Super Micro Computer, Garrett Motion, Rackspace Technology And Other Big Stocks Moving Lower On Monday

U.S. stocks traded mixed, with the Nasdaq Composite dropping around 50 points on Monday. Here are some big stocks recording losses in today’s session.

• Scilex Holding Company SCLX shares dropped 26.7% to $7.52. Scilex Holding, a majority-owned subsidiary of Sorrento Therapeutics, Inc, entered a master distributor agreement with AD Ports Logistics (ADPL).
• EyePoint Pharmaceuticals, Inc. EYPT declined 18% to $7.38. Baird recently initiated coverage on the stock with an Outperform rating and a $33 price target.
• BigBear.ai Holdings, Inc. BBAI dropped 11.5% to $2.4850.
• Rackspace Technology, Inc. RXT fell 11% to $1.5850. Barclays maintained Rackspace Tech with an Underweight and lowered the price target from $2 to $1.5.
• HighPeak Energy, Inc. HPK fell 10.3% to $20.26 after Truist Securities initiated coverage on the stock with a Sell rating and a $10 price target.
• C3.ai, Inc. AI dipped 9.3% to $18.19 after analysts at Wolfe Research downgraded their rating of the stock to Underperform.
• ImmunityBio, Inc. IBRX fell 9% to $2.44.
• Genelux Corporation GNLX fell 7.5% to $26.81.
• Coinbase Global, Inc. COIN dropped 7.4% to $54.65.
• Outlook Therapeutics, Inc. OTLK dropped 7.3% to $1.0850.
• Novonix Limited NVX dropped 7% to $2.5399.
• BJ's Restaurants, Inc. BJRI fell 6.8% to $29.19. Citigroup maintained BJ's Restaurants with a Neutral and lowered the price target from $35 to $33.
• Garrett Motion Inc. GTX fell 6.1% to $7.68. Garrett Motion reported first-quarter FY23 sales of $970 million, up 8% on a GAAP basis, up 13% at constant currency, beating the Street view of $922 million.
• Super Micro Computer, Inc. SMCI dropped 6% to $100.98 after the company announced preliminary financial information for Q3 fiscal 2023. The company sees Q3 revenue of roughly $1.28 billion versus the previous midpoint guidance of $1.47 billion.

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