In this article, we will take a look at the 10 biggest losers today. If you want to see some other stocks on the list, go directly to 5 Biggest Losers Today.
U.S. stocks extended their rally after the opening bell on Tuesday. As of 12:58 PM ET, S&P 500 was positive 1.14 percent, Dow Jones Industrial Average was up 1.06 percent and Nasdaq Composite rose 0.98 percent. The surge was partly driven by better-than-expected earnings of large-cap companies, including Lockheed Martin Corporation (NYSE:LMT) and The Goldman Sachs Group, Inc. (NYSE:GS).
Shares of Lockheed Martin Corporation (NYSE:LMT) and The Goldman Sachs Group, Inc. (NYSE:GS) rose after beating earnings expectations for Q3. However, financial stocks, including Truist Financial Corporation (NYSE:TFC) and Silvergate Capital Corporation (NYSE:SI), fell today following their weak quarterly performance.
In addition, chip giant Intel Corporation (NASDAQ:INTC) and social media behemoth Meta Platforms, Inc. (NASDAQ:META) were also spotted losing value this morning. We will talk about the reasons behind the downward movement of these stocks in the remaining article.
Photo by Ruben Sukatendel on Unsplash
10. ServisFirst Bancshares, Inc. (NYSE:SFBS)
Number of Hedge Fund Holders: 10
Shares of ServisFirst Bancshares, Inc. (NYSE:SFBS) fell to a nearly three-month low after the opening bell on Tuesday. The drop followed the bank holding company’s lower-than-expected earnings for the third quarter.
ServisFirst Bancshares, Inc. (NYSE:SFBS) earned $1.17 per share during the three months ended September 30, up 22 percent versus the year-ago period but below the expectations of $1.23 per share.
Net interest income increased to $126.4 million, from $96.3 million in Q3 of 2021. In comparison, non-interest income rose 11.4 percent on a year-over-year basis to $8.9 million in the quarter.
Among other updates, ServisFirst Bancshares, Inc. (NYSE:SFBS) reported that average loans climbed 25.8 percent versus last year to $10.92 billion in the quarter. On the other hand, average total deposits inched up 0.4 percent to $11.53 billion.
9. Marten Transport, Ltd. (NASDAQ:MRTN)
Number of Hedge Fund Holders: 11
Shares of Marten Transport, Ltd. (NASDAQ:MRTN) slipped over two percent in pre-market trading Tuesday after the provider of temperature-sensitive transportation services missed profit expectations for the third quarter.
Marten Transport, Ltd. (NASDAQ:MRTN) reported earnings of 32 cents per share, up from 26 cents per share in the year-ago period. However, the numbers were marginally below the consensus of 33 cents per share. The company’s senior management blamed Hurricane Ian and a drop in its intermodal volumes for the weakness.
On the bright side, Marten Transport, Ltd. (NASDAQ:MRTN) posted revenue of $324.4 million, up 29.1 percent on a year-over-year basis and above analysts’ average estimate of $321.41 million.
8. Conn’s, Inc. (NASDAQ:CONN)
Number of Hedge Fund Holders: 12
Shares of Conn’s, Inc. (NASDAQ:CONN) took a deep dive this morning, losing more than 20 percent of their value. The drop came after the home goods retailer announced the departure of its CEO, besides offering a weak sales outlook for Q3.
Conn’s, Inc. (NASDAQ:CONN) reported that its chief executive officer Chandra Holt has decided to step down. The company added that former president Norman Miller would become the interim CEO, effective immediately.
Meanwhile, Conn’s, Inc. (NASDAQ:CONN) now expects its Q3 sales to drop in the range of 21 – 23 percent on a year-over-year basis. The outlook is worse than analysts’ average estimate for a drop of 19.6 percent.
Like Conn’s, Inc. (NASDAQ:CONN), Lockheed Martin Corporation (NYSE:LMT), The Goldman Sachs Group, Inc. (NYSE:GS) and Intel Corporation (NASDAQ:INTC) were also trending today.
7. Silvergate Capital Corporation (NYSE:SI)
Number of Hedge Fund Holders: 23
Shares of Silvergate Capital Corporation (NYSE:SI) plummeted to a nearly three-month low this morning after the crypto-focused bank posted a lower-than-expected profit for the third quarter.
Silvergate Capital Corporation (NYSE:SI) reported earnings of $1.28 per share, up from 88 cents per share in the year-ago quarter, but below analysts’ average estimate of $1.40 per share.
In addition, Silvergate Capital Corporation (NYSE:SI) said its net interest income totaled $84.7 million, up from $39 million in the corresponding period of 2021. However, it was below the consensus of $87.6 million.
6. Hasbro, Inc. (NASDAQ:HAS)
Number of Hedge Fund Holders: 30
Shares of Hasbro, Inc. (NASDAQ:HAS) slid over three percent before the opening bell today. The drop came after the Rhode Island-based company delivered mixed results for the third quarter.
Hasbro, Inc. (NASDAQ:HAS) earned $1.42 per share on an adjusted basis, well below $1.96 per share in the corresponding period of 2021. The entertainment company primarily took a hit from tougher comparisons, elevated inflation and a strong dollar.
Revenue for the quarter also dropped 15 percent versus last year to $1.68 billion. Analysts expected Hasbro, Inc. (NASDAQ:HAS) to post earnings of $1.52 per share on revenue of $1.68 billion.
Speaking on the results, CEO Chris Cocks said in a statement:
“As expected, the third quarter is our most difficult comparison and was further impacted by increasing price sensitivity for the average consumer. To achieve our full-year outlook, we are projecting Hasbro’s fourth-quarter revenue to be approximately flat versus last year on a constant currency basis with particular strength from our Wizards and Digital Gaming segment.”
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Disclosure: None. 10 Biggest Losers Today is originally published on Insider Monkey.