U.S. stock futures were higher this morning, with the Nasdaq futures gaining around 100 points on Monday. However, several big stocks recorded losses in today’s pre-market trading session.
Archer-Daniels-Midland Company (ADM) shares fell sharply in today’s pre-market trading after the company named Ismael Roig as Interim Chief Financial Officer. Additionally, ADM announced that it now expects an adjusted earnings per share of $6.90 for the fiscal year ended December 2023. As a result, Archer-Daniels-Midland shares dipped 9.6% to $61.67 in pre-market trading.
Other notable stocks that experienced losses in pre-market trading include B. Riley Financial, Inc. (RILY), HUYA Inc. (HUYA), Algoma Steel Group Inc. (ASTL), XPeng Inc. (XPEV), Zai Lab Limited (ZLAB), Canaan Inc. (CAN), Corcept Therapeutics Incorporated (CORT), Dada Nexus Limited (DADA), and Baidu, Inc. (BIDU).
B. Riley Financial shares tumbled 17.5% to $16.63 after the company issued a statement in response to a Bloomberg news article published on January 21, 2024. HUYA shares fell 8.5% to $3.11 following the company’s announcement of its acquisition of a global mobile application service provider last month. Algoma Steel Group’s shares declined 8.3% to $8.32 after a structure supporting utilities piping at their coke-making plant collapsed on January 20, 2024.
XPeng Inc. shares fell 7.4% to $8.93 in pre-market trading, continuing a decline of over 2% from the previous Friday. Zai Lab Limited shares declined 6.8% to $21.84, while Canaan Inc. shares decreased 6.7% to $1.68, both after experiencing declines on Friday as well. Corcept Therapeutics Incorporated shares fell 4.9% to $23.22, despite reporting preliminary full year 2023 revenue results above estimates and issuing 2024 revenue guidance above estimates, as the company also announced a $200 million stock repurchase program.
Dada Nexus Limited shares declined 4.8% to $1.80, following a 5% gain on Friday. Baidu, Inc. shares fell 4.3% to $98.23 in pre-market trading.
While the overall market showed positive momentum, these stocks faced downward pressure due to various factors specific to each company. Investors will be closely monitoring these stocks to see if they can reverse their losses or if the downward trend will continue.
Investors should always exercise caution and conduct thorough research before making any investment decisions. The stock market can be volatile, and it is important to stay informed and make well-informed choices based on individual financial goals and risk tolerance.
Please note that this article is for informational purposes only and should not be considered as investment advice. All rights reserved.
