In this article, we will take a look at the top 10 losers today.
All three major U.S. indices extended their rally in mid-day trading Tuesday, partly lifted by earnings reports of stocks like General Motors Company (NYSE:GM) and The Coca-Cola Company (NYSE:KO).
General Motors Company shares rose after reporting solid profit and sales for Q3 this morning. Moreover, shares of The Coca-Cola Company moved up on better-than-expected results for the third quarter.
Meanwhile, the dropping 10-year Treasury yield also contributed to the surge in the indices. As of 01:06 PM ET, S&P 500 was positive 1.25 percent, Dow Jones Industrial Average was up 0.77 percent and Nasdaq Composite jumped 1.57 percent.
However, many other stocks, including Crown Holdings, Inc. (NYSE:CCK), Corning Incorporated (NYSE:GLW) and General Electric Company (NYSE:GE), dropped following their Q3 results.
In addition, insurance brokerage firm Brown & Brown, Inc. (NYSE:BRO) and New York-based airline JetBlue Airways Corporation (NASDAQ:JBLU), were also among the top 10 losers today. Check out the complete article to see what sent these stocks lower on Tuesday.
Photo by Adam Nowakowski on Unsplash
10. Crane Holdings, Co. (NYSE:CR)
Number of Hedge Fund Holders: 22
Shares of Crane Holdings, Co. (NYSE:CR) turned red this morning after posting mixed financial results for the third quarter. The industrial products company reported adjusted earnings of $1.86 per share, compared to $1.98 per share in the year-ago period but above expectations of $1.84 per share.
On the downside, the quarterly revenue of $815 million slipped 9 percent on a year-over-year basis and missed the consensus of $817.74 million Crane Holdings, Co. also released the sales performance of its flagship units.
Revenue from the aerospace & electronics segment inched down 1 percent to $167 million, while process flow technologies revenue plummeted 16 percent to $250 million in the quarter. In comparison, revenue from the payment & merchandising technologies fell 8 percent to $335 million.
Looking forward, Crane Holdings, Co. narrowed its 2022 adjusted earnings guidance to a range of $7.58 – $7.72 per share, compared to its previous outlook between $7.45 – $7.85 per share.
9. Armstrong World Industries, Inc. (NYSE:AWI)
Number of Hedge Fund Holders: 24
Shares of Armstrong World Industries, Inc. (NYSE:AWI) fell over four percent in mid-day trading Tuesday after posting its Q3 results below expectations and lowering its outlook for the full year.
Armstrong World Industries, Inc. reported adjusted earnings of $1.36 per share, up from $1.17 per share in the year-ago period but below the consensus of $1.49 per share. Revenue for the quarter rose 11.2 percent versus last year to $325 million, while analysts were looking for $331.97 million
If we look at its segment-wise sales results, mineral fiber revenue rose 9 percent to $233.7 million in the quarter. On the other hand, architectural specialties revenue jumped 17.5 percent to $91.3 million.
For the full year, Armstrong World Industries, Inc. reduced its adjusted earnings outlook to a range of $4.75 – $4.85 per share, citing an uncertain economic environment.
8. Brown & Brown, Inc. (NYSE:BRO)
Number of Hedge Fund Holders: 29
Brown & Brown, Inc. specializes in risk management solutions. The company has been providing insurance products and services to both individual and enterprise clients since 1939.
Shares of Brown & Brown, Inc. plummeted to a nearly four-month low this morning after missing financial expectations for the third quarter. The Florida-based company’s adjusted earnings declined to 50 cents per share, from 58 cents per share in the year-ago period.
In addition, Brown & Brown, Inc. posted revenue of $927.6 million, up 20.4 percent on a year-over-year basis. The results lagged behind the consensus of 61 cents per share for earnings and $946.12 million for revenue.
7. Cleveland-Cliffs Inc. (NYSE:CLF)
Number of Hedge Fund Holders: 29
Shares of Cleveland-Cliffs Inc. (NYSE:CLF) tumbled over 10 percent in mid-day trading Tuesday. The drop came after the flat-rolled steel producer reported a drop in its third quarter profit and sales.
Cleveland-Cliffs Inc. attributed the weakness to elevated input costs and maintenance activities. The company reported earnings of 29 cents per share, significantly lower than $2.33 per share in the corresponding period of 2021.
Revenue also decreased to $5.7 billion, from $6 billion in the year-ago quarter. Analysts expected Cleveland-Cliffs Inc. to post earnings of 49 cents per share on revenue of $5.78 billion.
Like Cleveland-Cliffs Inc., investors are also closely watching General Motors Company, The Coca-Cola Company, Crown Holdings, Inc. after their recent earnings.
6. JetBlue Airways Corporation (NASDAQ:JBLU)
Number of Hedge Fund Holders: 30
Shares of JetBlue Airways Corporation fell more than six percent after releasing financial results for the third quarter. The low-cost airline reported adjusted earnings of 21 cents per share, missing the consensus of 24 cents.
Revenue came in at $2.56 billion, matching expectations. In addition, JetBlue Airways Corporation reported an operating margin of 5.4 percent for the quarter, significantly lower than 9.4 percent in the year-ago period. The drop was attributed to elevated costs during the quarter.
Discussing the results, CEO of JetBlue Airways Corporation, Robin Hayes, said in a statement:
“For the third quarter, we reached an important milestone in our recovery as we generated our first quarterly adjusted profit since the start of the pandemic. Looking ahead, we expect our profitability to carry through to another solid quarter of mid-single-digit pre-tax margins in the fourth quarter, and we’ll look to expand on that further in 2023 as we continue to restore our earnings power.”
5. Corning Incorporated (NYSE:GLW)
Number of Hedge Fund Holders: 34
Corning Incorporated managed to meet financial expectations for the third quarter. However, it issued a weak profit outlook for the current quarter, sending its shares down nearly three percent this morning.
The manufacturer of ceramics and specialty glasses reported core earnings of 51 cents per share, down from 56 cents per share in the year-ago period. In addition, Corning Incorporated posted core sales of $3.7 billion, marginally up over the corresponding period of 2021. The results were nearly in line with the consensus forecast.
Looking forward, Corning Incorporated expects core or adjusted earnings in the range of 41 – 47 cents per share for the fourth quarter, below analysts’ average estimate of 55 cents per share.
4. Raytheon Technologies Corporation (NYSE:RTX)
Number of Hedge Fund Holders: 45
Shares of Raytheon Technologies Corporation (NYSE:RTX) slightly moved down on Tuesday morning following its mixed third-quarter performance and revised sales outlook for fiscal 2022.
Raytheon Technologies Corporation earned $1.21 per share on an adjusted basis, down from $1.26 per share in the year-ago period. Revenue came in at $16.951 billion, up 5 percent on a year-over-year basis. Analysts were looking for earnings of $1.14 per share on revenue of $17.28 billion
For the full year, Raytheon Technologies Corporation lowered its sales outlook to a range of $67 – $67.3 billion, from its previous forecast between $67.75 – $68.75 billion.
Speaking on the results, CEO Greg Hayes said:
“While we expect industry-wide challenges to continue near-term, we remain focused on operational excellence, including cost containment and program performance, to deliver on our commitments.”
3. General Electric Company (NYSE:GE)
Number of Hedge Fund Holders: 49
Shares of General Electric Company slipped over two percent this morning following its weak third-quarter profit and revised outlook for the full year. The industrial giant reported adjusted earnings of 35 cents per share, down from 53 cents per share in the year-ago period and below the consensus of 50 cents per share.
On the bright side, General Electric Company posted revenue of $19.1 billion, representing a surge of 3 percent over the corresponding period of 2021. Analysts were looking for revenue of $18.72 billion.
For fiscal 2022, General Electric Company now expects adjusted earnings in the range of $2.40 – $2.80 per share, compared to its earlier projection between $2.80 – $3.50 per share.
2. Crown Holdings, Inc. (NYSE:CCK)
Number of Hedge Fund Holders: 53
Crown Holdings, Inc. posted lower-than-expected financial results for the third quarter, sending its shares down to a new 52-week low before the opening bell on Tuesday. The packaging solutions provider reported adjusted earnings of $1.46 per share, missing the consensus of $1.79 per share with a big margin.
Revenue came in at $3.259 billion, up from $2.920 billion in the corresponding period of 2021. Analysts expected Crown Holdings, Inc. to generate revenue of $3.30 billion.
Moving forward, Crown Holdings, Inc. lowered its profit outlook for the full year, citing currency headwinds and spiking energy costs. The company revised its adjusted earnings guidance to a range of $6.60 – $6.70 per share, compared to its earlier forecast between $8 – $8.20 per share.
1. 3M Company (NYSE:MMM)
Number of Hedge Fund Holders: 54
Shares of 3M Company (NYSE:MMM) turned red in the pre-market trading session on Tuesday. The drop came after the industrial products maker delivered mixed results for the third quarter and cut its outlook for the full year.
3M Company earned $2.69 per share on an adjusted basis, up from $2.58 per share in the year-ago period. On the downside, revenue for the quarter slipped 4 percent versus last year to $8.6 billion. Analysts were looking for earnings of $2.60 per share on revenue of $8.70 billion.
For the full year, 3M Company now expects adjusted earnings in the range of $10.10 – $10.35 per share, down from its previous guidance between $10.30 – $10.80 per share. Revenue for the same period is expected to drop in the range of 3.5 – 3 percent, compared to its earlier guidance calling for a decline of 2.5 – 0.5 percent.
You can also take a peek at 14 Best Clean Energy Stocks To Buy Now and 13 Best Cybersecurity Stocks To Buy.
Follow Insider Monkey on Twitter
Suggested articles:
- 12 Biggest Delivery Companies In the World
- 11 Best American Dividend Stocks To Buy
- 12 Best Food Stocks To Buy Now
This article is originally published at Insider Monkey.
