In a turbulent day for the markets, the Dow Jones surged by over 150 points on Thursday.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
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.