It has been a wild and volatile week in the stock market. Reactions to trade war news, interest rate scares and even earnings have all played their part in creating big winners and big losers. Some classic investing theories revolve around the notion that earnings are the ultimate driver of stocks. That may be up for debate in some companies that push out profits while they build scale and try to grab more share during their growth phase, but it turns out that earnings season has proven to be quite painful on many companies.
24/7 Wall St. has tracked more than a dozen stocks that showed serious damage to their shareholders on Friday alone. We have chosen to focus solely on the companies falling after their earnings reports to keep this focused, but some of these stocks already had fallen handily from their 52-week highs.
These are not the only losers after earnings, but these are the big movers to the downside that also have seen active trading on Friday after the first 60 to 90 minutes of the day. Any consensus analyst target prices or estimates were taken from Refinitiv, unless otherwise noted.
Altair Engineering Inc. (NASDAQ: ALTR) reported that it had $0.06 in earnings per share (EPS) and $106.8 million in revenue, which compares with consensus estimates of $0.07 in EPS and $109.06 million in revenue. The same period of last year had $0.05 in EPS and $95.57 million in revenue. Shares of Altair Engineering were last seen down about 12% at $36.82, in a 52-week range of $25.28 to $43.99. The consensus price target is $39.60.
Axon Enterprise Inc. (NASDAQ: AAXN) posted $0.14 in EPS and $112 million in revenue, while consensus estimates had called for $0.18 in EPS and $115.49 million in revenue. The year-ago period had $0.18 in EPS and $99.23 million in revenue. Bookings in the Software & Sensors segment set a new record at $142 million, up 60% over last year and 86% sequentially. Shares of Axon were trading down about 14% at $59.00, in a 52-week range of $39.43 to $74.93. The consensus price target was $73.86.
Second-quarter earnings results prompted Dropbox Inc. (NASDAQ: DBX) shares to drop on Friday. The file-hosting service said that it had $0.10 in EPS and $401.5 million in revenue, compared with $0.11 in EPS and $339.2 million in revenue in the same period last year. Consensus estimates were calling of $0.09 in EPS and $401 million in revenue. During the quarter, paying users totaled 13.6 million, as compared to 11.9 million a year ago. Average revenue per paying user was $120.48, as compared to $116.66 for the same period last year. Shares of Dropbox were down nearly 13% at $18.73, in a 52-week range of $18.50 to $32.25. The consensus price target was $32.27.