The U.S. stock market is showing signs of weakness this morning, with Dow futures dipping around 50 points. Several major companies are experiencing significant drops in pre-market trading, fueled by disappointing financial results and weak guidance.
O-I Glass, Inc. (OI) is leading the decline, with its shares plummeting by 18.4% to $10.15. This dramatic fall follows the company’s release of worse-than-expected third-quarter financial results. O-I Glass reported a quarterly loss of 4 cents per share, falling short of analysts’ predictions of 4 cents per share. The company’s revenue also missed estimates, coming in at $1.700 billion compared to the projected $1.761 billion.
Adding to the pressure on O-I Glass shares, the company provided FY24 adjusted EPS guidance that fell below analysts’ expectations.
Other prominent stocks experiencing significant losses in pre-market trading include:
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AnaptysBio, Inc. (ANAB):
Down 22.5% to $23.86.*
Qorvo, Inc. (QRVO):
Down 18% to $82.40, following the company’s announcement of weak guidance for the third quarter.*
Wingstop Inc. (WING):
Down 15.7% to $311.00, attributed to disappointing quarterly earnings.*
Criteo S.A. (CRTO):
Down 15.1% to $36.21, driven by weak quarterly sales.*
Thryv Holdings, Inc. (THRY):
Down 13.7% to $15.80, following the company’s pricing of an upsized $80 million public offering of common shares.*
Eli Lilly and Company (LLY):
Down 10.7% to $806.57, after the company reported worse-than-expected third-quarter earnings and sales.*
Advanced Micro Devices, Inc. (AMD):
Down 8.6% to $152.00, following the release of its third-quarter financial results.*
Trump Media & Technology Group Corp. (DJT):
Down 8.4% to $47.17, after gaining around 9% on Tuesday.This pre-market downturn highlights the sensitivity of the stock market to company performance. Investors are closely scrutinizing earnings reports and guidance, reacting swiftly to any signs of weakness. The coming days will reveal how these pre-market declines translate to broader market trends.
