Why MarineMax, Inovio Pharmaceuticals, and Check Point Software Technologies Slumped Today
Thursday was quiet on the stock market, leaving most major benchmarks close to where they started the day. Favorable economic data pointed to the prospect for further growth in the U.S. economy, but a large set of earnings releases revealed both winners and losers in the business environment over the past few months. Even though the overall market didn't move much, some individual companies reported unfortunate news, sending their shares downward. MarineMax (NYSE: HZO), Inovio Pharmaceuticals (NASDAQ: INO), and Check Point Software Technologies (NASDAQ: CHKP) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.
Shares of MarineMax plunged 24.5% after the recreational boat and yacht maker reported its fiscal third-quarter results. The company said that revenue fell almost 5% on a 10% drop in same-store sales, reversing course after a strong 2016. Net income inched higher from the year-ago quarter, but CEO William McGill, Jr. said that unseasonal weather in the Northeast hurt overall sales and earnings performance. Even though the CEO said that he remains "confident in our ability to deliver industry leading results" and that "demand for the boating lifestyle remains strong," MarineMax cut its earnings guidance for the year by roughly 16% to a new range of $0.97 to $1.02 per share. Even though yacht sales aren't exactly like any other market, MarineMax's performance confirms the difficulties that many high-end retailers have seen lately.
Image source: MarineMax.
Source: Fool.com
Check Point Software Technologies Ltd. Stock
We see a rather positive sentiment for Check Point Software Technologies Ltd. with 12 Buy predictions and 1 Sell predictions.
As a result the target price of 167 € shows a positive potential of 21.06% compared to the current price of 137.95 € for Check Point Software Technologies Ltd..
