9 Companies That Destroyed Shareholders Last Week
Looking at the past week, earnings did not help at all. The Dow slid 665 points! For the first part of this earnings season, we saw incredible earnings and superb growth in the markets. In fact, this was perhaps the best performance by the broad markets for the month of October in the past four years. However, this past week highlighted a few companies that missed their earnings, contrary to this earlier trend.
24/7 Wall St. has picked out a few of the key losers from this past week for a review, and we have included a recent trading history, consensus targets and a 52-week trading range.
Flotek Industries Inc. (NYSE: FTK) had a crushing week that absolutely demolished its shares. The report was concerning its FracMax, that it might not perform as it should. Over the course of the week, the stock was down 47%, and it is down 49% year to date.
Flotek shares were last trading at $9.14 on Friday, with a consensus analyst price target of $16.75 and a 52-week trading range of $8.12 to $23.31.
Fossil Group Inc. (NASDAQ: FOSL) reported earnings on Thursday after the markets closed. The company had $1.19 in earnings per share (EPS) on $771.3 million in revenue. Consensus estimates from Thomson Reuters had called for $1.13 in EPS on revenue of $794.36 million. However, guidance is what killed the cat in this case.
Fossil expects net sales in the coming quarter to decrease in the range of 11% to 12% and EPS to be in the range of $1.40 to $2.00. Consensus estimates call for $2.12 in EPS on $1.02 billion in revenue. Over the course of the week, the stock had been down 8%, and is down over 50% year to date.
Fossil shares were last trading down nearly 34% at $33.79 late on Friday, with a consensus analyst price target of $65.93 and a 52-week trading range of $33.75 to $112.74.
Freeport-McMoRan Inc. (NYSE: FCX) saw its slide start last week, but ahead of Friday its down-day losing streak was already 7 days in a row. Over the course of the week, the stock was down 23.6%, and it is down 61% year to date.
Freeport-McMoRan shares were last trading at $8.71 on Friday, with a consensus analyst price target of $14.57 and a 52-week trading range of $7.76 to $29.92.