5 main share drops for Wednesday: PayPal, Netflix, Novavax
US stocks traded higher on Wednesday as strong corporate earnings collided with lingering concerns about inflation and rising Treasury bond yields.
Here are some of the stock market laggards on Wednesday.
1. PayPal | 4.9% decrease
PayPal actions (PYPL) – Get the report from PayPal Holdings Inc fell on Wednesday after Bloomberg announced that the online payments giant was in talks to buy the social media platform Pinterest (PINS) – Get a Class A Pinterest, Inc. report in a deal that could be worth $ 39 billion, or $ 70 per share.
2. Novavax | 16% decrease
3. WD-40 Co. | 8.7% decrease
Shares of WD-40 Co. (WDFC) – Get the WD-40 Company Report fell after the quarterly results and earnings outlook for the cleaning and maintenance company missed Wall Street estimates.
The company reported fourth quarter net income of $ 8.4 million, or 61 cents per share, compared to $ 19.7 million, or $ 1.42 per share, in the prior year period .
Revenue reached $ 115.2 million from $ 111.6 million in the last year quarter. Analysts polled by FactSet had forecast $ 1.24 per share on revenue of $ 117.5 million.
4. UniFirst | 6.7% decrease
UniFirst shares came under pressure after the workwear company said it expects lower profits and higher revenues for fiscal 2022 as it sees continued cost pressure and the effects of the current inflationary environment.
5. Netflix | 2% decrease
Netflix actions (NFLX) – Get the Netflix, Inc. (NFLX) report fell even after a series of analysts hailed the streaming giant’s better-than-expected earnings in the third quarter and raised their share price targets.