Why Methode Electronics Shares Are Trading Lower By Over 14%? Here Are Other Stocks Moving In Thursday's Mid-Day Session
Portfolio Pulse from Avi Kapoor
Methode Electronics, Inc. (NYSE:MEI) shares dropped over 14% due to weaker-than-expected quarterly earnings, with adjusted EPS of 6 cents versus the estimated 12 cents, and sales of $288 million against the forecasted $292.82 million. Other stocks experienced significant movements in Thursday's mid-day session, with notable gainers including Save Foods, Inc. (NASDAQ:SVFD), Cyngn Inc. (NASDAQ:CYN), and Barnes & Noble Education, Inc. (NYSE:BNED), among others. Losers included Troika Media Group, Inc. (NASDAQ:TRKA), Phio Pharmaceuticals Corp. (NASDAQ:PHIO), and Bit Brother Limited (NASDAQ:BETS).
December 07, 2023 | 6:13 pm
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Methode Electronics reported lower-than-expected earnings and sales, leading to a 14.2% drop in its stock price.
The significant drop in Methode Electronics' stock price is directly related to its earnings miss, which is a critical factor for investors. The magnitude of the stock's decline reflects the market's reaction to the negative earnings surprise.
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