Market Overview
Amidst a tumultuous trading day on Thursday, U.S. stocks surged, with the Dow Jones Industrial Average gaining over 150 points. However, the bullish sentiment failed to lift several major stocks as they spiraled downwards, including the likes of Lamb Weston Holdings, Inc.
Lamb Weston’s Plunge
Shares of Lamb Weston witnessed a dramatic downturn during Thursday’s session following the company’s stark revelation of weak third-quarter results and a subsequent downgraded full-year 2024 outlook. The company reported adjusted earnings of $1.20 per share, a significant miss compared to market estimates of $1.45 per share. Furthermore, Lamb Weston’s quarterly sales figured stood at $1.46 billion, falling short of the anticipated $1.65 billion.
Ripple Effect on Other Companies
While Lamb Weston’s plunge was pronounced, it wasn’t the only stock bearing the brunt of investor pessimism on Thursday. Multiple other renowned companies saw their stocks tumble:
- DigiAsia Corp. (Ticker: FAAS) witnessed a 20% dip, trading at $5.37.
- GCT Semiconductor Holding, Inc. (Ticker: GCTS) plummeted by 13.1% to $5.96.
- SolarMax Technology, Inc. (Ticker: SMXT) experienced a decline of 10.9% to $11.75.
- Paragon 28, Inc. (Ticker: FNA) fell by 10.4% to $10.80 as a result of its CFO transition and preliminary unaudited net revenue announcement for the first quarter.
- Resources Connection, Inc. (Ticker: RGP) dipped by 9.2% to $11.15 following disappointing quarterly sales performance.
- Aquestive Therapeutics, Inc. (Ticker: AQST) saw an 8.9% decline to $3.9850 subsequent to filing for a $250 million mixed shelf offering.
- Rent the Runway, Inc. (Ticker: RENT) recorded an 8.6% drop to $5.37.
- Paramount Global (Ticker: PARA) witnessed an 8.2% decrease to $12.40 after reports suggested a potential equity raise for the Ellison-led bid.
- Hims & Hers Health, Inc. (Ticker: HIMS) fell 4.9% to $14.76.
- Hertz Global Holdings, Inc. (Ticker: HTZ) dropped 4% to $7.32 following a downgrade by Goldman Sachs.
- Alpine Immune Sciences, Inc. (Ticker: ALPN) closed 3.6% lower at $36.73.
Overall, Thursday was a day marked by significant stock shifts as specific sectors faced challenges and investors recalibrated their portfolios amidst market uncertainties.
