WISCONSIN (CoinChapter.com) — US stocks dipped on Friday after Wall Street traders analyzed Federal Reserve Chairman Jerome Powell’s Jackson Hole address, which left the door open for additional central bank action.
Here are the five stock market losers:
Domo Inc. (NASDAQ: DOMO)
Domo Inc. (NASDAQ: DOMO) experienced a severe stock market blow, plummeting by over 33% in premarket trading on Friday, then falling further during the day by 42.14%. This comes as the cloud company dramatically slashed its full-year guidance.
Revenue is now anticipated to fall between $316 million and $320.0 million, a significant drop from the previous forecast of $323 million to $330 million and below the market estimate of $326 million.
The adjusted loss per share is projected to be between 39 cents and 47 cents, a deterioration from the previously projected loss of 27 cents to 39 cents and notably worse than the expected loss of 35 cents per share.
This quarter’s financial picture is equally gloomy, with an adjusted loss per share of 12 cents on revenue of $79 million.
Digital Brands Group Inc. (NASDAQ: DBGI)
In a challenging year for Digital Brands Group Inc. (NASDAQ: DBGI), the company’s stock has significantly declined -97.01% over the last 12 months. Despite a marginal gain of 1.31%, DBGI stock failed to keep pace with the S&P 500 during the past week.
Furthermore, the past year has seen DBGI’s stock value decrease considerably, recording a loss of -$44.61 per share. In contrast, the S&P 500 gained 7.34% during the same period.
Allego N.V. (NYSE: ALLG)
Allego N.V. (NYSE: ALLG), a prominent company in the energy sector, has announced the commencement of an exchange offer and consent solicitation relating to its outstanding warrants. Shareholders did not welcome the news as they sold off by 24.65% in Friday’s trading.
The warrants used to purchase ordinary shares were assumed by Allego as part of its business combination with Spartan Acquisition Corp. III, which took place on March 16, 2022. The main objective of this exchange offer and consent solicitation is to streamline Allego’s operations and optimize its financial structure.
My Size Inc. (NASDAQ: MYSZ)
My Size Inc. (NASDAQ: MYSZ) reported no news today, contributing to a 23.04% stock sell-off. The most recent news was 11 days ago when the company reported Q2 2023 financial results. Although earnings at the time were positive, shareholders took profits to close the week.
On August 14, 2023, the company reported a significant 61% increase in consolidated revenue to $1,290,000, primarily due to the growth at Orgad and the acquisition of Naiz Fit.
Gross profit also mirrored this increase, rising 61% to $519,000 with a stable % gross profit margin of 40%. However, the cost of revenues also increased by 61% to $771,000. Encouragingly, the operating loss narrowed by 6% to $1,554,000, and the net loss also saw a reduction, narrowing by 25% to $1,291,000.
Electriq Power Holdings Inc. (NYSE: ELIQ)
Electriq Power Holdings Inc. (NYSE: ELIQ), a leading provider of intelligent energy storage and management systems, made no announcements today. Regardless, the stock was down 21.41% in sell-off mode for shareholders.
Most recently, on August 17, 2023, the company made a key announcement regarding its Board of Directors. Jennifer Lowry was appointed to the Board, replacing Neha Palmer immediately. Whether that move had any lingering effect is unknown, but shares went south Friday.
