In a turbulent day for the markets, the Dow Jones surged by over 150 points on Thursday.
One standout player, Lamb Weston Holdings, Inc. LW, found itself in troubled waters as its shares took a deep dive following disappointing third-quarter results and a downward revision of its FY24 guidance.
Lamb Weston announced adjusted earnings of $1.20 per share, falling short of the market’s expectations of $1.45 per share. The company also reported quarterly sales of $1.46 billion, missing consensus estimates of $1.65 billion, as reported by Benzinga Pro.
The repercussions were felt immediately, with Lamb Weston shares plummeting by 17.5% to $83.40 on Thursday.
The tide of losses did not stop there, as other major stocks faced their own struggles throughout the trading session.
- DigiAsia Corp. FAAS saw its shares drop by 20% to $5.37.
- GCT Semiconductor Holding, Inc. GCTS experienced a 13.1% decline to $5.96.
- SolarMax Technology, Inc. SMXT went down by 10.9% to $11.75.
- Paragon 28, Inc. FNA suffered a 10.4% decrease to $10.80 after announcing CFO Transition and preliminary unaudited net revenue for the first quarter.
- Resources Connection, Inc. RGP witnessed a 9.2% dip to $11.15 following disappointing quarterly sales.
- Aquestive Therapeutics, Inc. AQST declined by 8.9% to $3.9850 after filing for an up to $250 million mixed shelf offering.
- Rent the Runway, Inc. RENT saw an 8.6% decrease to $5.37.
- Paramount Global PARA dropped by 8.2% to $12.40 following reports of a potential equity raise needed for an Ellison-led bid.
- Hims & Hers Health, Inc. HIMS fell by 4.9% to $14.76.
- Hertz Global Holdings, Inc. HTZ observed a 4% decline to $7.32 after being downgraded by Goldman Sachs from Neutral to Sell.
- Alpine Immune Sciences, Inc. ALPN fell by 3.6% to $36.73.
In a rollercoaster day for investors, the challenges faced by Lamb Weston and other major stocks serve as a poignant reminder of the unpredictable nature of the market.