These 10 Stocks Fell Hard. Are You Holding Any?

Ten stocks capped off the trading week on a lackluster note amid investor caution ahead of the release of their second quarter earnings performance, coupled with negative developments that dampened investing appetite.

In contrast, Wall Street’s two main indices finished in the green, with the tech-heavy Nasdaq and the S&P 500 up 1.5 percent and 0.60 percent, respectively. In contrast, the Dow Jones dipped by 0.07 percent.

In this article, let us explore this week’s 10 biggest losers and detail the reasons behind their gains.

To compile the list, we focused exclusively on stocks with at least $2 billion in market capitalization and over 5 million shares in trading volume.

10. New Gold Inc. (NYSEAmerican:NGD)

New Gold dropped its share prices by 8.51 percent week-on-week, officially entering the oversold territory amid the lack of fresh developments to boost buying appetite.

Friday’s session marked the company’s seventh day of decline since losing ground from the $5 level it last touched on July 7.

According to a recent report from Zacks Research, New Gold Inc. (NYSEAmerican:NGD) currently carries a relative strength index reading of 28.3, below the 30 threshold, indicating that it is now in oversold conditions, considering that the company is predicted to report better-than-expected earnings in the next quarter.

Based on its historical earnings reporting dates, New Gold Inc. (NYSEAmerican:NGD) is set to announce the results of its second quarter performance between this week or before the end of July.

“So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock to benefit from the inevitable rebound,” Zacks said.

9. Stellantis N.V. (NYSE:STLA)

Stellantis saw its shares lose 8.6 percent of their value week-on-week as investors unloaded positions ahead of its earnings release and announcements that it was terminating its hydrogen fuel cell technology development plans.

In a statement, Stellantis N.V. (NYSE:STLA) said that this was due to the lack of developments in the sector, particularly hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing incentives.

Stellantis N.V. (NYSE:STLA) added that it does not anticipate adopting hydrogen-powered vehicles before the end of the decade and that it will no longer launch the hydrogen-powered Pro One vehicles this year.

“The hydrogen market remains a niche segment, with no prospects of mid-term economic sustainability. We must make clear and responsible choices to ensure our competitiveness and meet the expectations of our customers with our electric and hybrid passenger and light commercial vehicles offering,” it said.

Stellantis N.V. (NYSE:STLA) is expected to announce the results of its financial and operating performance for the second quarter of the year on July 29.