Shares of Intel Corporation INTC took a nosedive during Friday’s trading. Intel put forth an encouraging performance for its fourth quarter, yet its projection for the first quarter failed to meet expectations, causing its stock price to tumble.

The company anticipates first quarter revenue to range between $12.2 billion to $13.2 billion, falling short of the Street’s estimate of $14.2 billion, according to data from Benzinga Pro. Intel projects first quarter earnings per share to reach 13 cents, considerably below the Street’s estimate of 33 cents per share.

Consequently, Intel’s stock plummeted by 10.7% to $44.23 on Friday.

Meanwhile, several other companies experienced noteworthy mid-day upswings.

Spotlight on Gainers

• Corbus Pharmaceuticals Holdings, Inc. CRBP soared by a remarkable 146% to $20.76 following the company’s announcement of positive data from the first-in-human clinical study of CRB-701.
• Inspire Veterinary Partners, Inc. IVP surged by 121% to $0.4220 after experiencing a 22% jump on Thursday.
• Aclarion, Inc. ACON witnessed a 69.7% climb to $3.1650.
• Panbela Therapeutics, Inc. PBLA surged by 32% to $4.31 and successfully accomplished 50% enrollment in the ASPIRE trial of ivospemin plus gemcitabine and nab-paclitaxel combo for the first-line treatment of metastatic pancreatic cancer.
• Meiwu Technology Company Limited WNW gained 26.5% to $10.55.
• AppFolio, Inc. APPF climbed 25.7% to $219.23 following the company’s impressive fourth-quarter financial results and guidance.
• Vera Therapeutics, Inc. VERA soared by 20.6% to $30.54. This was fueled by Raymond James analyst Steven Seedhouse upgrading Vera Therapeutics from Outperform to Strong Buy and raising the price target from $29 to $37.
• Cyngn Inc. CYN surged by 19.8% to $0.2575. This upward trend followed Cyngn’s strategic shift to Nvidia AI computers, transforming the technology powering its fleet of DriveMod autonomous industrial vehicles.
• eHealth, Inc. EHTH rose by 19.8% to $6.70 after announcing preliminary fourth-quarter results.
• Porch Group, Inc. PRCH surged by 18.1% to $2.7290, securing $25 million through a strategic agreement with Aon.
• Movella Holdings Inc. MVLA rose by 17.7% to $0.4139.
• Tellurian Inc. TELL gained 16.6% to $0.6067 following reports suggesting the company hired Lazard to explore a possible sale.
• Booz Allen Hamilton Holding Corporation BAH increased by 13.2% to $145.90 after the company reported better-than-expected third-quarter financial results, raised its quarterly dividend, and increased its FY24 guidance.
• Cipher Mining Inc. CIFR rose by 11.8% to $2.64.
• Mereo BioPharma Group plc MREO jumped 11.4% to $4.0550.
• Jaguar Health, Inc. JAGX gained 11.3% to $0.1280 after surging by approximately 12% on Thursday.
• Lumen Technologies, Inc. LUMN rose by 11.2% to $1.5350 after the company announced an amended and rested transaction support agreement with a group of creditors.
• CleanSpark, Inc. CLSK witnessed a 7.8% increase to $7.88.
• Repligen Corporation RGEN rose by 7.3% to $199.07.
• American Express Company AXP increased by 7.2% to $201.61 after the company posted quarterly results and planned to raise the regular quarterly dividend by 17%.
• Olin Corporation OLN rose by 6% to $54.89, buoyed by strong results.

Losers in the Market

• Richtech Robotics Inc. RR shares dropped by a significant 67.8% to $3.1850.
• Yoshitsu Co., Ltd TKLF shares fell by 58.8% to $0.3230 following the company’s announcement of the pricing of a $4.0 million registered direct offering and private placement.
• YanGuFang International Group Co., Ltd. YGF declined by 35.8% to $0.68.
• Onconetix, Inc. ONCO shares fell by 27.2% to $0.2476 after surging by approximately 130% on Thursday.
• Nuvve Holding Corp. NVVE dipped by 26.9% to $3.64 after the company filed for a public offering of 2.3 million shares of common stock, Series A warrants, Series B warrants and Series C warrants.
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  Market Meltdown: A Summary of Recent Stock Plunges

  Dramatic Declines Across the Board

  • Negligible International Limited YIBO witnessed a drastic 25% fall to $2.09.
  • Professional Diversity Network, Inc. IPDN experienced a sharp 25% decline, closing at $2.2501.
  • Processa Pharmaceuticals, Inc. PCSA dipped 24.2% to $3.87 following the announcement of a $7 million public offering.
  • Planet Image International Limited YIBO plunged 24.1% to $2.1176, after a 30% dip on Thursday due to the pricing of its initial public offering of 1.25 million ordinary shares at $4 per share.
  • Mobilicom Limited MOB saw a significant 23% decline to $1.3995 post the announcement of a $2.95 million registered direct offering.
  • American Rebel Holdings, Inc. AREB shares tumbled 21.3% to $0.2950 after a staggering 41% jump on Thursday.
  • Jin Medical International Ltd. ZJYL declined by 20.3% to $220.00.

   

  Reasons Behind the Market Turmoil

  The stock market has recently been on a rollercoaster ride downhill, with several companies bearing the brunt of plummeting share prices. A series of events and announcements have led to an avalanche of declines, leaving investors reeling from the latest market turmoil.

  Unforeseen Challenges and Obstacles

  Amidst the sea of plunging stock values, companies such as Spirit Airlines, Inc., SAVE, has been grappling with unforeseen challenges, as JetBlue informed them that certain conditions for closing the planned merger might not be met within the agreed timeline, and the merger may subsequently be terminated after Jan. 28. Such developments have had a direct and immediate impact on stock prices, contributing to the recent tumultuous market conditions.

  Strong Performers amidst Weakness

  However, amidst this market downward spiral, companies like Western Digital Corporation, WDC, remarkably reported better-than-anticipated earnings and sales results for its second quarter. This stark contrast to the prevalent downward trend presents a glimmer of hope, demonstrating potential resilience within the stock market.