The S&P 500’s top losers on February 12 were:
Ulta Beauty, which is a chain of beauty stores in the US, was the S&P 500’s top loser on February 12. After declining for three consecutive trading weeks, Ulta Beauty opened higher on Monday but didn’t maintain the strength. Ulta Beauty fell to multi-week low levels.
The selling pressure in Ulta Beauty increased on Monday as a class action lawsuit was filed against the company. Chicago-based Zimmerman Law Offices filed a nationwide class action suit alleging that Ulta Beauty repacked and resold used cosmetic products. The lawsuit dented the market sentiment and triggered a sell-off on February 12.
Amid increased selling, Ulta Beauty declined 4.2% on Monday and closed the day at $209.48—a two-month low price level. Ulta Beauty is part of the S&P 500 Consumer Discretionary sector, which gained 1.4% on February 12.