2023 has been a good year for the Nasdaq Composite (NASDAQINDEX: ^IXIC) so far, with the index having recovered a significant portion of its 2022 losses. However, it still has a long way to go before it can reach all-time highs once again. Unfortunately, the Nasdaq wasn't able to hold onto early gains on Wednesday, losing about a third of a percent shortly before noon ET.

A couple of Nasdaq stocks saw particularly sharp declines Wednesday morning that stemmed from bad news in their respective businesses. American Airlines Group (NASDAQ: AAL) warned that its first-quarter financial results likely wouldn't be as strong as most had hoped, while stock analysts noted some negative trends for connected fitness equipment provider Peloton Interactive (NASDAQ: PTON) that weighed heavily on the stock.

Shares of American Airlines Group were down 9% at midday. The airline posted an update on its first-quarter financial results that compared reasonably well to its previous expectations but nevertheless left investors wanting more.

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Source Fool.com