Align Technology (ALGN.US) shares fell over 20.0% after the maker of Invisalign dental straighteners posted a disappointing earnings report.
-
Adjusted earnings per share came in at $1.36, while analysts anticipated $2.18 a share. Revenue of $890 million came in well below market projections of $953 million.
-
"Our third-quarter results reflect continued macroeconomic uncertainty and weaker consumer confidence, as well as a significant impact from unfavorable foreign exchange rates across all currencies that affect our operations," said Chief Executive Joe Hogan.
Align Technology (ALGN.US) stock is trading 75% below its all-time high at $740.00. Recently the medium-term 50-day SMA (green line) crossed under the long-term 200-day SMA (red line). This has formed a bearish ‘death cross’ formation. If current sentiment prevails, next key support to watch lies around 2020 lows at $130.00. Source: xStation5
AI Stocks Slide 🚩 Dell Drops 11%
US Open: S&P 500 Gains on Softer PPI Inflation 🔼 Memory Stocks Slip, PayPal Surges 15%
Market Wrap: Indices gain on technology stocks rise and lower US PPI data
Micron vs. Nvidia: Wall Street's New AI Darling Has Soared 18-Fold Since ChatGPT