WISCONSIN (CoinChapter.com) — Following a string of losses, the Dow gained more than 300 points today. This week’s attention is on Thursday’s CPI data, which will be critical in determining whether the Fed raises rates again this year.
Here are the five stock market losers:
Sage Therapeutics Inc. (NASDAQ: SAGE)
The stock of Sage Therapeutics (NASDAQ: SAGE) plunged by over 50% on Monday, following the FDA’s approval of its oral drug, Zuranolone, solely for postpartum depression and not major depressive disorder, which represents a larger potential market. Despite this, shares of Biogen, which co-developed the treatment with Sage, experienced a moderate increase. The FDA’s decision marked Zuranolone as the inaugural oral treatment for postpartum depression – a condition affecting approximately 1 in 8 women during or after pregnancy, significantly impacting their normal functioning. Both companies have also sought approval for other undisclosed applications.
Yellow Corp. (NASDAQ: YELL)
Yellow Corp. (NASDAQ: YELL) , a 99-year-old trucking company, has filed for bankruptcy after shutting down operations due to insurmountable debt, including a government loan and conflicts with the Teamsters union. The Nashville-based company has faced years of financial struggles as it tried to manage the debt acquired from various mergers and a $700 million federal Covid-19 relief loan. Yellow’s bankruptcy filing comes after the company ceased operations on July 30 and laid off 30,000 employees. The company expressed deep regret in announcing its closure after nearly a century in business.
Quantum-Si Inc. (NASDAQ: QSI)
Quantum-Si Inc. (NASDAQ: QSI) has released its Q2 2023 financial results, reporting a net loss of $25.6 million. While this represents a significant loss, it is an improvement compared to Q2 2022 when the net loss was reported at $32.4 million. In terms of adjusted EBITDA, the company recorded a negative $22.9 million in Q2 2023, showing progress from the negative $25.8 million in the same quarter the previous year.
ESGL Holdings Ltd. (NASDAQ: ESGL)
Environmental Solutions Group Holdings Limited (NASDAQ: ESGL) recently announced the successful closing of their business combination with Genesis Unicorn Capital Corp. (NASDAQ: GENQ). This was approved by Genesis stockholders on July 26, 2023, officially closed on August 2, 2023, and publicly announced on August 3, 2023, marking the beginning of ESGL Holdings Limited.
ADTRAN Holdings Inc. (NASDAQ: ADTN)
ADTRAN Holdings Inc. (NASDAQ: ADTN) has released its second-quarter financial results for 2023, evidencing a challenging period for the company. The reported net loss attributable to the company for Q2 was $33.3 million, marking a significant 1,655% drop year-over-year, albeit a 3% increase quarter-over-quarter. The diluted loss per share stood at $0.43, down by 1,175% from the previous year and up by 2% from the last quarter. Interestingly, the non-GAAP net income attributable to the company was $0.1 million, a sharp 99% decrease year-over-year but a 102% increase when compared to the previous quarter.
