Wall Street’s major indices ended the trading week on a strong note, clocking in robust gains as investors cheered better-than-expected non-farm payrolls last month while digesting more corporate earnings results.
The tech-heavy Nasdaq led the rally among all major indices, finishing up 1.51 percent. The S&P 500 clocked in a 1.47-percent gain, while the Dow Jones grew by 1.39 percent.
Despite the broader market optimism, 10 companies managed to register declines amid dismal earnings performance in the first quarter of the year. In this article, let us explore Friday’s 10 worst performers and the reasons behind their decline.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
10. Golar LNG Limited (NASDAQ:GLNG)
Golar LNG snapped an eight-day winning streak on Friday, dropping 6.84 percent to close at $39.64 each as investors resorted to profit-taking to take advantage of gains from the previous days’ rally.
In recent news, Golar LNG Limited (NASDAQ:GLNG) said that it expects to rake in some $13.7 billion from two long-term charter agreements, which include the 20-year deployment of its FLNG Hilli Episeyo vessel to serve Southern Energy SA off the coast of Argentina.
In parallel, Golar LNG Limited (NASDAQ:GLNG) also signed another 20-year binding contract for its MKII FLNG vessel, which is currently under transformation at a shipyard in Yantai, China.
According to the company, a notable provision allows it to earn approximately $100 million for each dollar increase above $8 per mmbtu, once both vessels become fully operational.
Additionally, Southern Energy has the option to shorten its charter to 12 years for FLNG Hilli and 15 years for MKII FLNG, subject to a three-year notice and associated fees.
9. Alignment Healthcare, Inc. (NASDAQ:ALHC)
Alignment Healthcare dropped its share prices by 7.39 percent on Friday to finish at $15.53 apiece as investors immediately booked profits after a surge during the intra-day session, supported by its impressive earnings performance in the first quarter of the year.
In a statement, Alignment Healthcare, Inc. (NASDAQ:ALHC) said that it narrowed its net loss by 80 percent to $9.35 million from $46.5 million in the same period last year.
Revenues increased by 47 percent to $927 million from $629 million year-on-year.
Looking ahead, the company said that it is gunning for revenues between $950 million and $965 million in the second quarter of the year, to between $3.77 billion and $3.8 billion in the full-year period.
Adjusted EBITDA is also expected to settle at $10 to $18 million in the second quarter, and to $38 to $60 million in full-year 2025.
“By staying focused on quality, clinical outcomes, and member experience, we exceeded expectations across all key measures. With a strong start to the year and momentum building, we’re confident in our ability to scale with purpose and deliver on our mission of Medicare Advantage done right,” said Alignment Healthcare, Inc. (NASDAQ:ALHC) CEO John Kao.
