WISCONSIN (CoinChapter.com) — Tuesday saw a rise in stock prices on Wall Street as economic data showed that the economy is slowing sufficiently enough for the Federal Reserve to hold off on continued interest rate increases. Nonetheless, some stocks plunged hard.
Here are the five stock market losers:
VinFast Auto Ltd. (NASDAQ: VFS)
Renowned short-seller Jim Chanos has recently expressed skepticism about VinFast Auto Ltd. (NASDAQ: VFS), labeling it a “$200 billion meme stock”. According to Chanos, the stock’s value is primarily driven by the enthusiasm of retail investors rather than solid performance metrics.
VFS was down 32.01% in trading today.
His comments were in response to Drew Dickson, founder of Albert Bridge Capital, who expressed surprise at VinFast’s delivery figures. Chanos highlighted the discrepancy between VinFast’s projected delivery of 40,000 units this year and Toyota’s capability to deliver the same amount in just 40 hours.
Genius Group Ltd. (NYSE: GNS)
Genius Group Ltd. (NYSE: GNS) experienced a significant stock drop on Tuesday, reflecting its recent financial performance after its annual report’s release about two weeks ago. The company reported a negative EPS of -$4.99, underscoring unprofitability in the last financial period.
This, coupled with a PE of -0.37, signals a concerning outlook for the firm. Despite its market capitalization of $119.43 million and 63.87 million shares outstanding, the stock has seen considerable volatility this year, swinging between a high of $7.99 and a low of just $0.3.
Pulse Biosciences Inc. (NASDAQ: PLSE)
Pulse Biosciences Inc. (NASDAQ: PLSE), a company in the field of Nanosecond Pulsed Field Ablation (nsPFA) technology, reported no news today but last week offered further clarification on the details of its SEC form S-3 filing, which likely led to weakness in the stock today.
On August 24, 2023, the company stated that the only shares registered in an August 11, 2023 filing are those currently held by the selling security holder, Robert W. Duggan, who is also the Executive Chairman of the Pulse Biosciences Board of Directors.
These shares were obtained as part of a private placement in May 2023. This clarification was made to ensure that shareholders and potential investors clearly understand the S-3 filing.
Hitek Global Inc. (NASDAQ: HKIT)
Hitek Global Inc. (NASDAQ: HKIT) shares witnessed a significant drop, with the stock tanking over 16% on Tuesday.
This plunge comes in the absence of any stock-related statement from the company. Despite this downturn for Hitek Global, Chinese stocks have managed to advance for a second day, buoyed by Beijing’s concerted push to boost capital markets.
It is worth noting that Hitek Global stock has oscillated between $4.11 and $39.80 in the past 52-week period. As a player in the sector, Hitek Global offers IT consulting and solutions to small and medium-sized businesses across various industries.
Companhia Brasileira de Distribuicao SA (NYSE: CBD)
Despite a drop in stock today, Companhia Brasileira de Distribuicao SA (NYSE: CBD) continues to show promising growth through its strategic priorities. The Brazilian departmental store chain’s focus on digital transformation and store expansions has paid off, even with increasing costs.
In the first quarter, CBD reported a 15.4% increase in consolidated gross revenues in local currency. This was backed by improved customer traffic, particularly in the Pao de Acucar and Proximity stores. The company also witnessed a 6.3% growth in same-store sales when gas stations were excluded.
Although Companhia Brasileira has been experiencing soft margins for a few quarters, it saw an increased market share of perishables, indicating positive developments.
