Top Stock Market Losers: VCIG, LE, OKYO, GDC, STBX

WISCONSIN (CoinChapter.com) — On Thursday, traders scrutinized fresh data on US inflation. The Core Personal Consumption Expenditures Index (CPI) rose 4.2% annually and 0.2% monthly in July, in line with expectations from economists surveyed by Dow Jones.

Here are the five stock market losers:

VCI Global Ltd. (NASDAQ: VCIG)

VCI Global Ltd. (NASDAQ: VCIG), a multi-disciplinary consulting group, announced two days ago the continuing development of AI collaborations. Their most recent collaboration is with Microsoft Azure OpenAI and AdScale. The news was not enough to impress investors as shares sold off 26.50% today.

As part of the collaboration, V Galactech Sdn Bhd, a wholly-owned subsidiary of VCI, will work closely with Microsoft Azure OpenAI. The goal is to harness their combined AI expertise to develop innovative business solutions for the Microsoft platform.

Lands’ End Inc. (NASDAQ: LE)

Lands’ End Inc. (NASDAQ: LE) shares took a steep 19% plunge on Thursday, demonstrating a significant sales slump. The company reported a widened second-quarter loss, with revenue falling by approximately 8%.

The net loss for the quarter was $8 million, a significant increase from the $2.2 million loss in the same period last year. Revenue declined to $323.3 million from $351.2 million a year ago. The current financial situation starkly contrasts with the Lands’ End earnings estimate on FactSet, which anticipated a loss of 13 cents a share with revenue of $326 million.

Okyo Pharma Ltd. (NASDAQ: OKYO)

OKYO Pharma Ltd. (NASDAQ: OKYO), a bio-pharmaceutical firm focused on ophthalmology and the development of OK-101 to treat dry eye disease, successfully regained compliance with NASDAQ’s minimum $35 million market value requirement on August 29, 2023.

The compliance was confirmed through a NASDAQ Stock Market Listing Qualifications Department notification. It ensured OKYO’s continued inclusion on the NASDAQ Capital Market as per NASDAQ Listing Rule 5550(b)(2). The news did little for shareholders today as they sold off for a 23.08% fall in value.

GD Culture Group Ltd. (NASDAQ: GDC)

GD Culture Group Ltd. (NASDAQ: GDC), a holding company operating through Shanghai Highlight Media Co., Ltd, and AI Catalysis Corp., had no news today but announced three days ago its foray into live-streaming e-commerce on TikTok.

This move signified GDC’s desire to leverage the popularity of entertainment-based social media platforms to drive business growth. AI Catalysis is set to expand its ‘grids of the future’ portfolio on TikTok, propelling the growth trajectory of the live-streaming e-commerce sector.

Starbox Group Holdings Ltd. (NASDAQ: STBX)

On August 29, 2023, Starbox Group Holdings Ltd. (NASDAQ: STBX) announced its financial highlights for the first half of Fiscal Year 2023. The total revenue for the period ending March 31, 2023, was reported at $4.0 million, marking a significant increase of 36.1% from the $2.9 million recorded for the same period in the previous year.

The operating income also grew by 3.1%, rising to $2.0 million from last year’s $1.9 million. In addition, the net income improved by 8.6%, reaching $1.4 million compared to $1.3 million last year. The news was very positive, but shares dropped over 19% today.