US stock futures were on an upward trajectory this morning, with the Dow futures showing a modest gain of around 0.1% on Tuesday. However, the market mood took a downturn when Celanese Corporation (CE) released its third-quarter financial results, revealing a performance that fell short of expectations. This news sent the company’s shares plummeting by a significant 15.8% to $103.89 in the pre-market trading session.
Celanese’s earnings per share of $2.44 missed the analyst consensus estimate of $2.85 per share. Additionally, its quarterly sales of $2.65 billion fell short of the anticipated $2.70 billion. To compound the negative sentiment, Celanese announced its intention to temporarily reduce its quarterly dividend.
The disappointing results from Celanese were not an isolated incident. Several other companies also experienced pre-market share declines due to weak earnings reports or guidance.
Navitas Semiconductor Corporation (NVTS) saw its shares drop by 19.4% to $2.10 following a report of underwhelming third-quarter sales. JELD-WEN Holding, Inc. (JELD) suffered a 18.5% decline to $11.51 after reporting disappointing quarterly results and lowering its sales forecast for fiscal year 2024.
Lattice Semiconductor Corporation (LSCC) shares took a hit of 18%, falling to $42.55, following weak fourth-quarter guidance. Altice USA, Inc. (ATUS) shares declined by 14.3% to $2.22 as the company reported underwhelming third-quarter financial results.
MediaAlpha, Inc. (MAX) experienced a 13% drop to $13.99 in pre-market trading. Tactile Systems Technology, Inc. (TCMD) shares fell 10.3% to $13.55 after the company posted weak quarterly sales and lowered its sales forecast for fiscal year 2024. Cirrus Logic, Inc. (CRUS) shares dipped 9.7% to $99.83 following the release of its second-quarter results. Apellis Pharmaceuticals, Inc. (APLS) shares declined by 9.5% to $25.84 after reporting weak quarterly results. Cleveland-Cliffs Inc. (CLF) shares dropped 6.5% to $12.26 due to disappointing third-quarter results. Finally, Teradata Corporation (TDC) shares fell 5.6% to $31.51 following the release of its third-quarter results.
These downward trends highlight the ongoing challenges facing various sectors within the market. Investors will be closely watching to see how these companies navigate these turbulent waters in the coming months.
