Stocks traded mixed on Wednesday as the Federal Reserve will begin bond taper later this month.
Here are some of the laggards in the stock market on Wednesday.
1. Activision Blizzard | Down 15%
Shares of Activision Blizzard (ATVI) - Get Activision Blizzard, Inc. Report fell sharply after the video game maker delayed the release of two key titles, while forecasting softer-than-expected holiday quarter sales, as it attempts to move past allegations of workplace harassment and broader issues of sexism in the gaming industry.
2. Zillow | Down 24%
Zillow (ZG) - Get Zillow Group, Inc. Class A Report shares tumbled a day after the real estate services company's announcement that it would wind down its home-flipping business, Zillow Offers, and reduce its workforce by 25%. It also said it would take up to $569 million in write-downs on home inventory in the third and fourth quarters.
Zillow's chief executive, Rich Barton, suggested that further investment in the business could imperil the entire firm.
3. Deere | Down 4.5%
Shares of Deere (DE) - Get Deere & Company Report struggled Wednesday after union workers rejected a second contract offer, despite pay increases and improved benefits, arguing the farm equipment and construction machinery company could afford even more at a time of record profits.
4. Generac | Down 6.8%
Generac (GNRC) - Get Generac Holdings Inc. Report stock traded lower after analysts at both Bank of America and UBS downgraded the stock to a neutral rating. The calls follow Generac reporting lower-than-expected sales during the most recent quarter. “The long-term outlook remains excellent and demand for most of Generac’s products is still booming, but supply chain constraints have finally started to bite as they have for everyone else,” Bank of America wrote in a note to clients.
5. PayPal | Down 1.5%
Shares of PayPal (PYPL) - Get PayPal Holdings Inc Report slipped in Wednesday trading. The company said last week that it is not pursuing an acquisition of Pinterest (PINS) - Get Pinterest, Inc. Class A Report at this time, after several media reported last week that it was in talks to buy the digital pinboard site for as much as $45 billion.