In this article, we discuss the top 5 losers today. If you want to see some more stocks losing value today, go directly to Top 10 Losers Today.
5. Corning Incorporated (NYSE:GLW)
Number of Hedge Fund Holders: 34
Corning Incorporated (NYSE:GLW) managed to meet financial expectations for the third quarter. However, it issued a weak profit outlook for the current quarter, sending its shares down nearly three percent this morning.
The manufacturer of ceramics and specialty glasses reported core earnings of 51 cents per share, down from 56 cents per share in the year-ago period. In addition, Corning Incorporated (NYSE:GLW) posted core sales of $3.7 billion, marginally up over the corresponding period of 2021. The results were nearly in line with the consensus forecast.
Looking forward, Corning Incorporated (NYSE:GLW) expects core or adjusted earnings in the range of 41 – 47 cents per share for the fourth quarter, below analysts’ average estimate of 55 cents per share.
4. Raytheon Technologies Corporation (NYSE:RTX)
Number of Hedge Fund Holders: 45
Shares of Raytheon Technologies Corporation (NYSE:RTX) slightly moved down on Tuesday morning following its mixed third-quarter performance and revised sales outlook for fiscal 2022.
Raytheon Technologies Corporation (NYSE:RTX) earned $1.21 per share on an adjusted basis, down from $1.26 per share in the year-ago period. Revenue came in at $16.951 billion, up 5 percent on a year-over-year basis. Analysts were looking for earnings of $1.14 per share on revenue of $17.28 billion
For the full year, Raytheon Technologies Corporation (NYSE:RTX) lowered its sales outlook to a range of $67 – $67.3 billion, from its previous forecast between $67.75 – $68.75 billion.
Speaking on the results, CEO Greg Hayes said:
“While we expect industry-wide challenges to continue near-term, we remain focused on operational excellence, including cost containment and program performance, to deliver on our commitments.”
3. General Electric Company (NYSE:GE)
Number of Hedge Fund Holders: 49
Shares of General Electric Company (NYSE:GE) slipped over two percent this morning following its weak third-quarter profit and revised outlook for the full year. The industrial giant reported adjusted earnings of 35 cents per share, down from 53 cents per share in the year-ago period and below the consensus of 50 cents per share.
On the bright side, General Electric Company (NYSE:GE) posted revenue of $19.1 billion, representing a surge of 3 percent over the corresponding period of 2021. Analysts were looking for revenue of $18.72 billion.
For fiscal 2022, General Electric Company (NYSE:GE) now expects adjusted earnings in the range of $2.40 – $2.80 per share, compared to its earlier projection between $2.80 – $3.50 per share.
2. Crown Holdings, Inc. (NYSE:CCK)
Number of Hedge Fund Holders: 53
Crown Holdings, Inc. (NYSE:CCK) posted lower-than-expected financial results for the third quarter, sending its shares down to a new 52-week low before the opening bell on Tuesday. The packaging solutions provider reported adjusted earnings of $1.46 per share, missing the consensus of $1.79 per share with a big margin.
Revenue came in at $3.259 billion, up from $2.920 billion in the corresponding period of 2021. Analysts expected Crown Holdings, Inc. (NYSE:CCK) to generate revenue of $3.30 billion.
Moving forward, Crown Holdings, Inc. (NYSE:CCK) lowered its profit outlook for the full year, citing currency headwinds and spiking energy costs. The company revised its adjusted earnings guidance to a range of $6.60 – $6.70 per share, compared to its earlier forecast between $8 – $8.20 per share.
1. 3M Company (NYSE:MMM)
Number of Hedge Fund Holders: 54
Shares of 3M Company (NYSE:MMM) turned red in the pre-market trading session on Tuesday. The drop came after the industrial products maker delivered mixed results for the third quarter and cut its outlook for the full year.
3M Company (NYSE:MMM) earned $2.69 per share on an adjusted basis, up from $2.58 per share in the year-ago period. On the downside, revenue for the quarter slipped 4 percent versus last year to $8.6 billion. Analysts were looking for earnings of $2.60 per share on revenue of $8.70 billion.
For the full year, 3M Company (NYSE:MMM) now expects adjusted earnings in the range of $10.10 – $10.35 per share, down from its previous guidance between $10.30 – $10.80 per share. Revenue for the same period is expected to drop in the range of 3.5 – 3 percent, compared to its earlier guidance calling for a decline of 2.5 – 0.5 percent.
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