WISCONSIN (CoinChapter.com) — US stocks rose at the start of a busy week of important economic data, driven by a rally in Tesla shares.
Data on consumer prices, producer prices, and retail sales will be released in the upcoming days, which will assist investors in predicting the Federal Reserve’s likely next moves in its fight against inflation. The rate-setting committee of the Fed will convene the following week.
Here are the five US stock market losers:
SigmaTron International Inc. (NASDAQ: SGMA)
SigmaTron International Inc. (NASDAQ: SGMA), an electronic manufacturing services provider, announced its financial results for the first quarter of fiscal 2024, which ended on July 31, 2023.
The report revealed a decrease in revenues from continuing operations by 7 percent or $7.1 million, down to $98.1 million from the previous year’s first-quarter revenue of $105.2 million. The company’s net income also dropped from $3.1 million to $0.3 million for the same quarter in the prior year. Shares decreased by 48.16% in today’s trading on the news.
Solowin Holdings Ltd. (NASDAQ: SWIN)
Solowin Holdings Ltd. (NASDAQ: SWIN), a securities brokerage firm in Hong Kong catering to Chinese investors, announced on Sep. 8, 2023, the closure of its Initial Public Offering. The offering saw the release of 2,000,000 ordinary shares at a price point of $4.00 per share.
The Company amassed gross proceeds of $8.0 million from the offering before accounting for underwriting discounts and ancillary expenses. Although the news is positive for Solowin Holdings, shares sold significantly today by 27.50%.
Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR)
Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) had no news today to explain the 24.79% stock drop. The company’s most recent major announcement was on September 5, 2023, when Dennis Pollack was elected to the Company’s Board of Directors and appointed to the Audit Committee.
Stefani D. Carter, Chair of the Company’s Board, expressed her delight at welcoming Mr. Pollack, who brings over three decades of operational and financial expertise with him. The news of Mr. Pollack’s election likely had no bearing on today’s price movement.
CXApp Inc. (NASDAQ: CXAI)
CXApp Inc. (NASDAQ: CXAI), a global technology firm specializing in employee workplace experiences, announced on Sep 6, 2023, a breakthrough with their AI-based Augmented Reality (AR) solution.
This solution is designed to address the increasingly complex challenge of the Return to Office (RTO) transition, effectively shaping the future of workplace dynamics.
A recent Bloomberg article estimates the RTO issue to be worth a staggering $1.3 trillion, with numerous major corporations, including Zoom that facilitated remote work during the pandemic, now mandating their employees’ return to physical offices. Shareholders sold by 19.51% in trading today.
IHS Holding Ltd. (NYSE: IHS)
Africa’s leading wireless company, MTN Group Ltd., announced that American Tower Corp. will assume control of its Nigerian tower operations, currently managed by IHS Holding Ltd. (NYSE: IHS), beginning in 2025.
This development comes from MTN proactively renegotiating its tower contracts in Nigeria, given the imminent expiration of leases on about 2,500 network sites, a service domain where IHS has been a key player.
Analysts project that IHS will lose over ₦390 billion in revenues once this transition takes effect, marking a significant instance where IHS loses lucrative MTN towers business in Nigeria. This follows a trend from last year when MTN executed a sale-and-lease-back agreement with IHS for over 5,700 tower sites in South Africa.