On Monday, the Dow Jones Industrial Average traded more than 500 points lower, with the S&P 500 index down 1.58% at 2,737 and the Nasdaq Composite Index down 2.4% at 7,229.
Two other stocks that posted large declines were GNC Holdings Inc. (GNC, Financial) and Maiden Holdings Ltd. (MHLD, Financial).
Shares of GNC Holdings fell more than 18% after the company posted third-quarter earnings of 2 cents per share on $580.18 million in revenue, reflecting a 5.3% year-over-year decline. The company fell 5 cents short of earnings estimates and $5.72 million short of revenue expectations.
Sales in the U.S. and Canada segment decreased 3.2% to $476.5 million from $492.4 million in the prior-year quarter. E-commerce sales increased 7.2% in the U.S. and Canada compared with 6.2% growth a year ago.
In the international segment, revenue increased 6.1% to $51.4 million.
Revenues in the Manufacturing and Wholesale segment grew 1.9% to $52.3 million due to an increase in third-party contract manufacturing sales.
Adjusted earnings before interest, taxes, depreciation and amortization were $50.1 million, down from $62.1 million in the prior-year quarter.
Shares of Maiden Holdings tumbled more than 28% on Monday after announcing third-quarter results. The company posted a loss of $2.83 per share on $520.07 million in net premiums, a 13.7% year-over-year growth.
For the quarter, the gross premiums written were $484.5 million, up from $443 million in the year-ago quarter. Net premiums written reached $482.8 million, an increase of 11.6%. Net premiums earned were $520.1 million, increasing 13.7%.
Disclosure:The author holds no positions in any stocks mentioned.
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