All three stock indices were trailing Wednesday after U.S. consumer price inflation accelerated to the fastest pace in three decades and spooked investors.
Here are some of the companies that took a hit on Wednesday.
1. Poshmark POSH | Down 29%
Shares of Poshmark (POSH) – Get Poshmark Report stumbled after the online marketplace reported third-quarter earnings and guidance that missed Wall Street expectations.
Poshmark also warned that the recent privacy changes from Apple (AAPL) – Get Apple Inc. (AAPL) Report would trigger higher marketing spending.
“For the remainder of the year, we expect marketing as a percentage of revenues to be in the high 40s due to higher cost in digital advertising as a result of Apple privacy changes,” interim Chief Financial Officer Kapil Agrawal told investors.
2. Wendy’s WEN | Down 7.1%
Shares of fast food chain Wendy’s (WEN) – Get Wendy’s Company Report declined after it reported third-quarter earnings that beat Wall Street forecasts but missed estimates on same-restaurant sales.
Wendy’s also increased its share repurchase program by $80 million to $300 million. The company is accelerating part of the program, planning to buy back $125 million of shares in the fourth quarter.
3. Coinbase COIN | Down 8%
Shares of Coinbase (COIN) fell after the crypto exchange reported weaker-than-expected third-quarter revenue at $1.18 billion.
4. Alphabet GOOGL | Down 2%
Shares of tech giant Alphabet (GOOGL) – Get Alphabet Inc. Class A Report were trailing Wednesday after the EU’s General Court upheld a European Commission ruling against the company for antitrust infractions.
5. Advanced Micro Devices AMD | Down 6%
Shares of chipmaker Advanced Micro Devices (AMD) – Get Advanced Micro Devices, Inc. Report traded lower Wednesday.
The company earlier this week said that Meta Platforms (MVRS) – Get Meta Report, formerly Facebook (FB) – Get Facebook, Inc. Class A Report will use its Epyc processors in its data centers.
