.
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