U.S. stock futures were lower this morning, with the Nasdaq futures dipping over 100 points on Wednesday. The decline was largely attributed to disappointing financial results from several companies, leading to pre-market losses for their shares.
Core & Main Inc (CNM) experienced a significant drop in its stock price after reporting worse-than-expected second-quarter financial results. The company’s earnings per share (EPS) of 61 cents missed the analyst consensus estimate of 73 cents. Additionally, its quarterly sales of $1.964 billion fell short of the expected $2.059 billion. The company further dampened investor sentiment by cutting its FY24 net sales guidance below estimates. As a result, Core & Main shares plummeted 17.1% to $38.80 in pre-market trading.
Several other companies also saw their shares decline in pre-market trading. Zscaler Inc (ZS) shares fell 17.1% to $160.19 following its fourth-quarter earnings report. Ascendis Pharma A/S (ASND) declined 15.2% to $114.17 after reporting worse-than-expected second-quarter sales results and lowering its FY24 revenue guidance for its SKYTROFA drug. Asana Inc (ASAN) shares dropped 14.6% to $11.36 despite reporting upbeat results for its second quarter. The company’s weak guidance for the third quarter, however, weighed on investor sentiment.
Rev Group Inc (REVG) shares fell 13.3% to $26.19 in pre-market trading following weak quarterly sales. PagerDuty, Inc (PD) shares declined 12% to $16.10 after the company reported better-than-expected earnings for its second quarter but missed sales estimates.
Dollar Tree Inc (DLTR) shares dipped 10.8% to $72.78 following a worse-than-expected second-quarter financial report and a cut in its FY24 outlook. America’s Car-Mart, Inc. (CRMT) shares fell 9.5% to $54.00 after reporting a year-over-year decrease in quarterly EPS results.
Hormel Foods Corp (HRL) shares fell 7.1% to $30.78 in pre-market trading. The company reported mixed third-quarter financial results and cut its FY24 sales guidance, with its midpoint below estimates.
These pre-market losses signal a cautious sentiment among investors as they assess the impact of these companies’ performance on the broader market.
