Friday wasn't a great day on Wall Street, and investors had to put up with modest losses across major indexes to finish a turbulent week on a down note. Trade tensions remain front and center on market participants' minds, and even the idea that the U.S. economy remains strong hasn't been enough to reassure nervous investors about the risk level of their portfolios. Negative news from several well-known companies also weighed on sentiment. Deere (NYSE:DE), UP Fintech Holding (NASDAQ:TIGR), and Baidu (NASDAQ:BIDU) were among the worst performers. Here's why they did so poorly.
Deere in the headlights
Shares of farm equipment specialist Deere dropped nearly 8% following the release of the company's fiscal second-quarter financial results. Deere said that it managed to eke out a 5% gain in revenue overall, and after adjusting for tax reform-related impacts last year, net income was slightly higher over the period. However, the company cited "persistent uncertainty in agricultural markets" that could hold it back from growth in the near future, especially given poor weather conditions in key growing areas. Inventory management should help Deere cushion the blow, but investors are still nervous that subpar industry conditions could hurt the company's results not just over the next year but also further into the future.
UP Fintech goes down
UP Fintech Holding's stock dropped 17% after the China-focused online brokerage firm released unaudited financial results for the first quarter. UP Fintech said that revenue climbed 20% from year-ago levels, but adjusted net losses widened over the period. The newly public financial company was pleased with how it's doing, with CEO Tianhua Wu saying that UP Fintech "look[s] forward to leveraging our increased brand recognition and are committed to keep investing in technology and talent to create a comprehensive ecosystem of financial services." Yet investors don't seem entirely comfortable with UP Fintech's prospects even in a red-hot Chinese stock market, and after opening strongly at its IPO in March, the stock has plunged in short order.
Baidu posts a loss
Finally, shares of Baidu plunged 16.5%. The Chinese online search giant reported its first loss since the mid-2000s, failing to turn 15% revenue growth into better bottom-line results. Baidu said that the environment for online marketing has become extremely difficult, and that explains why growth in revenue from that source has fallen from low to mid-20 percentages early last year to just 3% during the first quarter of 2019. Even as top-line growth has slowed, Baidu has remained extravagant in spending on potential investments to expand its scope. Whether that'll pay off in the long run remains to be seen, but shareholders don't like the impact it's having on Baidu's current results.