U.S. stocks closed lower with the Nasdaq Composite dropping around 200 points on Friday. Here is the list of some big stocks recording losses in the previous session.
- Cassava Sciences, Inc. (NASDAQ: SAVA) declined 18% to close at $41.87 after the company reported it has not received any "termination letter" or the like from any government agency regarding any confidential requests for corporate information and documents.
- Scholastic Corporation (NASDAQ: SCHL) dipped 17.2% to settle at $33.42. Sasha Quinton, President at Scholastic, reported a large insider buy on September 22, according to a new SEC filing.
- Patterson-UTI Energy, Inc. (NASDAQ: PTEN) fell 16.4% to close at $10.86.
- Kosmos Energy Ltd. (NYSE: KOS) fell 13.4% to settle at $4.92. Shares of several oil & gas companies traded lower amid strength in the dollar and increased fears of an economic slowdown as investors continue to assess Wednesday's Fed commentary and 75 bps rate hike.
- Equitrans Midstream Corporation (NYSE: ETRN) fell 12.8% to close at $8.12.
- Credit Suisse (SIX:CSGN) Group AG (NYSE: CS) fell 12.1% to close at $4.14 following reports that the company is looking to raise fresh capital. Credit Suisse recently denied that it is exiting the US market, Bloomberg said.
- APA Corporation (NASDAQ: APA) dropped 11.4% to close at $32.87.
- Helmerich & Payne, Inc. (NYSE: HP) fell 11.2% to close at $35.48. Shares of several oil & gas companies traded lower amid strength in the dollar and increased fears of an economic slowdown as investors continue to assess Wednesday's Fed commentary and 75 bps rate hike.
- Marathon Oil Corporation (NYSE: NYSE:MRO) declined 10.9% to settle at $21.90. Shares of several oil & gas companies traded lower amid strength in the dollar and raised fears of an economic slowdown as investors continue to assess Wednesday's Fed commentary and 75 bps rate hike. An economic slowdown could negatively impact oil demand.
- Scorpio Tankers Inc. (NYSE: STNG) fell 10.8% to close at $39.60. Shares of several energy companies traded lower amid strength in the dollar and raised fears of an economic slowdown as investors continue to assess Wednesday's Fed commentary and 75 bps rate hike.
- Comstock Resources, Inc. (NYSE: CRK) dipped 10.4% to close at $16.22.
- Magnolia Oil & Gas Corporation (NYSE: MGY) fell 10.1% to close at $18.97.
- EnLink Midstream, LLC (NYSE: ENLC) fell 10.1% to settle at $8.48.
- Suncor Energy Inc. (NYSE: SU) dropped 9.9% to close at $27.20.
- SM Energy Company (NYSE: SM) dipped 9.6% to close at $35.94. Shares of several energy companies traded lower amid strength in the dollar and raised fears of an economic slowdown as investors continue to assess Wednesday's Fed commentary and 75 bps rate hike.
- BP p.l.c. (NYSE: LON:BP) fell 8.8% to close at $28.08. Shares of several energy companies traded lower amid strength in the dollar and raised fears of an economic slowdown as investors continue to assess Wednesday's Fed commentary and 75 bps rate hike.
- Hess Corporation (NYSE: NYSE:HES) dropped 8.6% to close at $104.60.
- Costco Wholesale Corporation (NASDAQ: NASDAQ:COST) fell 4.3% to close at $466.40. Costco reported better-than-expected results for its fiscal fourth quarter on Thursday.
- FedEx Corporation (NYSE: NYSE:FDX) fell 3.4% to close at $149.33. FedEx said its adjusted earnings per share dropped to $3.44 for the quarter ended Aug 31 compared to $4.37 in the year-ago period, while revenue increased to $23.2 billion from $22 billion. FedEx also announced plans to repurchase $1.5 billion of its common stock during fiscal 2023. The company said it plans to repurchase $1 billion of its common stock in the second quarter.