KeyCorp shareholders were sent on a gut-wrenching financial rollercoaster Thursday as they watched shares plummet over 5% after the company’s distressing fourth-quarter financial report.
Despite bringing in $1.538 billion, a 19.0% drop compared to the year prior, revenues slightly exceeded expectations. However, adjusted EPS of 25 cents beat the predicted 23 cents, offering a glimmer of hope among the market tumult.
The price of KeyCorp stocks took a nosedive, plummeting 5.4% to $13.10 on Thursday, leaving investors clutching their stomachs in anxiety.
Meanwhile, numerous stocks sent traders whirling as they reacted to the ebbs and flows of Thursday’s mid-day session.
The Big Winners
- Lytus Technologies Holdings PTV. Ltd. LYT shares surged 92.8% to $0.1824 after a 5% fall on Wednesday, leaving investors cheering.
- Agrify Corporation AGFY stocks skyrocketed 90% to $2.2401, sending ripples of excitement throughout the market. The company announced the launch of its first Hydrocarbon Extraction Lab & Vertical Farming unit facility in California, sparking a surge in shares.
- Phunware, Inc. PHUN stocks soared 67.9% to $0.2730 after a nerve-wracking 61% dip the day before. Phunware announced pricing of a $7 million registered direct offering price at-the-market under Nasdaq rules, causing a frenzy among traders.
- Celularity Inc. CELU witnessed shares surge 43.4% to $0.2705, bouncing back after a more than 5% drop on Wednesday.
- Marpai, Inc. MRAI shares bounced 34.4% to $1.1359 after declining over 8% the previous day. Investors cheered as Marpai recently appointed a new President, injecting fresh optimism into the market.
The Slumping Losers
- Aravive, Inc. ARAV shares nosedived 50.9% to $0.0542, leaving investors reeling. Aravive announced plans to voluntarily terminate the listing of its common stock on the Nasdaq Global Select Market, sending shockwaves through the market.
- Processa Pharmaceuticals, Inc. PCSA witnessed a 28.7% fall to $0.1975. Processa Pharmaceuticals announced a 1-for-20 reverse stock split, causing dismay among investors.
- Newcourt Acquisition Corp NCAC shares tumbled 27.3% to $8.43 following a 12% gain the day before. The abrupt decline left traders feeling shell-shocked.
Losing and gaining, the market proves yet again to be a whirlwind of excitement and trepidation. Investors, buckle up for the wild ride ahead.
Market Turbulence Leads to Stock Price Tumbles
Nuvve Holding Corp.
Nuvve Holding Corp. (NVVE) shares took a nosedive, plummeting 18.2% to $0.0830 amidst talks about a 1-for-40 reverse stock split set to be effective on Jan. 19, 2024.
Zoomcar Holdings, Inc.
Zoomcar Holdings, Inc. (ZCAR) slid 16.8% to $4.25, following Adarsh Menon’s recent appointment as President.
QuantaSing Group Limited
QuantaSing Group Limited (QSG) experienced a sharp 16.4% decline, resting at $2.5410, after unveiling the private label Chinese Baijiu brand YUNTING.
Cutera, Inc.
Cutera, Inc. (CUTR) endured a 16% decrease, closing at $3.0601, despite announcing preliminary FY23 revenue guidance that surpassed previous estimates.
Airspan Networks Holdings Inc.
Airspan Networks Holdings Inc. (MIMO) bore the brunt of a 13.5% drop, commanding a closing price of $0.1900. The tumble came on the heels of a 186% surge when the company revealed a partnership with GCT Semiconductor to develop an RF module.
Spirit Airlines, Inc.
Spirit Airlines, Inc. (SAVE) saw a 12.2% decline, settling at $5.39. This came after a federal judge blocked JetBlue Airways from acquiring the company. Citigroup analyst Stephen Trent downgraded Spirit Airlines from Neutral to Sell, lowering the price target from $13 to $4, thereby perpetuating the downward spiral.
Plug Power Inc.
Plug Power Inc. (PLUG) witnessed a 12.1% dip, closing at $2.4050, as a consequence of an at-market issuance sales agreement with B. Riley Securities for a common stock offering of up to $1 billion.
Meta Materials Inc.
Meta Materials Inc. (MMAT) registered an 11.8% decline to $0.0673, following a 5% gain the previous day.
Humana Inc.
Humana Inc. (HUM) faced an 11.5% decrease, settling at $396.49, after issuing soft 2023 adjusted EPS guidance.
Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. (FSM) went down by 11.2% to $3.14. In its quarterly report, the company noted a 6% sequential rise in gold equivalent production, offset by a 19% quarter-over-quarter drop in silver production.
Sify Technologies Limited
Sify Technologies Limited (SIFY) took a 10.8% hit, closing at $1.56, after reporting disappointing third-quarter sales results, causing a precipitous fall in its stock price.
Nukkleus Inc.
Nukkleus Inc. (NUKK) observed a 9.4% decrease, resting at $1.2510. The company announced its intention to expand its investment in Jacobi Asset Management, known for sponsoring Europe’s first approved Bitcoin spot ETF, which did little to stem the tide.
Mersana Therapeutics, Inc.
Mersana Therapeutics, Inc. (MRSN) waned with an 8.3% drop, closing at $2.65.
Discover Financial Services
Discover Financial Services (DFS) faced a 6.9% decrease, settling at $101.22, subsequent to reporting a 62% plunge in its fourth-quarter profits on Wednesday, continuing the downward trend.
U.S. Bancorp
U.S. Bancorp (USB) experienced a 3.7% slip, closing at $39.31, compounding the market turmoil for the day.
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