With earnings season in full swing, US stocks have dipped into the red territory this morning, as oil prices have extended recent losses, hitting a three-month low. With investors waiting for the earnings reports of online giants Amazon.com, Inc. (NASDAQ:AMZN) and Alphabet Inc (NASDAQ:GOOGL), let’s have a look at some of the stocks that have found themselves under pressure this morning and the reasons behind their sell-offs.
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Lower Guidance from Potash
Potash Corporation of Saskatchewan (USA) (NYSE:POT) is down today, after the world’s biggest fertilizer company presented mixed second-quarter results. The company posted adjusted earnings of $0.18 per share, which were in line with analysts’ expectations, on the back of $935 million in revenue, versus a consensus among analysts of $1.14 billion. Potash Corporation of Saskatchewan (USA) (NYSE:POT) has also lowered its full-year profit forecast to $0.40 to $0.55 per share from the previous projection of $0.60 to $0.80 per share and has said it plans to cut its dividend by 60% as potash prices remain weak. Potash Corporation of Saskatchewan (USA) (NYSE:POT) is not a very popular stock among the funds followed by Insider Monkey, with only 23 of them having reported a stake as of the end of the first quarter.
Troubles Ahead For Anavex Life Sciences
It’s all red for Anavex Life Sciences Corp. (NASDAQ:AVXL) as well, continuing yesterday’s massive drop. The company presented an update on the testing of one of its leading candidates Anavex 2-73, designed for the treatment of Alzheimer’s disease. Although it all appeared to go as planned according to Anavex Life Sciences Corp. (NASDAQ:AVXL)’s statement, a closer look at the results showed that patients exhibit signs of memory loss and cognitive decline. Last autumn, after five weeks of treatment, patients showed improvement in five of six cognitive tests; this round, however, only three tests showed improvement. At the end of March, only five funds in our database reported a long position in Anavex Life Sciences Corp. (NASDAQ:AVXL), up from 2 registered three months earlier.
Turn the page to read about other three of today’s top decliners.