Market News

Financial Turbulence Strikes Ardelyx and Other Major Players Ahead of Market Opening

U.S. stock futures faced a downdraft this morning, with the Dow futures showing a decline of around 25 points as Friday loomed.

Ardelyx, Inc. (NASDAQ:ARDX) took a harsh hit in early-morning trades after revealing a mixed bag of financial results for the fourth quarter.

Ardelyx reported losses of 12 cents per share in the last quarter, missing the analyst’s projected deficit of 10 cents. The company did, however, exceed revenue expectations with sales totaling $34.36 million, slightly ahead of the estimated $34.23 million, as per data compiled by Benzinga Pro.

Sinking by 13.3%, Ardelyx stock plummeted to $7.65 during pre-market trading.

Among other major stocks experiencing a downturn during early morning trades were:

  • Applied Optoelectronics, Inc. (NASDAQ:AAOI) saw its shares tumble by 38.2% to $12.58 in pre-market trading post the release of its fourth-quarter results.
  • indie Semiconductor, Inc. (NASDAQ:INDI) witnessed a 15% decline to hit $5.86 in pre-market trading following disappointing quarterly sales.
  • ModivCare Inc. (NASDAQ:MODV) suffered a 14.2% drop to $37.64 in pre-market trading after issuing a bleak sales forecast for the first quarter.
  • Booking Holdings Inc. (NASDAQ:BKNG) experienced a 9.1% decline to $3,545.61 in pre-market trading subsequent to its fourth-quarter financial disclosures.
  • MercadoLibre, Inc. (NASDAQ:MELI) underwent an 8.1% slide to $1,671.42 in pre-market trading post its fourth-quarter financial report.
  • Copart, Inc. (NASDAQ:CPRT) observed a 7.8% fall to $45.56 in pre-market trading due to worse-than-expected second-quarter financial results.
  • AVITA Medical, Inc. (NASDAQ:RCEL) faced a 7.8% decrease to $15.69 in pre-market trading following weak quarterly sales.
  • Main Street Capital Corporation (NYSE:MAIN) dipped by 6% to $43.00 in pre-market trading following the announcement of its fourth-quarter financial results.
  • Canaan Inc. (NASDAQ:CAN) saw a 4.9% decrease to $1.93 in pre-market trading. Canaan is slated to report its fourth-quarter financial results on Feb. 27, 2024.
See also  Bank of America Analyst Sees 21% Growth Ahead for Magnificent Apple StockBank of America Analyst Sees 21% Growth Ahead for Magnificent Apple Stock


Now Read This: Investor Optimism Improves Further; S&P 500 Settles At Record High

Don’t forget to check out our premarket coverage here