Ermenegildo Zegna Reports FY23 Results, Joins Altice USA, Herbalife And Other Big Stocks Moving Lower On Friday
Portfolio Pulse from Avi Kapoor
Ermenegildo Zegna N.V. (ZGN) reported a significant increase in FY23 profits, yet shares fell 14%. Other stocks like Altice USA (ATUS), DoubleDown Interactive (DDI), and Herbalife (HLF) also saw declines. Altice was downgraded by Wells Fargo, and Herbalife is anticipated to release Q1 2024 results soon.

April 05, 2024 | 2:27 pm
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NEGATIVE IMPACT
Altice USA shares fell 9.9% after Wells Fargo downgraded the stock and lowered its price target.
The downgrade by Wells Fargo likely led to a loss of investor confidence, resulting in a significant drop in Altice USA's stock price.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Herbalife shares fell 5.5% ahead of its Q1 2024 financial results announcement.
The decline in Herbalife's stock price could be attributed to investor caution ahead of the upcoming financial results announcement.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Ermenegildo Zegna reported a 107.8% increase in FY23 profits, yet shares fell 14% to $11.99.
Despite reporting strong financial results, the significant drop in Zegna's share price indicates market concerns or expectations that may not have been met.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100