HomeMarket NewsSmall Caps Scholastic Corporation Faces Setback with Disappointing Earnings Scholastic Corporation...

Scholastic Corporation Faces Setback with Disappointing Earnings Scholastic Corporation Faces Setback with Disappointing Earnings

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Waking up to a surge in U.S. stock futures this morning, we were greeted with a hard knock for the widely known Scholastic Corporation as its shares tumbled steeply in pre-market trading after its second-quarter results fell short of expectations.

The company reported adjusted quarterly earnings of $2.45 per share, missing the Street’s estimate of $2.65, with quarterly revenue of $562.60 million also coming in below analyst expectations.

Forecasts for full-year 2024 adjusted EBITDA were downgraded, with the board approving an additional $66 million for share repurchases.

Scholastic shares took a heavy hit, plummeting 12.6% to $36.20 in pre-market trading.

But that’s not the end of it. In today’s pre-market trading session, we saw other big stocks recording losses:

  • Lufax Holding Ltd (LU) shares tumbled 44.5% to $2.11
  • Eos Energy Enterprises, Inc. (EOSE) declined 19.5% to $1.35 after the company announced pricing for a $50 million public offering
  • Ready Capital Corporation (RC) shares fell 5.4% to $10.85 with a quarterly cash dividend of 30 cents per share of common stock
  • Sumitomo Mitsui Financial Group, Inc. (SMFG) fell 4.1% to $9.57
  • New Oriental Education & Technology Group Inc. (EDU) shares declined 3.6% to $76.58
  • Lennar Corporation (LEN) shares fell 3.3% to $149.77 despite posting better-than-expected earnings for its fourth quarter and anticipating strong net orders for the current quarter
  • Hawaiian Holdings, Inc. (HA) shares declined 3% to $13.21

With the disappointment unfolding, perhaps it’s time to consider alternative options. Here’s something to ponder: Top 4 Energy Stocks Which Could Rescue Your Portfolio This Month

And don’t forget to check out our premarket coverage here.

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