Top Five Stock Market Losers of 02/08/23: ADMP, DRVN, CTNT, MSGM, TUP

WISCONSIN (CoinChapter.com) — The stock market entered selloff mode Wednesday after Fitch lowered the United States’ long-term rating.

The Nasdaq Composite index fell 2% and was on track to have its worst day since February, while the Dow Jones Industrial Average fell 315 points or 0.9%.

The S&P 500 fell 1.3%. Fitch Ratings downgraded the United States’ long-term foreign currency issuer default rating to AA+ from AAA on Tuesday night, citing “expected fiscal deterioration over the next three years.”

Here are the five top stock market losers on Aug 2, meanwhile.

Adamis Pharmaceuticals Corp. (NASDAQ: ADMP)

Adamis Pharmaceuticals (NASDAQ: ADMP) units fell 66% to $1.37 after the company priced its 5.9 million public offering at $1.35 per unit.

Each unit contains one share of common stock and one warrant. The warrants will be exercisable immediately for $1.35 per share and will expire five years from the date of issuance. In this offering, shares of stock and accompanying warrants can only be purchased together.

However, they will be issued separately and instantly separable upon issuance. The estimated proceeds are $8 million. The IPO is scheduled to close on Friday.

Driven Brands Holdings Inc. (NASDAQ: DRVN)

Driven Brands Holdings Inc. (NASDAQ: DRVN) reported quarterly earnings of $0.29 per share, falling short of the Zacks Consensus Estimate of $0.30.

This compared to earnings per share of $0.35 a year ago. The quarterly report indicates a -3.33% earnings surprise. The company’s earnings were predicted to be $0.22 per share a quarter ago, but it earned $0.25, producing a 13.64% surprise.

Driven Brands has outperformed EPS projections twice in the last four quarters.

Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT)

Another IPO announcement, another dump in stock price.

Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT), a supplier of parallel-import automobiles purchased in the United States for sale in the People’s Republic of China market, announced today the price of its first public offering of 1,250,000 shares of Class A common stock.

Each share of Class A common stock is sold for $4.00, for total gross proceeds of $5.0 million, before underwriting discounts and offering expenses.

Furthermore, Cheetah Net has granted the underwriters a 45-day option to purchase up to 187,500 shares of Class A common stock at the initial public offering price, less the underwriting discount, to cover over-allotments.

Motorsport Games Inc. (NASDAQ: MSGM)

Motorsport Games Inc (NASDAQ: MSGM) is expected to report quarterly results on Aug 9, 2023.

The company has collectively reported EPS of $-32.39 for the last 12 months. Shareholders are not hoping for a positive report but will wait a week to learn if the company can turn the corner and renew their trust.

Tupperware Brands Corp. (NYSE: TUP)

Tupperware Brands Corp. (NYSE: TUP) shares fell 18.8% in morning trade Wednesday, snapping a five-day winning streak and suffering the largest one-day drop since it fell 27.5% on May 8.

The food-storage container company’s stock closed Tuesday at the highest price since Nov 15, 2022, having risen 304.5% in the previous five days and surged 767.7% during a 10-session stretch through Tuesday.

The stock has gained 273.5% in the last three months but is still down 39.3% over the last year.