WISCONSIN (CoinChapter.com) — Moody’s reduced the credit ratings of many regional banks, including M&T Bank and Pinnacle Financial, citing deposit risk, a probable recession, and underperforming commercial real estate assets as reasons for the downgrading.
Bank of New York Mellon and State Street were also placed on evaluation for a downgrade by the credit agency.
Here are the five stock market losers:
SeaChange International Inc. (NASDAQ: SEAC)
SeaChange International Inc. (NASDAQ: SEAC), a frontrunner in the provision of video delivery, advertising, streaming platforms, and emerging Free Ad-Supported Streaming TV services, has announced its voluntary decision to de-register its common stock with the US Securities and Exchange Commission and delist from the NASDAQ Stock Market. This move turned investors off, and they sold heavily.
VistaGen Therapeutics Inc. (NASDAQ: VTGN)
Shares of Vistagen Therapeutics Inc. (NASDAQ: VTGN) have taken a significant hit, falling more than 32% in Tuesday’s trading.
This sharp decline comes surprisingly on the heels of the company reporting positive results from their phase 3 PALISADE-2 trial of Fasedienol nasal spray for social anxiety disorder. Despite this promising clinical progress, investor reaction has been negative, leading to a big drop in share value.
The reasons behind this market response are yet to be fully understood. Nonetheless, the scenario underscores the volatile nature of biotech investments, where positive trial results do not always equate to immediate financial gain.
ESGL Holdings Ltd. (NASDAQ: ESGL)
Five days ago, Environmental Solutions Group Holdings Limited (NASDAQ: EGSL), a sustainable waste solutions provider, announced the closing of a special purpose acquisition with Genesis Unicorn Capital Corp. (NASDAQ: GENQ).
The news was ultimately positive, and today shareholders were booking as there is no fresh negative news to report.
Thoughtworks Holding Inc. (NASDAQ: TWKS)
Thoughtworks Holding Inc. (NASDAQ: TWKS) today announced its Q2 2023 financial results along with an updated financial forecast for the remainder of the year and into Q3 2023.
Despite reporting revenues of $287.2 million for the second quarter, Thoughtworks fell short of its projected earnings.
CEO Guo Xiao attributed this shortfall to macro-related factors that have increasingly influenced client behavior, thereby affecting the financial outcomes more than initially predicted. In addition to this, Thoughtworks also faced unexpected complications in several of its projects during this quarter.
Axogen Inc. (NASDAQ: AXGN)
Axogen Inc. (NASDAQ: AXGN) disclosed its disappointing Q2 revenue results, with figures falling below market expectations.
Despite a marginal increase in sales from $34.45 million to $38.16 million in Q2 2023 as compared to the same period last year, Axogen also reported a net loss of $6.66 million. This has led to a significant reduction in Axogen’s share value, which has decreased by 17% since the beginning of the year.
