WISCONSIN (CoinChapter.com) — Stocks declined on Thursday as investors anticipated Federal Reserve Chairman Jerome Powell’s important speech and enthusiasm over blockbuster Nvidia earnings failed to boost the overall market.
Here are the five stock market losers:
Better Home & Finance Holding Co. (NASDAQ: BETR)
Amidst mortgage rates soaring to their greatest levels in over two decades, Better Home & Finance Holding Co. (NASDAQ: BETR), a mortgage origination firm, chose to go public through a deal with a special purpose acquisition company (SPAC).
This move by Better, going public at a bad time for Mortgage Lenders, surprised many and sent shares down 92.89% in trading. The firm successfully finalized a merger with Aurora Acquisition Corp, a SPAC, on Tuesday and started trading shares and warrants of the merged entity today under the ticker BETR.
ReTo Eco-Solutions Inc. (NASDAQ: RETO)
The ReTo Eco-Solutions Inc. (NASDAQ: RETO) stock price experienced significant movements on Wednesday, 23rd August 2023, falling by -0.299% from $6.70 to $6.68. This was within a larger fluctuation of 13.40% during the trading day, reaching a high of $7.36 from a low of $6.49.
Despite this dip, the stock price has seen an overall rise in 6 of the last 10 days and is up by 116.18% over the past two weeks. However, an increase in volume and falling prices could be an early warning of risk in the coming days.
Approximately $28.97 million worth of ReTo Eco-Solutions stock was traded, highlighting big movements in its price.
AMC Entertainment Holdings Inc. (NYSE: AMC)
Following a prolonged period of legal disputes, AMC Entertainment Holdings Inc. (NYSE: AMC) executed a reverse 1-for-10 split of its common stock and an AMC Preferred Equity unit stock conversion. The company contends that this will facilitate the raising of additional equity capital.
Amidst this development, Wedbush elevated its AMC price target from $2 to $19. Alicia Reese, a Wedbush analyst, noted:
“The resolution of AMC’s court case eliminates a considerable encumbrance, and we anticipate the AMC shares to stabilize around our new $19 price target subsequent to the conversion and reverse stock split.”
Despite this, the AMC reverse stock split decreased the stock price by 27.81%.
Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT)
Three days ago, Cheetah Net Supply Chain Services Inc. (NASDAQ: CTNT), also known as “Cheetah,” announced its unaudited revenue and results for the first half of 2023 based on a preliminary review.
The company disclosed that it sold a total of 175 luxury vehicles in this period, with 69% of these sales made directly to PRC-based parallel import dealers, while the remainder was sold to US parallel vehicle exporters for sale into the PRC.
Cheetah anticipates filing its Quarterly Report on Form 10-Q for the second quarter and six-month period ended June 30, 2023, by the deadline of September 14, 2023. While there is nothing particularly negative about this announcement, the stock fell 21.31% today in trading.
Petco Health & Wellness Co. Inc. (NASDAQ: WOOF)
Petco Health & Wellness Co. Inc. (NASDAQ: WOOF) announced its Q2 earnings results today, meeting analyst expectations for the fiscal quarter that ended on July 29. Despite this, the company warned its full-year numbers would fall short of expectations.
Investors did not receive This news well, prompting a drop in shares by over 21% on Thursday.
Petco, which operates a chain of more than 1,500 pet supply stores and animal wellness centers across the United States, Mexico, and Puerto Rico, reported earnings of $0.06 per share on revenue of $1.53 billion for the quarter.
