WISCONSIN (CoinChapter.com) — Stock market declined on Thursday due to concerns that an overheated economy may force the Federal Reserve to maintain higher interest rates for longer. In trading, the S&P 500 fell 0.3%, putting it on pace to suffer its third straight loss. Particularly poor were Big Tech firms, as the NASDAQ composite fell by 0.9%. The Dow Jones Industrial Average, which places less of a focus on technology than the rest of the market, was performing better, and was up 0.2%.
Here are the five stock market losers:
Inspire Veterinary Partners Inc. (NASDAQ: IVP) Stock Price
Inspire Veterinary Partners Inc. (NASDAQ: IVP), a provider of pet healthcare services in the US, had no news today, but did announce on September 1, 2023, its intention to acquire full ownership of two animal hospitals.
The move was a strategic expansion into Oregon, marking the company’s first foray into establishing an emergency veterinary clinic and rehabilitation hospital in this state. The proposed acquisition, which also includes related real estate, is still subject to routine closing conditions. No specific catalyst contributed to today’s 31.02% sell-off.
VinFast Auto Ltd. (NASDAQ:VFS) Stock Price
VinFast Auto Ltd. (NASDAQ: VFS), the Vietnamese electric-car manufacturer, is in the spotlight as its shares have hit a rocky patch since its IPO on August 15, 2023. Despite this, the firm sustains an impressive $107 billion market capitalization, largely due to an eightfold surge in its stock following a merger in mid-August.
However, VinFast’s volatile stock can be attributed mostly to the incredibly small free float of less than 1% of equity. “While there are 2.32 billion shares of VinFast outstanding, there’s a float of just 7.2 million shares available to the public to buy or sell.” To stabilize this volatility, VinFast will need to consider a strategic approach.
NeuBase Therapeutics Inc. (NASDAQ:NBSE) Stock Price
Symetryx Corporation announced today its acquisition of 20% of the outstanding common stock in Neubase Therapeutics Inc. (NASDAQ: NBSE), marking a milestone in its investment portfolio. This strategic move by Symetryx, is aimed at broadening its footprint in the biotech sector.
Symetryx, having purchased these shares on the open market, is now advocating for a special $1 per share dividend and plans to actively engage with Neubase’s management to ensure optimal outcomes for all shareholders. Neubase, which is currently engaged in a strategic review of its operations, has Symetryx’s support as it navigates the next phase of its corporate journey. No matter the positive news though, shares sold off by 25.21% in Thursday’s trading.
Yext Inc. (NYSE:YEXT) Stock Price
Yext Inc. (NYSE: YEXT), a top-tier digital experience platform, announced its second quarter fiscal 2024 results today. The company reported a net loss of $3.4 million, an improvement from the net loss of $20.0 million during the same period in fiscal 2023.
On a Non-GAAP basis, the company recorded a net income of $8.1 million as opposed to a net loss of $3.9 million in the second quarter of fiscal 2023. Earnings per share, basic and diluted, also reflected the net loss at $0.03 per share. Although these results highlight Yext’s financial resilience, the overall numbers were enough reason to send shareholders selling for the day. Shares were down 24.45% on the news.
Sportsman’s Warehouse Holdings Inc. (NASDAQ:SPWH) Stock Price
Sportsman’s Warehouse Holdings Inc. (NASDAQ:SPWH) has announced its Q2 2023 results, revealing a net sales figure of $309.5 million. This marks an 11.8% decrease from the $351.0 million sales in Q2 of fiscal year 2022.
The company attributes this decline to a drop in demand across all product categories and a decrease in store traffic due to ongoing consumer inflationary pressures impacting discretionary spending. Nevertheless, the opening of 14 new stores since July 30, 2022, mitigated the effects of these challenges somewhat. However, same store sales still saw a significant decrease of 16.1% during Q2.
