WISCONSIN (CoinChapter.com) — The decline of major technology equities pulled down the market. Apple’s loss was 3.52%. Some of the broadest losses were seen in healthcare stocks. Pfizer and Johnson & Johnson experienced 2.3% and 1.3% declines, respectively.
Here are the five stock market losers:
AMC Entertainment Holdings Inc. (NYSE: AMC)
AMC Entertainment Holdings Inc. (NYSE: AMC) is poised to sell up to 40 million shares following stockholder approval and the disposal of its APE units. However, this move has not been well received by all stockholders as it dilutes their holdings.
The AMC Entertainment stock plunged nearly 25% in Wednesday’s trade, with shares now valued at approximately $10.24.
Despite the drop, there is more flexibility due to a recent 10-for-1 reverse stock split. The stock split is one in a series of maneuvers amidst a challenging summer for the theater chain as they attempt to sell a substantial number of shares.
CXApp Inc. (NASDAQ: CXAI)
CXApp Inc. (NASDAQ: CXAI), a global technology firm, announced an advancement in its AI-based Augmented Reality (AR) solution, which did little to boost investors’ confidence in the short term, as shares sold off by 24.74% today.
The company attempted to address one of the most critical issues of the present era – the Return to Office (RTO). A recent Bloomberg article estimated that the RTO problem is valued at $1.3 trillion, with major corporations, including those like Zoom that facilitated remote work during the pandemic, now requiring their employees to return to the office.
Overstock.com Inc. (NASDAQ: OSTK)
The new Bed Bath & Beyond brand, managed by Overstock.com Inc. (NASDAQ: OSTK), presented some projected revenue and expense metrics for the period from July 1 to Sep. 4. The active customer base of Bed Bath & Beyond over the past year surpassed 4.8 million at the end of this period.
Despite a mid-single-digit percent net increase in customers since the US launch and similar growth in orders year-over-year, revenue for the brand witnessed a mid-teens percent decline year-over-year. Since its US launch, the brand’s revenue has dropped by a low-double-digit percent.
This disappointing performance has led to a fall in Overstock’s value, with shares dropping today by 23.95%.
Lion Group Holding Ltd. (NASDAQ: LGHL)
Lion Group Holding Ltd. (NASDAQ: LGHL), an operator of an all-in-one trading platform, announced the launch of its innovative intelligent trading algorithm service, “Phoenix.” “Phoenix” aims to provide users a deeply AI-infused trading service experience.
The news displays Lion’s endeavor to integrate AI technology into its diversified product portfolio to establish superior technical barriers. Introducing “Phoenix” is expected to bolster Lion’s core competencies further, positioning the company at the forefront of the AI-driven financial trading landscape.
The news is positive, but shareholders want more announcements to cement their investment. Shares fell today by 23.81%.
Helius Medical Technologies Inc. (NASDAQ: HSDT)
Helius Medical Technologies Inc. (NASDAQ HSDT), a leading neurotech company, announced its full compliance with NASDAQ’s minimum bid price requirement, as per NASDAQ Listing Rule 5550(a)(2). The company said that on Aug. 31, 2023, they received formal confirmation of this status from The NASDAQ Stock Market LLC’s Listing Qualifications staff.
These announcements are positive but not strong enough to flip any given stock to the upside in and of themselves. Shares fell today by 17.60%.
