Globant Shares Drop Nearly 30% on Wall Street, ADRs Below $100, Market Value Down $450 Million

Shares of Globant, an Argentine technology company listed on Wall Street, plunged nearly 30% following the release of disappointing quarterly earnings that fell short of market expectations. The company's American Depositary Receipts (ADRs) dropped below $100 for the first time in five years, resulting in a market value loss of approximately $450 million. This sharp decline marks a historic one-day drop for Globant's stock. Meanwhile, billionaire investor Stanley Druckenmiller's investment firm reduced its holdings in an ETF tracking Argentine stocks after a rally earlier this year that had pushed the ETF to an all-time high.