GNRC - These Former Hot Stocks Are Running Cold Wednesday
2023-08-02 09:01:19 ET
Investors took a punch in the gut on Wednesday morning, as the credit rating agency Fitch downgraded its rating on U.S. government debt to from its highest rating of AAA to its second-highest of AA+. Stock index futures reacted negatively, with losses of roughly 0.5% to 1% early Wednesday morning.
Some stocks saw much greater losses after reporting their latest financial results. Both SolarEdge Technologies (NASDAQ: SEDG) and Generac Holdings (NYSE: GNRC) watched their stocks soar to extremely high levels in recent years, but the negative response to their quarterly reports left long-term shareholders wondering whether the best days for the two companies are in the past. Below, you'll learn more about what SolarEdge and Generac said.
Shares of SolarEdge Technologies were down 15% in premarket trading early Wednesday. The solar power system component manufacturer reported second-quarter financial results that fell short of the high expectations that its shareholders had.
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These Former Hot Stocks Are Running Cold Wednesday