The unsettling rise in U.S. bond yields kept the four major indices struggling on Wednesday. The S&P 500 (IVV), Nasdaq (QQQ), Dow Jones, and Russell 2000 (IWM) fell by between 0.48% and 1.37%. That backdrop added to the selling pressure on three stocks.
In the retail sector, Casey’s General Stores (CASY) lost 14.24%. The company posted GAAP EPS of $7.37. Revenue rose by 24.5% Y/Y to $5.69B. Casey’s also said that same-store sales would rise by 2% to 5% this fiscal year.
The firm aims to open 120 new stores. CASY stock weakened on worries that lower-income consumers weakened demand for beer, snacks, and cigarettes. In contrast, ready-to-drink cocktail product sales, for example, rose by over 30%.
Vertiv Holdings (VRT) dropped by 9.61% yesterday. The downtrend started in May. At a conference, Vertiv’s CEO, Giordano Albertazzi, said that the market is still strong. The pipeline is strengthening, while more visibility suggests an acceleration in the sales cycle.
Charter Communications (CHTR) dropped by 8%. The $150 support zone broke down.
Short-sellers hold a decisive 20% short interest on CHTR stock. Last month, Charter closed its Cox deal, which cost the firm $34.5 billion. It expects to find $1 billion in annual synergies (cost savings).
High bond yields hurt firms with high debt. Charter reported $95.4 billion in debt last quarter.
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