Goodyear, Upwork, and On Semi Sink in After-Hours Trading
A series of disappointing quarterly reports and regulatory setbacks sent shares of several major companies tumbling on Monday evening. Industrial giant Goodyear Tire, chipmaker On Semiconductor, and freelance marketplace Upwork all faced sharp declines following weak financial data, while biotech firm RegenxBio struggled after a critical FDA decision.
Goodyear Tire & Rubber shares dropped 9% to $9.54 as the company reported adjusted earnings that failed to meet market expectations. The tire manufacturer continues to struggle with what it described as challenging industry dynamics. Similarly, On Semiconductor saw its stock price slide 4.8% to $62.00 after reporting a revenue decline in the fourth quarter, driven by softening demand in two of its core business units.
The tech and biotech sectors faced even steeper losses. Shares of Upwork plunged 24.3% to $14.23 after the company’s first-quarter revenue outlook came in significantly lower than Wall Street analysts had anticipated. This sharp correction highlights investor sensitivity to growth projections in the professional services sector.
In the healthcare space, RegenxBio reported that the FDA did not grant approval for its gene therapy, RGX-121. The regulatory hurdle triggered a 16.6% sell-off, bringing the share price down to $8.60. According to the report, the rejection marks a significant setback for the company’s clinical pipeline and immediate commercial prospects.
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