5 Biggest Losers Today

4. The Chemours Company (NYSE:CC)

Number of Hedge Fund Holders: 33

Shares of The Chemours Company (NYSE:CC) dropped to a nearly six-month low this morning after the Delaware-based chemical company trimmed its EBITDA outlook for the full year.

The company now expects adjusted EBITDA in the range of $1.40 – $1.45 billion for the full year, down from its previous guidance between $1.475 – $1.575 billion. Moreover, The Chemours Company (NYSE:CC) now expects free cash flow of at least $575 million, compared to its earlier forecast of at least $600 million.

The Chemours Company (NYSE:CC) blamed weakening demand and higher input costs for hurting its full-year projections. Discussing the outlook, CEO Mark Newman said in a statement:

“In our TT segment, we have experienced a continued decline in our demand outlook throughout the third quarter, most notably in Europe and Asia. Lower demand, coupled with continued high input costs, have impacted our projected results for the full year. In response, we will be extending a scheduled outage on one of our TT production lines, in addition to other cost actions.”