The Dow Jones Industrial Average surged by over 150 points amid a tumultuous trading day on Wall Street.
Lamb Weston Holdings, Inc. (LW) encountered a severe setback today, witnessing a sharp decline in its stock price following the release of disappointing third-quarter results and a lowered guidance for FY24.
Reporting adjusted earnings of $1.20 per share, falling short of market predictions of $1.45 per share, Lamb Weston’s quarterly sales amounted to $1.46 billion, significantly below the anticipated $1.65 billion, according to data from Benzinga Pro.
This financial stumble led to a 17.5% plunge in Lamb Weston’s shares, dropping to $83.40 by the closing bell today.
Other prominent companies also grappled with declines in today’s trading session.
- DigiAsia Corp. (FAAS) shares retreated by 20%, settling at $5.37.
- GCT Semiconductor Holding, Inc. (GCTS) witnessed a 13.1% decline, closing the day at $5.96.
- SolarMax Technology, Inc. (SMXT) experienced a 10.9% drop, finishing at $11.75.
- Paragon 28, Inc. (FNA) fell by 10.4% to $10.80, announcing a CFO transition and offering preliminary unaudited net revenue for the first quarter.
- Resources Connection, Inc. (RGP) dipped by 9.2% to $11.15 following a period of weak quarterly sales.
- Aquestive Therapeutics, Inc. (AQST) declined by 8.9% to $3.9850 after announcing a mixed shelf offering of up to $250 million.
- Rent the Runway, Inc. (RENT) decreased by 8.6% to $5.37.
- Paramount Global (PARA) saw an 8.2% decrease, spurred by reports suggesting the need for new equity to support the Ellison-led bid.
- Hims & Hers Health, Inc. (HIMS) registered a 4.9% decline, closing at $14.76.
- Hertz Global Holdings, Inc. (HTZ) slipped by 4% to $7.32 following a downgrade by Goldman Sachs and a revised price target.
- Alpine Immune Sciences, Inc. (ALPN) fell by 3.6% to $36.73.
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