3M Company saw its shares take a nosedive during Tuesday’s session after the company released fourth-quarter earnings that surpassed expectations but fell short on its fiscal year 2024 earnings per share (EPS) projections.

The adjusted EPS for the fourth quarter was reported at $2.42, beating the consensus forecast of $2.31 and surpassing the prior-year quarter’s $2.18. However, the projection for FY24 adjusted sales growth of 0.25% to 2.25%, and EPS of $9.35 – $9.75 fell below the estimated $9.82.

As a result, 3M shares tumbled 12.5% to $94.54 on Tuesday.

Here are some other stocks making moves in today’s mid-day session.

Winners

• FaZe Holdings Inc. FAZE shares surged by a whopping 63.6% to $0.2528, following a multi-million dollar esports sponsorship deal announcement with Rollbit.
• Rail Vision Ltd. RVSN soared 57.4% to $3.5420 after the company announced formal certifications for its Main Line system, meeting critical European Union railway standards.
• Nuvve Holding Corp. NVVE saw a 44.6% surge to $4.31 after securing a $16 million project for Fresno Economic Opportunities Commission’s 50-shuttle fleet.
• Ensysce Biosciences, Inc. ENSC jumped 29% to $1.4701 after receiving the FDA’s Breakthrough Therapy Designation for PF614-MPAR.
• Bit Brother Limited BETS surged 26% to $3.97 following a request for immediate withdrawal of its Registration Statement on Form F-3, filed with the SEC on Jan. 16, 2024.
• Gamer Pakistan Inc. GPAK climbed 21.8% to $0.3180, rebounding after falling more than 9% on Monday.
• Sensus Healthcare, Inc. SRTS gained 21.4% to $3.23, with announced preliminary fourth-quarter revenue of $12 million and 2023 revenue exceeding $23 million.
• Catheter Precision, Inc. VTAK rose 20.8% to $0.58 after the company’s Director, Executive Chairman, and CEO David A Jenkins acquired 16,940 shares at an average price of $0.42.
• Solid Power, Inc. SLDP rose 20.5% to $1.41 following an announced $50 million share repurchase authorization.
• Unicycive Therapeutics, Inc. UNCY gained 20.3% to $0.9999 after issuing a shareholder letter to highlight corporate progress and upcoming milestones.
• Plug Power Inc. PLUG rose 19.7% to $3.4000 upon commencing production of liquid green hydrogen at its Georgia Plant.
• ESGL Holdings Limited ESGL gained 19.5% to $0.5674 after successfully concluding a multi-year agreement with Sentosa Clay Products Sdn Bhd to co-produce sustainable bricks for the building industry.
• TKO Group Holdings, Inc. TKO surged 19.2% to $92.30 upon announcing a long-term partnership with Netflix to bring WWE’s Raw to Netflix.
• Evaxion Biotech A/S EVAX gained 17% to $4.3886.
• Dada Nexus Limited DADA climbed 15.8% to $2.3050.
• GDS Holdings Limited GDS rose 15.1% to $6.74.
• IAMGOLD Corporation IAG gained 14.1% to $2.6250 after reporting fourth-quarter production results and commissioning progress at Côté Gold.
• Spirit Airlines, Inc. SAVE rose 13.2% to $9.03, following the announcement of appeal to a judge’s ruling that blocked their proposed merger, Spirit Airlines and JetBlue.
• Bilibili Inc. BILI gained 12.4% to $10.36.
• Canadian Solar Inc. CSIQ rose 12.3% to $23.64, following a $500 million capital commitment from BlackRock through its subsidiary, Recurrent Energy.
• NIO Inc. NIO gained 10.7% to $6.63, with shares of Chinese stocks climbing higher amid reports suggesting China considering a stock market rescue package.
• Alcoa Corporation AA rose 9% to $30.09.
• Alibaba Group Holding Limited BABA gained 7.7% to $73.94, with shares of Chinese stocks climbing higher amid reports suggesting China considering a stock market rescue package.
• United Airlines Holdings, Inc. UAL shares rose 6.8% to $41.06 after reporting better-than-expected financial results for its fourth quarter.
• Rumble Inc. RUM gained 6.8% to $5.22, following a partnership announcement with Barstool Sports, which had previously lifted Rumble shares by over 36% on Monday.

Losers

Market Turbulence: Stocks Plunge Across the Board as Companies Make Drastic Announcements

Transportation Troubles: Vroom, Inc.

Shares of Vroom, Inc. took a nosedive by 41.3% to $0.31 after the company announced its withdrawal from the used vehicle dealership business and winding down of operations.

Biotech Bombshell: Revelation Biosciences, Inc.

Revelation Biosciences, Inc. saw a 26.1% dip to $0.3102 as the company revealed a 1-for-30 reverse stock split effective Jan. 25, 2024.

Healthcare Headache: Nutex Health Inc.

Nutex Health Inc. witnessed a 25.1% decrease to $0.1405 after announcing the pricing of a $10.0 million registered direct offering of common stock and warrants.

Global Glumness: Globavend Holdings Limited

Shares of Globavend Holdings Limited declined by 18.5% to $0.79.

Energy Erosion: Diversified Energy Company PLC

Diversified Energy Company PLC fell 17.9% to $10.90.

Biotech Bummer: Inovio Pharmaceuticals, Inc.

Inovio Pharmaceuticals, Inc. stumbled by 16.3% to $0.5790 after announcing a 1-for-12 reverse stock split effective Jan. 24, 2024.

Agriculture Anguish: Agrify Corporation

Agrify Corporation experienced a 14.7% decline to $0.7484.

Automation Ailment: Presto Automation Inc.

Presto Automation Inc. fell 14.4% to $0.2695.

Retail Rout: ETAO International Co., Ltd.

ETAO International Co., Ltd. declined by 13.6% to $0.2402.

Technology Tumble: Remark Holdings, Inc.

Remark Holdings, Inc. shares fell 12.9% to $0.4701 after soaring 40% on Monday.

Financial Flounder: Brera Holdings PLC

Brera Holdings PLC fell 11.8% to $1.9110 after jumping 64% on Monday.

Pharma Fiasco: Gyre Therapeutics, Inc.

Gyre Therapeutics, Inc. declined by 11.2% to $17.13.

Delisting Drama: Aravive, Inc.

Aravive, Inc. shares fell 10.3% to $0.0435 after announcing its delisting from the Nasdaq.

Immunotherapy Instability: ImmunityBio, Inc.

ImmunityBio, Inc. fell 9.9% to $3.29.

Peripheral Plunge: Logitech International S.A.

Logitech International S.A. fell 9.9% to $86.46 after the company released its third-quarter results.

Medical Meltdown: MSP Recovery, Inc.

MSP Recovery, Inc. shares fell 9% to $1.1655 after gaining over 5% on Monday.

Construction Catastrophe: D.R. Horton, Inc.

D.R. Horton, Inc. fell 9% to $143.54 after the company reported mixed first-quarter results.

Blockchain Bust: Canaan Inc.

Canaan Inc. fell 9% to $1.5750.

Educational Ebb: China Liberal Education Holdings Limited

China Liberal Education Holdings Limited shares fell 8.7% to $2.41 after surging approximately 28% on Monday.

Bio Breakdown: Sagimet Biosciences Inc.

Sagimet Biosciences Inc. declined by 7.6% to $17.03. The company’s shares had surged by 170% on Monday after the announcement of statistically significant results for denifanstat in the Phase 2b FASCINATE-2 clinical trial.

Powerless Plunge: Quanta Services, Inc.

Quanta Services, Inc. dipped 7.2% to $188.89.

Medical Mishap: Mesoblast Limited

Mesoblast Limited shares declined by 4.8% to $1.7330. The FDA recently granted rare pediatric disease designation to Mesoblast’s Revascor® for treating children with congenital heart disease.

Summary

The bloodbath in the market paints a bleak picture for these companies, each reeling from its own set of challenges. It’s a turmoil reminiscent of the dot-com bubble burst in the early 2000s, where exuberance led to unsustainable valuations. Now, as then, the market is reigning in excessive valuations, and it’s causing a seismic shift across multiple sectors.

Investors must navigate the treacherous waters carefully, selecting stocks based on sound fundamentals rather than hype and speculation. As Warren Buffett famously said, “Be fearful when others are greedy, and be greedy when others are fearful.” With prudent investment decisions, there’s an opportunity to uncover hidden gems amidst the market rubble.

Now Read This: Netflix Gears Up For Q4 Print; Here’s A Look At Recent Price Target Changes By The Most Accurate Analysts

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