Ten stocks led the bloodbath on Wall Street on Thursday, as most investors went in a wait-and-see mode ahead of the US inflation data for August due on Friday, September 26.
The stocks mirrored a broader market pessimism, with Wall Street’s three major indices all finishing in the red. The tech-heavy Nasdaq and the S&P 500 both fell 0.50 percent, while the Dow Jones lost 0.38 percent.
In this article, we name the 10 companies that heavily bled in Thursday’s trading and detail the reasons behind their declines.
To come up with the list, we focused exclusively on stocks with a $2 billion market capitalization and 5 million shares in trading volume.
A market trader studying technical data. Photo by Tima Miroshnichenko on Pexels
10. Sable Offshore Corp. (NYSE:SOC)
Sable Offshore saw its share prices decline by 7.40 percent on Thursday to finish at $20.15 apiece as investors unloaded portfolios to mitigate risks from the company’s ongoing legal battles.
In separate announcements on the same day, various shareholder law firms urged affected investors who purchased shares of Sable Offshore Corp. (NYSE:SOC) between May 19 and June 3, 2025, to seek the role as lead plaintiff in a lawsuit before the deadline on Friday, September 26.
The case alleged that the firm disclosed false information in relation to its production off the coast of California.
Additionally, Sable Offshore Corp. (NYSE:SOC) is facing a legal battle filed by the Santa Barbara County on September 16 for attempting to restart the Santa Ynez Unit oil and gas operations.
In a statement, the company said that it was working with all state and federal agencies to restart the two lines.
“Concerning our legal and established pipeline’s right of way and the work conducted within previously disturbed soil, we have been and continue to work with the appropriate agencies to align interpretations in the handling of backfill soil during the repair and maintenance process,” Sable Offshore Corp. (NYSE:SOC) said.
9. Klaviyo Inc. (NYSE:KVYO)
Klaviyo dropped its share prices by 7.83 percent on Thursday to end at $32.50 as investors unloaded portfolios following its chief executive’s disposition of shares in the company.
In a regulatory filing, Klaviyo Inc. (NYSE:KVYO) said that its chief executive officer, Andrew Bialecki, sold $7.49 million of his shares in the company on Tuesday, September 23.
The transaction covered 211,358 shares at a price of $35.01 to $35.52 each and was executed under a pre-arranged Rule 10b5-1 trading plan adopted on May 20, 2025.
Following the sale, Bialecki was left with only 29,805 direct shares in the company, but retains more than 8.59 million indirect shares.
In other news, Klaviyo Inc. (NYSE:KVYO) on Thursday introduced two AI-powered tools—Marketing Agent and Customer Agent—both built on its own data platform.
According to Klaviyo Inc. (NYSE:KVYO), Marketing Agent is a tool capable of automating campaign planning and execution, while Customer Agent can assist customers 24/7.
8. Hut 8 Corp. (NASDAQ:HUT)
Shares of Hut 8 Corp. retreated by 7.87 percent on Thursday to close at $34.88 apiece as investors resorted to profit-taking following last week’s gains that saw the company propel to a new all-time high.
In other developments, Hut 8 Corp.’s (NASDAQ:HUT) newly listed subsidiary, American Bitcoin (NASDAQ:ABTC), announced its switch to a new auditor, KPMG LLC, effective September 19. The latter replaced RBSM LLP, which served as its independent auditor since last year.
Hut 8 Corp. (NASDAQ:HUT) owns the majority of American Bitcoin and was established to focus on building America’s Bitcoin infrastructure platform through the acquisition of Bitcoins.
Last week, Hut 8 Corp. (NASDAQ:HUT) earned a price target upgrade of $60 from investment firm Roth Capital, representing a 72 percent upside from its latest closing price. It also maintained a “buy” recommendation for its stock.
According to Roth, the upgrade was based on optimism for its high-performance computing (HPC) and AI infrastructure, as well as its affiliate, American Bitcoin’s progress towards hitting an operating hash rate of 25 EH/s.
Roth Capital said the new business structure was “one of the more well thought of” in the sector, enabling American Bitcoin to pursue its own crypto strategy while Hut 8 Corp. (NASDAQ:HUT) focuses on providing power and managed services.
Roth Capital believed that any announcement of a signed lease agreement for one of its campuses would bolster stock ratings in the future.
7. SoundHound AI, Inc. (NASDAQ:SOUN)
Shares of SoundHound AI dropped by 8.04 percent on Thursday to end at $16.35 apiece as investor sentiment was dampened by six executives’ disposition of shares in the company for more than $8 million.
In separate regulatory filings yesterday, SoundHound AI, Inc. (NASDAQ:SOUN) said the sale transactions were executed by none other than its chief executive officer, Keyvan Mohajer ($2.2 million); chief finance officer, Nitesh Sharan ($2.09 million); chief technology officer, Timothy Stonehocker ($641,401); chief operating officer, Michael Zagorsek ($1.1 million); chief product officer, James Ming Hom ($674,000); and vice president for engineering, Majid Emami ($1.32 million).
The transactions were executed between September 22 and 24, 2025.
In other news, SoundHound AI, Inc. (NASDAQ:SOUN) on Tuesday said it partnered with Red Lobster, one of the largest seafood restaurant operators, for the rollout of an AI-powered phone ordering agent.
According to SoundHound AI, Inc. (NASDAQ:SOUN), the system allows handling of multiple calls simultaneously, seamless order placement, and instant answers to frequently asked questions.
It was also trained on Red Lobster’s full menu, making ordering faster, easier, and more efficient for both guests and staff. Orders are sent directly to the restaurant’s point-of-sale system, reducing the workload for in-store staff.
6. MARA Holdings, Inc. (NASDAQ:MARA)
MARA Holdings, Inc. (NASDAQ:MARA) declined for a third straight day on Thursday, shedding 8.90 percent to finish at $16.07 apiece, as investors sold off positions following the drop in prices of Bitcoin.
As of writing, Bitcoin—highly sensitive to macroeconomic trends—slashed 3.66 percent of its value to $109,181 apiece. Traders appeared to have parked funds in anticipation of the US inflation data for August that would determine the Federal Reserve’s decisions on interest rates.
The US central bank expects headline inflation to register in line or below economists’ forecast of 2.8 percent for the year.
Meanwhile, MARA Holdings, Inc. (NASDAQ:MARA) announced earlier this year that it was looking to capitalize on the booming artificial intelligence sector through the development of data centers.
Additionally, MARA Holdings, Inc. (NASDAQ:MARA) was exploring ways to acquire wind farms as it seeks access to renewable energy to reduce its Bitcoin mining costs. It already owns 1.7 gigawatts of capacity, with a pipeline for multi-gigawatt expansion.
5. Oklo Inc. (NYSE:OKLO)
Shares of Oklo dropped for a second day on Thursday, shedding 9.18 percent to close at $119.13 apiece, as investor sentiment was dampened by a combination of insider selling and an investment firm’s cautious coverage for the company.
In a market note on Wednesday, Goldman Sachs urged investors to position their portfolios on Oklo Inc. (NYSE:OKLO) with caution, saying that its valuation appears full and its business strategy needs de-risking. It gave a “neutral” rating for the stock.
“Over the past year, OKLO has been a catalyst-driven stock, and while we see a path for continued near-term catalysts, we believe the company needs to secure finalized customer agreements,” Goldman Sachs told its clients.
At present, Oklo Inc. (NYSE:OKLO) remains a pre-revenue company that has yet to file and secure a license to build and operate its first 75-megawatt powerplant called Aurora Powerhouse. It is expected to be fully operational by late 2027 or early 2028.
In other news, Oklo Inc. (NYSE:OKLO) saw its key executives disposed of positions, with its chief executive officer, Jacob DeWitte, unloading $3 million of his interest in the company in the form of a gift.
Meanwhile, Director Michael Klein also sold off $6.7 million worth of his shares, while Chief Finance Officer unloaded $9.4 million worth of stocks.
4. AST SpaceMobile, Inc. (NASDAQ:ASTS)
AST SpaceMobile declined for a second day on Thursday, losing 9.38 percent to end at $49.39 apiece as investors appeared to have taken profits following the previous day’s surge that was buoyed by reports of a billion-dollar investment from a Mexican tycoon.
Additionally, AST SpaceMobile, Inc. (NASDAQ:ASTS) mimicked the decline on Wall Street, as investors sold off positions while waiting for the official US inflation data for August that would determine the future path of interest rates.
The US central bank had already said that it expects headline inflation to be in line with or below economists’ forecast of 2.8 percent for the year.
Meanwhile, AST SpaceMobile, Inc. (NASDAQ:ASTS) was said to have earned the backing of Mexican billionaire Carlos Slim, amid reports of as much as $22 billion investment in the company.
Slim, who owns America Movil, currently owns a significant stake in AST SpaceMobile, Inc. (NASDAQ:ASTS), while his daughter sits on the board of directors.
AST SpaceMobile, Inc. (NASDAQ:ASTS) has yet to confirm or deny the reports.
3. Transocean Ltd. (NYSE:RIG)
Transoceanic snapped a three-day winning streak on Thursday, slashing 13.19 percent to close at $3.16 apiece as investor sentiment was dampened by plans to raise $381 million through a discounted share sale.
In an updated announcement, Transocean Ltd. (NYSE:RIG) said that it plans to issue 125 million shares at a price of $3.05 apiece, lower by 3.5 percent than its closing price on Thursday.
Transocean Ltd. (NYSE:RIG) said the offering reflects an increase from the 100 million shares originally proposed to be sold.
The offering is expected to close tomorrow, September 26, subject to the satisfaction of customary closing conditions.
In line with the offer, the company also granted its underwriters a 30-day option to purchase up to 18.75 million shares at the public offering price.
Transocean Ltd. (NYSE:RIG) said it intends to use the net proceeds for the repayment or redemption of a portion of the $655 million aggregate principal amount of the 8 percent Senior Notes due February 2027, which were earlier issued by Transocean International Ltd., a wholly owned subsidiary of the company.
The balance, on the other hand, will be allocated for general corporate purposes.
2. Cipher Mining Inc. (NASDAQ:CIFR)
Cipher Mining extended its losing streak to a second day on Thursday, dropping 17.54 percent to finish at $11.66 apiece as investor sentiment soured on plans to raise $800 million through the issuance of senior convertible notes.
In a regulatory filing, the company said that the notes have a tenor of six years and will mature on October 1, 2031. They will be issued to institutional investors who it deemed to be qualified.
In line with the offer, Cipher Mining Inc. (NASDAQ:CIFR) also granted the initial notebuyers a 13-day option to purchase up to an additional $120 million aggregate principal amount of notes.
Cipher Mining Inc. (NASDAQ:CIFR) said it plans to use the proceeds to finance a portion of its data center construction at Barber Lake, accelerate the build-out of its high-performance computing (HPC) strategy across its 2.4 GW pipeline, continue to expand its pipeline of development sites, alongside other general corporate purposes.
In other news, Cipher Mining Inc. (NASDAQ:CIFR) said it bagged a 168-MW data center lease agreement with Fluidstack from its Barber Lake facility.
The company expects to complete the development of the facility to deliver IT critical load capacity to Fluidstack by September 2026.
Fluidstack’s obligations to pay rent will begin on the commencement date of the lease and will continue for a 10-year term.
1. CarMax, Inc. (NYSE:KMX)
Shares of CarMax fell to an all-time low on Thursday, as investors disposed of positions after disappointing second-quarter earnings results.
During the session, the company fell to its lowest 52-week price of $42.75 before slight buying trimmed its losses to end the day just down by 20.07 percent at $45.60 apiece.
This followed surprisingly disappointing financial and operating results, with retail used unit sales declining 5.4 percent, and comparable same-store sales decreasing 6.3 percent.
Net income declined by 28.16 percent to $95.4 million from $132.8 million in the same period last year, while net sales and operating revenues dropped by 6 percent to $6.59 billion from $7.013 billion year-on-year.
“While this was a challenging quarter, we remain confident in our long-term strategy and the strength of the earnings model that we have built. We are excited about the recent launch of our new brand positioning campaign `Wanna Drive?’ that brings our differentiated omni-channel experience to life and underscores our ongoing commitment to empowering the customer,” said CarMax, Inc. (NYSE:KMX) President and CEO Bill Nash.
Additionally, CarMax, Inc. (NYSE:KMX) said it would continue to drive selling, general, and administrative expenses efficiency, targeting at least $150 million in cost savings over the next 18 months.
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