3M, Magna International And Other Big Stocks Moving Lower On Tuesday

Benzinga – U.S. stocks traded mostly higher, with the Dow Jones gaining over 50 points on Tuesday. Here are some big stocks recording losses in today’s session.

• Satixfy Communications Ltd. (NASDAQ: SATX) shares tumbled 64% to $2.60. SatixFy recently appointed Ido Gur as its new Chief Executive Officer.
• Scilex Holding Company (NASDAQ: SCLX) fell 36.4% to $6.05.
• Cassava Sciences, Inc. (NASDAQ: SAVA) dropped 22.4% to $28.28 after the company reported top-line clinical results in Phase 2 study evaluating simufilam in Alzheimer’s disease.
• MicroCloud Hologram Inc. (NASDAQ: HOLO) declined 21.2% to $10.21.
• FLJ Group Limited (NASDAQ: FLJ) fell 12.4% to $2.33.
• Sorrento Therapeutics, Inc. (NASDAQ: SRNE) dropped 8.9% to $0.9747. Sorrento released unblinded Phase 1b study data of OVYDSO in COVID patients.
• Amyris, Inc. (NASDAQ: AMRS) fell 8.3% to $1.6693.
• PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) dropped 8.1% to $10.85. PennantPark Floating Rate Capital announced pricing of $47.6 million public offering of 4.25 million share of common stock at a price of $11.20 per share.
• Magna International Inc. (NYSE: MGA) fell 7.6% to $60.47 after the company reported FY22 preliminary sales results. The company expects its EBIT margin to fall below its outlook range.
• ServisFirst Bancshares, Inc. (NASDAQ: SFBS) dropped 7.2% to $66.74 following Q4 results.
• NBT Bancorp Inc. (NASDAQ: NBTB) fell 6.6% to $39.56 following Q4 earnings.
• 3M Company (NYSE: MMM) dropped 5.7% to $115.60 after the company reported worse-than-expected Q4 adjusted EPS results and issued FY23 adjusted EPS guidance below estimates.

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