The stock market experienced major movements midday, with several companies making headlines due to significant drops in share prices. Groupon’s shares plummeted 39.5% after posting third-quarter revenue and global gross billings that failed to meet expectations, leading the online marketplace company to approve an $80 million rights offering to shareholders. Similarly, Wynn Resorts saw a 7.3% drop as analysts focused on EBITDAR, overshadowing an otherwise strong report. Diageo’s shares slid 13.7% after the U.K.-based drink manufacturer forecasted a challenging environment ahead, while Illumina’s biotechnology stock plunged 13.6% and slashed its adjusted earnings guidance for the full year.
Additionally, Plug Power’s shares tumbled more than 34%, prompting downgrades from RBC and JPMorgan, while TKO Group, Treace Medical Concepts, and The Trade Desk all experienced significant drops in share prices due to various company-specific factors. On the other hand, Synaptics rallied 13.7% following a better-than-expected financial report for the fiscal first quarter, and Hologic’s medical product maker saw a 5.6% increase in share prices after reporting earnings that exceeded analyst consensus forecasts for the fiscal fourth quarter. Vera Therapeutics also climbed 4% on the heels of an upgrade to buy from hold by Jefferies, anticipating strong sales growth ahead.
