We recently compiled a list of the Weak Earnings, Outlook Drag Shares of These 10 Firms on Thursday. In this article, we are going to take a look at where Hanesbrands Inc. (NYSE:HBI) stands against the other stocks.

The stock market finished firmer on Thursday, as investors cheered fresh inflation data and tariff updates that helped alleviate concerns about inflationary pressures and global trade tensions.

The Dow Jones rose by 0.77 percent, the S&P 500 increased 1.04 percent, while the Nasdaq jumped 1.50 percent.

Despite overall market gains, ten companies managed to register declines, mostly due to disappointing earnings performance, a weaker outlook, and downgraded ratings.

To come up with Thursday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

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Hanesbrands Inc. (NYSE:HBI)

Hanesbrands Inc. (NYSE:HBI) plummeted by 18.51 percent on Thursday, finishing at $6.25 apiece as investors sold off positions following disappointing earnings performance last year coupled with the company’s announcement of a change in leadership.

In its earnings release, Hanesbrands Inc. (NYSE:HBI) swung to a net loss of $12.88 million in the fourth quarter of 2024, reversing a $77.9 million net income posted in the same period a year ago. Meanwhile, net losses in full-year 2024 skyrocketed by 1,708 percent to $320 million from $17.7 million in 2023.

Revenues for the quarter grew 4.4 percent to $888 million from $850 million year-on-year, but revenues for full-year 2024 dipped by 3.6 percent to $3.507 billion from $3.639 billion in 2023.

On the same day, Hanesbrands Inc. (NYSE:HBI) announced that its CEO, Steve Bratspies, is stepping down from his post by the end of the year, or as soon as a successor is named. He will also exit from the company’s board of directors.

For the first quarter of the year, Hanesbrands Inc. (NYSE:HBI) expects net sales from continuing operations to settle between $3.47 billion and $3.52 billion, which includes projected headwinds of approximately $60 million from foreign exchange rates.

Overall HBI ranks 3rd on our list of Thursday's top losers. While we acknowledge the potential of HBI as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than HBI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

 

Disclosure: None. This article is originally published at Insider Monkey.