In this article, we will take a look at the top 10 losers on Wednesday. If you want to see some more companies on the list, go directly to Top 5 Losers Today.
All three major U.S. indices were spotted hovering between red and green during the mid-day trading session on Wednesday. As of 12:12 PM ET, S&P 500 was negative 0.59 percent, Dow Jones Industrial Average was negative 0.19 percent and Nasdaq Composite was down 0.64 percent. Even better-than-expected earnings reports from giants like Netflix, Inc. (NASDAQ:NFLX) and The Procter & Gamble Company (NYSE:PG) weren't enough to lift the indices.
Shares of Netflix, Inc. (NASDAQ:NFLX) and The Procter & Gamble Company (NYSE:PG) rose sharply this morning after beating profit and sales estimates for their respective quarters. However, many other notable stocks, including Abbott Laboratories (NYSE:ABT), Lowe's Companies, Inc. (NYSE:LOW) and Ally Financial Inc. (NYSE:ALLY), fell today.
Abbott Laboratories (NYSE:ABT) shares plummeted after the healthcare giant reported a drop in its third-quarter profit and sales, while Lowe's Companies, Inc. (NYSE:LOW) shares slid after receiving a downgrade from Evercore ISI. Check out the complete article to see some more stocks on the list of top 10 losers today.
Shares of Olaplex Holdings, Inc. (NASDAQ:OLPX) crashed this morning, losing more than 50 percent of their value. The drop came after the beauty company trimmed its sales outlook for the full year, citing macroeconomic challenges, decelerating sales and intensifying competition.
Olaplex Holdings, Inc. (NASDAQ:OLPX) guided for revenue in the range of $704 - $711 million for the year, well below its previous projection between $796 - $826 million. The revised outlook also missed the consensus of $816.51 million.
Meanwhile, JPMorgan downgraded Olaplex Holdings, Inc. (NASDAQ:OLPX) from "Overweight" to "Underweight," citing a significant cut in its 2022 sales forecast. The research firm also lowered its price target for the stock from $16 per share to $8 per share.
Shares of Winnebago Industries, Inc. (NYSE:WGO) dropped more than 10 percent this morning apparently following the company's comments about uncertain market conditions. Winnebago's CEO Michael Happe expects uncertain market conditions to continue in fiscal 2023.
The cautious commentary also overshadowed the company's better-than-expected results for its fiscal fourth quarter. Winnebago Industries, Inc. (NYSE:WGO) reported adjusted earnings of $3.02 per share, up from $2.65 per share in the year-ago period and above the consensus of $2.73 per share.
Revenue for the quarter rose 13.8 percent on a year-over-year basis to $1.2 billion, ahead of the consensus of $1.12 billion. Winnebago Industries, Inc. (NYSE:WGO) also released the sales performance of its key business units. Revenue from its Towable segment fell 11.8 percent to $494.2 million, while Motorhome revenue jumped 23.8 percent to $555.8 million in the quarter.
Shares of Best Buy Co., Inc. (NYSE:BBY) turned red in pre-market trading Wednesday after receiving a downgrade from Evercore ISI. The research firm lowered its ratings for the consumer electronics retailer from "Outperform" to "In Line."
Evercore ISI analyst Greg Melich believes elevated inventory levels and deflation could affect the company's margins in the second half of 2022. The analyst also trimmed his price target for Best Buy Co., Inc. (NYSE:BBY) from $80 per share to $70 per share.
Like its peers, Best Buy Co., Inc. (NYSE:BBY) shares also lost significant value this year. The stock has plummeted about 35 percent on a year-to-date basis.
Shares of Northern Trust Corporation (NASDAQ:NTRS) hit a new 52-week low of $77.50 in the mid-day trading session on Wednesday. The drop followed the financial services company's disappointing profit for the third quarter.
Northern Trust Corporation (NASDAQ:NTRS) reported earnings of $1.80 per share, unchanged from the year-ago period and below the expectations of $1.84 billion. Revenue came in at $1.767 billion, nearly in line with the consensus of $1.77 billion.
Discussing the results, CEO of Northern Trust Corporation (NASDAQ:NTRS), Michael O'Grady, said in a statement:
"Northern Trust's third-quarter results reflected consistent execution in the face of challenging macroeconomic and market conditions. Revenue grew 7% compared to last year, as the elimination of money market fee waivers and the favorable impact from higher interest rates more than offset market and currency-related declines in trust fees. Expenses increased 9% due to higher headcount and continued inflationary cost pressures."
Besides Northern Trust Corporation (NASDAQ:NTRS), Netflix, Inc. (NASDAQ:NFLX), The Procter & Gamble Company (NYSE:PG) and Abbott Laboratories (NYSE:ABT) also came into the limelight after releasing their earnings.
Shares of Generac Holdings Inc. (NYSE:GNRC) plummeted over 15 percent in pre-market trading Wednesday after announcing weak financial results for the third quarter. The energy technology solutions provider earned $1.75 per share on an adjusted basis, well below $2.35 per share in the year-ago period.
In addition, Generac Holdings Inc. (NYSE:GNRC) posted revenue of $1.09 billion, up 15 percent on a year-over-year basis. The results missed the consensus of $3.22 per share for earnings and $1.34 billion for revenue.
Generac Holdings Inc. (NYSE:GNRC) also slashed its sales outlook for the full year, citing weak residential revenue. It expects to achieve sales growth in the range of 22 - 24 percent for fiscal 2022, down from its previous growth projection between 36 - 40 percent.
