Stocks wavered Wednesday after a stronger-than-expected inflation reading boosted fears of an interest rate hike by the Federal Reserve.
Here are some of the biggest losers in the stock market on Wednesday:
1. Delta Air Lines DAL | Down 5.8%
Shares of Delta Air Lines (DAL) – Get Delta Air Lines, Inc. Report tumbled on Wednesday after the carrier cautioned that surging fuel prices would likely lead to a pretax loss over the final months of the year.
“While demand continues to improve, the recent rise in fuel prices will pressure our ability to remain profitable for the December quarter,” said Chief Executive Ed Bastian in a statement.
2. JPMorgan Chase JPM | Down 2.7%
Shares of JPMorgan Chase JPM slipped Wednesday afternoon after rising early morning.
The bank posted a 24% rise in third-quarter earnings, exceeding Wall Street expectations.
The “economy continues to show good growth – despite the dampening effect of the delta variant and supply-chain disruptions,” Chief Executive Jamie Dimon said in a statement.
“We released credit reserves of $2.1 billion, as the economic outlook continues to improve and our scenarios have improved accordingly,” Dimon added
3. NeuroOne Medical NMTC | Down 29%
Shares of NeuroOne Medical Technologies (NMTC) – Get NMTC Report dropped after the company offered $12 million of stock to fund working capital and for general purposes.
The company said an underwritten offering of 3.75 million shares was priced at $3.20. The underwriters have a 30-day option to buy as many as 562,500 additional shares.
4. Rezolute RZLT | Down 17%
Shares of Rezolute (RZLT) – Get REZOLUTE, INC. Report slumped after the biopharmaceutical company, priced a public offering of 6 million common shares at $6.50 and pre-funded warrants to purchase 1.7 million shares at $6.49 each. Rezolute said it expects proceeds of $55 million before expenses.
The company also priced a concurrent registered direct offering to certain institutional investors that are current shareholders. That offering is 769,231 shares at $6.50 a share.
Rezolute develops drug therapies for patients with metabolic and orphan diseases.
5. Align Technologies ALGN | Down 5.9%
Shares of Align Technologies (ALGN) – Get Align Technology, Inc. Report, a producer of orthodontics, restorative, and aesthetic dentistry products including Invisalign, declined on Wednesday. .