Victoria’s Secret Stock Plummets in Pre-Market Trading
On March 7, 2024, Victoria’s Secret & Co. (NYSE: VSCO) saw its stock price drop significantly in pre-market trading after the company reported its fourth-quarter results. While the company posted upbeat earnings for the quarter, sales fell short of estimates, leading to a sharp decline in the stock price.
According to data from Benzinga Pro, Victoria’s Secret guided for full-year 2024 revenue of around $6 billion, below analyst estimates of $6.28 billion. In response to the disappointing results, the company’s board authorized a new share repurchase program of up to $250 million.
As a result of these developments, Victoria’s Secret shares tumbled 32.1% to $17.40 in pre-market trading, reflecting investor concerns about the company’s future performance.
In addition to Victoria’s Secret, several other big stocks also recorded losses in today’s pre-market trading session:
– Avid Bioservices, Inc. (NASDAQ: CDMO) shares fell 27.4% to $6.38 after the company reported certain preliminary third-quarter financial results and announced a proposed $160 million private placement of convertible notes.
– Solowin Holdings (NASDAQ: SWIN) dipped 21.3% to $37.00 following a 135% jump on Wednesday.
– ADT Inc. (NYSE: ADT) saw its shares decline 12.9% to $6.51 after announcing pricing of a secondary public offering of common stock and a concurrent share repurchase.
– TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) dropped 8% to $10.00 after reporting worse-than-expected fourth-quarter financial results.
– MMTec, Inc. (NASDAQ: MTC) slipped 5.6% to $2.18 after a decline of around 4% the previous day.
– Dada Nexus Limited (NASDAQ: DADA) shares fell 5.1% to $2.43 following the completion of an independent review.
– XPeng Inc. (NYSE: XPEV) saw its shares decline 4% to $9.22 after a 5% gain on Wednesday.
Overall, the pre-market trading session was marked by significant losses for these companies, reflecting broader concerns about their financial performance and outlook.
Investors are advised to stay informed about market developments and company news to make well-informed investment decisions.
