In this article, we will take a look at the 10 stocks getting hammered today. If you want to see some other stocks losing value on Wednesday, go directly to These 5 Stocks are Getting Hammered Today.
Notable stocks from the technology and communication services sectors, including HP Inc. (NYSE:HPQ), CrowdStrike Holdings, Inc. (NASDAQ:CRWD) and Snap Inc. (NYSE:SNAP), fell this morning.
Shares of HP Inc. (NYSE:HPQ) slid after posting weak sales for its fiscal third quarter and trimming its profit outlook for the full year. On the other hand, the drop in the share price of CrowdStrike Holdings, Inc. (NASDAQ:CRWD) surprised many as the cybersecurity technology company easily surpassed expectations for its fiscal second quarter.
Meanwhile, Snap Inc. (NYSE:SNAP) shares plunged to a new 52-week low before the opening bell today on reports of job cuts and a couple of senior executives leaving the company. However, the stock recovered its lost value later in the day.
Many other stocks, including Ambarella, Inc. (NASDAQ:AMBA) and PVH Corp. (NYSE:PVH), were also spotted getting hammered this morning. Check out the complete article below to see why these stocks were trading lower today.
Image by 10. Bed Bath & Beyond Inc. (NASDAQ:BBBY)
Number of Hedge Fund Holders: 14
Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) lost over 24 percent of their value this morning after the domestic merchandise retail stores operator announced a number of measures to revive its business.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) plans to lay off 20 percent of its employees working in corporate and supply chain units. It would also shut about 150 of its underperforming outlets, with 50 to 60 store closures in the first phase.
In addition, Bed Bath & Beyond Inc. (NASDAQ:BBBY) stated that it would sell up to 12 million shares of its common stock. The company primarily intends to use the sale proceeds to reduce its debt.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) also updated its fiscal second-quarter guidance. The company now expects to generate revenue of about $1.45 billion in the quarter, below the expectations of $1.52 billion.
9. Express, Inc. (NYSE:EXPR)
Number of Hedge Fund Holders: 16
Express, Inc. (NYSE:EXPR) delivered mixed financial results for its fiscal second quarter along with a weak outlook, sending its shares down nearly 20 percent in mid-day trading Wednesday.
The Ohio-based fashion retailer reported earnings of 10 cents per share, down from 15 cents per share in the year-ago period. Revenue came in at $464.9 million versus $457.6 million in the comparable period of 2021. Analysts expected Express, Inc. (NYSE:EXPR) to earn 9 cents per share on revenue of $479.62 million.
For the current quarter, Express, Inc. (NYSE:EXPR) expects its comparable sales to drop in the mid-single digits. For the full year, the company projected a loss of 16 – 22 cents per share.
8. Chico’s FAS, Inc. (NYSE:CHS)
Number of Hedge Fund Holders: 17
Shares of Chico’s FAS, Inc. (NYSE:CHS) fell over seven percent after the opening bell today. The drop was surprising considering the better-than-expected Q2 results posted by the women’s clothing retailer this morning.
Chico’s FAS, Inc. (NYSE:CHS) earned 34 cents per share in the quarter, up from 21 cents per share in the corresponding period of 2021. Revenue for the quarter jumped 18.4 percent versus last year to $558.7 million. Analysts were calling for earnings of 25 cents per share on revenue of $543.9 million.
Looking forward, Chico’s FAS, Inc. (NYSE:CHS) projected earnings in the range of 79 – 87 cents per share and revenue between $2.14 – $2.17 billion for the full year. The outlook is above the consensus of 72 cents per share for earnings and $2.15 billion for revenue.
7. Seagate Technology Holdings plc (NASDAQ:STX)
Number of Hedge Fund Holders: 25
Shares of Seagate Technology Holdings plc (NASDAQ:STX) hit a new 52-week low of $65.10 in mid-day trading Wednesday. The drop came after the data storage company lowered its fiscal first-quarter outlook.
Seagate Technology Holdings plc (NASDAQ:STX) said its adjusted profit would be well below its prior projection in the range of $1.20 – $1.60 per share. Moreover, the company now expects to produce revenue of about $2.1 billion in the current quarter, compared to its earlier guidance in the range of $2.35 – $2.65 billion.
The ongoing economic slowdown has been hurting the sales of tech firms. Seagate Technology Holdings plc (NASDAQ:STX) also blamed softer demand for its products in certain markets as well as cautious spending from enterprise customers for slashing its outlook.
Discussing the revised guidance, CEO Dave Mosley said in a statement:
“Since our earnings call in mid-July, weaker economic trends in certain Asian regions have amplified customer inventory corrections and supply chain disruptions. We have also seen more cautious buying behavior among global Enterprise / OEM and certain U.S. cloud customers amid ongoing macro-economic uncertainties. These external factors are impacting near-term mass capacity demand while continuing to weigh on the consumer centric legacy markets.”
Like Seagate Technology Holdings plc (NASDAQ:STX), shares of HP Inc. (NYSE:HPQ), CrowdStrike Holdings, Inc. (NASDAQ:CRWD) and Snap Inc. (NYSE:SNAP) also fell this morning.
6. Chewy, Inc. (NYSE:CHWY)
Number of Hedge Fund Holders: 25
Shares of Chewy, Inc. (NYSE:CHWY) plummeted nearly 12 percent before the opening bell today. The drop came after the pet food retailer delivered mixed results for its fiscal second quarter along with a disappointing sales outlook.
Chewy, Inc. (NYSE:CHWY) reported earnings of $22.3 million for the three months ended July 31, 2022. Revenue for the quarter rose 12.8 percent versus last year to $2.43 billion but missed the consensus of $2.45 billion.
Looking forward, Chewy, Inc. (NYSE:CHWY) projected revenue of $2.44 – $2.46 billion for the current quarter and between $9.9 – $10 billion for the full year. However, the guidance fell below analysts’ average estimate of $2.57 billion for its fiscal Q3 and $10.25 billion for its fiscal year 2022.
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Disclosure: None. These 10 Stocks are Getting Hammered Today is originally published on Insider Monkey.