DexCom (DXCM) lost over 36% on Thursday night after issuing a revised revenue estimate. The developer of continuous glucose monitoring (GCM) systems is likely experiencing sales pressure from obesity drugs.
DexCom now expects Q3 revenue of $975 million to $1.0 billion. For the year, it expects revenue of no higher than $4.05 billion, compared to a consensus forecast of $4.33 billion. Strong sales of the obesity GLP-1 drugs are a headwind for GCM growth. Still, Abbott (ABT) did not report the same problems.
Insulet (PODD) is another stock to watch today.
Edwards Lifesciences (EW) plunged by 31.3% on Thursday. The supplier of heart valves lowered its growth outlook. It expects sales of transcatheter aortic valve replacements in 2024 to fall to 5% to 7% growth. Previously, it expected growth of 8% to 10%.
In the automotive sector, Ford Motor (F) lost 18.36% yesterday on volume not seen in over a year. Ford had its worst day since 2008 after reporting higher warranty costs and losses from its EV ambitions would hurt profits. This pulled General Motors (GM), Stellantis (STLA), and Volkswagen stock lower. Tesla (TSLA) stock rose yesterday, suggesting it will continue its rebound today.