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Investors Left Fuming as Daktronics Shares Plummet By Over 10% on Weak Quarterly Results

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Investors were left fuming as Daktronics, Inc. DAKT saw its shares take a nosedive during Tuesday’s session after revealing dismal quarterly performance.

Daktronics posted quarterly earnings of 5 cents per share, falling short of market estimates of 13 cents per share. The company’s quarterly sales also failed to impress, coming in at $199.37 million versus expectations of $213.70 million, according to Benzinga Pro.

Following the disappointing results, Daktronics shares swiftly declined 10.7% to $9.15 on Tuesday.

Amidst the Daktronics chaos, there were a number of other stocks causing a stir during today’s mid-day session.

Thriving Stocks

  • Meiwu Technology Company Limited WNW witnessed a staggering 80.6% surge, reaching $0.13.
  • Volato Group, Inc. SOAR experienced a significant 72% increase, hitting $15.13.
  • Clearmind Medicine Inc. CMND skyrocketed 62.6% to $6.23 after announcing promising results in its cocaine addiction treatment.
  • Allarity Therapeutics, Inc. ALLR surged 46.9% to $0.8946 following the release of initial results from its ongoing Phase 2 clinical trial.
  • Nxu, Inc. NXU gained 30% to $0.0361 after a stellar 29% jump on Monday. NXU appointed Sarah Wyant as interim CFO, succeeding Apoorv Dwivedi.
  • XBP Europe Holdings, Inc. XBP witnessed a considerable 24.7% surge, reaching $47.40.
  • Travere Therapeutics, Inc. TVTX climbed 24% to $7.80 after the completion of a successful pre-NDA meeting for FILSPARI in IgAN. Citigroup also upgraded Travere Therapeutics from Neutral to Buy.
  • Harbor Custom Development, Inc. HCDI showed a solid 19.4% climb, reaching $1.29.
  • Mercurity Fintech Holding Inc. MFH surged 17% to $1.3806 after announcing a $6 million private placement financing.

Struggling Stocks

  • Replimune Group, Inc. REPL experienced a significant 48.1% dip, hitting $6.39 after announcing results from the primary analysis of the CERPASS trial.
  • iBio, Inc. IBIO plummeted 42.1% to $1.5625 after announcing the pricing of a $4.5 million public offering.
  • Designer Brands Inc. DBI fell 31.2% to $8.81 following the release of worse-than-expected third-quarter financial results and lowered FY23 adjusted EPS guidance.
  • U Power Limited UCAR declined 26.9% to $0.4999 after announcing pricing of its registered follow-on offering.
  • SilverSun Technologies, Inc. SSNT fell 24.7% to $9.40 after jumping 240% on Monday. SilverSun Technologies announced Jacobs Private Equity II and minority co-investors will invest $1 billion in the company.
  • NeuroSense Therapeutics Ltd. NRSN experienced a significant 24.2% drop, reaching $1.1293 after the announcement of its Phase 2b PARADIGM trial results.
  • JOANN Inc. JOAN shares fell 23.7% to $0.6799 following the company’s third-quarter earnings report.
  • Hemorrhaging Stocks in Biomedical Industry

    The stock market is hemorrhaging left and right with the recent nosedive of Mainz Biomed N.V., plunging a jaw-dropping 23% to an abysmal $1.2250. The company reported the excruciatingly disappointing results from the U.S. eAArly DETECT study, assessing a set of groundbreaking mRNA biomarkers.

    GRI Bio, Inc. was not spared from the carnage, with its shares plummeting by a gut-wrenching 19.1% to an utterly dismal $0.5968. Enrolling patients in a Phase 2a biomarker study for idiopathic pulmonary fibrosis seemed to have only added salt to their already gaping wounds.

    Seelos Therapeutics, Inc. experienced its own heart-wrenching decline of 18.4%, settling at a mere $1.60, while America’s Car-Mart, Inc. took a brutal 18% hit, landing at $66.31 after the release of their second-quarter financial results.

    Alterity Therapeutics Limited didn’t escape unscathed either, as their stocks plummeted by a sharp 14.8% to an underwhelming $3.58 following a webcast discussing ATH434 efficacy data and recent clinical progress.

    Sphere Entertainment Co. saw a disheartening 13.5% dip to $29.07 and Genelux Corporation suffered a heavy blow, slumping by 12.8% to a bleak $11.85.

    Evolent Health, Inc. tumbled by a dismal 10.8% to $26.15 after announcing their proposed offering of $350M of convertible senior notes due 2029.

    Worthington Steel, Inc. encountered a gut-wrenching 9.6% drop to a pitiful $21.82, while Farfetch Limited followed suit with the same staggering 9.6% dive to $1.1650.

    ArcBest Corporation suffered a gut-churning 9.4% decline to $113.14 and Virpax Pharmaceuticals, Inc. reeled from an 8.5% fall to a measly $0.4150, despite having recently appointed new leadership in the form of a CEO and Chairman.

    Merit Medical Systems, Inc. dulled with an 8.3% drop to a sorry $67.79, ensuing their announcement of a proposed private placement of $550 million of convertible senior notes. Meanwhile, GameStop Corp. took an 8.2% plunge, landing at an gut-wrenching $15.60.

    It’s been an unnerving day in the financial markets, witnessing many companies struggle to stay afloat amid rapidly deteriorating stock values. As the dust settles, investors can only watch in horror, hoping for a miraculous recovery. We all have our fingers crossed.

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