Wednesday was a good day on Wall Street, with the major benchmark indexes posting gains. There are still plenty of uncertainties that market participants have to deal with, including the increasingly fragile state of certain parts of the global economy. Some stocks, though, missed out on the celebration. Zscaler (NASDAQ:ZS), GameStop (NYSE:GME), and Turning Point Brands (NYSE:TPB) were among the day's worst performers. Here's why their stocks did so poorly.

Zscaler disappoints despite solid results

Shares of Zscaler fell 19% after the company reported fiscal fourth-quarter financial results that did not satisfy its investors. The cloud security specialist said that revenue growth came in at an impressive 53% year over year, and the company posted positive earnings on an adjusted basis. Yet even though customer counts rose, net retention rates were stable, and churn rates fell, Zscaler's revenue projections for fiscal 2020 imply a much slower top-line growth rate of around 32%. Moreover, full-year earnings could fall from fiscal 2019 levels. It all added up to disappointment for growth-hungry investors, which suggests that Zscaler will have to work harder from here to surpass its guidance.

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Image source: Getty Images.

Game over for GameStop?

Video game retailer GameStop's stock lost 10% following the release of its second-quarter financial results. GameStop said that revenue fell 14% year over year, with an 11% drop in comparable-store sales coming largely from weakness in sales of new gaming consoles and other hardware. Pre-owned sales also suffered, and GameStop had to take a massive $400 million impairment charge that dramatically inflated its net losses. CEO George Sherman concentrated his efforts on cost reduction and closing unprofitable stores, but shareholders are increasingly uncertain about whether those moves will be sufficient to save the ailing niche retailer in the long run.

Turning Point could go up in smoke

Finally, shares of Turning Point Brands finished lower by about 6%. The company has taken a unique approach to tobacco, marketing cigarette papers, pipe tobacco, and make-your-own cigar products and accessories. Yet it has also been a significant player in next-generation vaping products, and Wednesday's call from the U.S. Food and Drug Administration for a ban on flavored e-cigarettes could have a detrimental impact on that part of its business. Given how important vaping products have been for Turning Point's growth, any new regulation could have a notable impact on the company's bottom line.

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