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Top 10 Losers Today

In this article, we will look at the top 10 losers today. If you want to see some more stocks losing value on Wednesday, go directly to Top 5 Losers Today.

U.S. stocks inched lower on Wednesday morning after the Commerce Department released the economic data for the third quarter. The data showed that the U.S. economy advanced at 2.9 percent in Q3, up from the initial estimates of 2.6 percent growth and marginally above the consensus forecast calling for a gain of 2.7 percent.

Meanwhile, the drop in the share prices of stocks like CrowdStrike Holdings, Inc. (NASDAQ:CRWD), Nutrien Ltd. (NYSE:NTR) and Carvana Co. (NYSE:CVNA) also contributed to the losses in all three major U.S. indices.

Shares of Carvana Co. (NYSE:CVNA) and Nutrien Ltd. (NYSE:NTR) fell this morning after receiving a downgrade from analysts. On the other hand, CrowdStrike Holdings, Inc. (NASDAQ:CRWD) shares lost nearly 20 percent of their value on a weak sales outlook for the current quarter.

In addition, shares of Hormel Foods Corporation (NYSE:HRL) and NetApp, Inc. (NASDAQ:NTAP) also dropped today on a soft financial outlook. Check out the complete article to see some other stocks losing value today.

Photo by Ruben Sukatendel on Unsplash

10. Solid Power, Inc. (NASDAQ:SLDP)

Number of Hedge Fund Holders: 15

Shares of Solid Power, Inc. (NASDAQ:SLDP) hit a new 52-week low of $2.88 this morning after DA Davidson downgraded the Colorado-based battery startup from "Buy" to "Neutral."

Analyst Michael Shlisky was primarily moved by the company's latest announcement about CEO transition. Shlisky also cut his price target for Solid Power, Inc. (NASDAQ:SLDP) from $13 per share to $5 per share.

Solid Power, Inc. (NASDAQ:SLDP) announced late Tuesday that its chief executive officer Douglas Campbell is leaving the company. Subsequently, the board named David Jansen, its current President, as an interim CEO.

9. Leslie's, Inc. (NASDAQ:LESL)

Number of Hedge Fund Holders: 17

Shares of Leslie's, Inc. (NASDAQ:LESL) turned red in pre-market trading Wednesday after issuing a weak earnings outlook for its fiscal year 2023. The outdoor supplies and sporting goods retailer projected adjusted earnings of 78 - 86 cents per share, below the consensus of 92 cents.

Leslie's, Inc. (NASDAQ:LESL) released the guidance along with its fiscal fourth quarter results. The company reported adjusted earnings of 35 cents per share, up from 26 cents per share in the same period of 2021.

Revenue came in at $475.6 million, representing a surge of 16 percent on a year-over-year basis. Analysts expected Leslie's, Inc. (NASDAQ:LESL) to earn 31 cents per share on revenue of $470.3 million.

8. Invitation Homes Inc. (NYSE:INVH)

Number of Hedge Fund Holders: 21

Invitation Homes Inc. (NYSE:INVH) shares slightly moved down this morning after Wolfe Research downgraded the home leasing company from "Outperform" to "Peer Perform," citing a challenging operating environment.

Earlier this week, Raymond James analyst Buck Horne also lowered his ratings for Invitation Homes Inc. (NYSE:INVH) from "Strong Buy" to "Outperform," mentioning a surge in property taxes.

Horne believes rising property taxes would ultimately weigh on the operating income growth of Invitation Homes Inc. (NYSE:INVH) in the coming quarters. He also cut his price target for the stock from $44 per share to $35 per share.

7. Hormel Foods Corporation (NYSE:HRL)

Number of Hedge Fund Holders: 29

Hormel Foods Corporation (NYSE:HRL) posted lower-than-expected sales for its fiscal fourth quarter. In addition, its sales outlook for fiscal 2023 also fell short of expectations. As a result, its shares fell to a nearly one-month low this morning.

The food processing company posted earnings of 51 cents per share for the three months ended October 31, unchanged from last year and just above the expectations of 50 cents. In addition, Hormel Foods Corporation (NYSE:HRL) posted revenue of $3.28 billion, down 5 percent over the year-ago quarter and below the consensus of $3.38 billion.

For its fiscal year 2023, Hormel Foods Corporation (NYSE:HRL) expects revenue in the range of $12.6 - $12.9 billion, below analysts' average forecast of $13.1 billion.

Like Hormel Foods Corporation (NYSE:HRL), CrowdStrike Holdings, Inc. (NASDAQ:CRWD), Nutrien Ltd. (NYSE:NTR) and Carvana Co. (NYSE:CVNA) were also on the list of top 10 losers today.

6. NetApp, Inc. (NASDAQ:NTAP)

Number of Hedge Fund Holders: 36

Shares of NetApp, Inc. (NASDAQ:NTAP) dropped over 11 percent this morning following mixed financial performance for its fiscal second quarter and revised outlook for the full year.

NetApp, Inc. (NASDAQ:NTAP) reported adjusted earnings of $1.48 per share, easily beating the consensus of $1.33 per share. However, the quarterly revenue of $1.66 billion was marginally below the consensus of $1.67 billion.

Looking forward, NetApp, Inc. (NASDAQ:NTAP) cut its full-year adjusted profit outlook to a range of $5.30 - $5.50 per share, from its previous guidance between $5.40 - $5.60 per share.

Speaking on the results, CEO of NetApp, Inc. (NASDAQ:NTAP), George Kurian, said in a statement:

"We delivered a solid quarter in a dynamic environment, with all-time highs for Q2 revenue, billings, gross profit dollars, operating income, and EPS. Our modern approach to the hybrid multi-cloud delivers significant value to our customers and creates sizeable opportunity for us. In a challenging macro environment, we remain focused on innovation, execution, and operational discipline."

 

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Disclosure: None. Top 10 Losers Today is originally published on Insider Monkey.