Ermenegildo Zegna Reports FY23 Results, Joins Altice USA, Herbalife And Other Big Stocks Moving Lower On Friday

U.S. stocks were higher, with the Nasdaq Composite gaining over 100 points on Friday.

Shares of Ermenegildo Zegna N.V. ZGN fell sharply during Friday’s session as the company reported FY23 financial results.

Ermenegildo Zegna reported a profit of €135.7 million for FY 2023, up 107.8% year-over-year, and a profit margin of 7.1% up from 4.4% in FY 2022.

Ermenegildo Zegna shares tumbled 14% to $11.99 on Friday.

Here are some other big stocks recording losses in today’s session.

• DoubleDown Interactive Co., Ltd. DDI fell 12.5% to $8.91.
• Altice USA, Inc. ATUS shares tumbled 9.9% to $2.3169 after Wells Fargo downgraded the stock from Equal-Weight to Underweight and lowered its price target from $2 to $1.
• MYT Netherlands Parent B.V. MYTE shares declined 7.7% to $3.3850.
• Aerovate Therapeutics, Inc. AVTE shares dipped 7.7% to $26.85.
• Olaplex Holdings, Inc. OLPX fell 7.1% to $1.63. Telsey Advisory Group analyst Dana Telsey reiterated Olaplex with a Market Perform and maintained a $2 price target.
• Critical Metals Corp. CRML fell 7% to $11.93.
• Aurora Cannabis Inc. ACB shares fell 6.4% to $6.61.
• Qurate Retail, Inc. QRTEA declined 5.8% to $1.0450.
• Trump Media & Technology Group Corp. DJT declined 5.5% to $43.62.
• Herbalife Ltd. HLF shares fell 5.5% to $7.22. Herbalife is expected to release its first quarter 2024 financial results after the closing bell on May 1, 2024.

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