Ten companies pulled back on Wednesday, booking hefty losses during the trading session, with investor sentiment weighed down by a flurry of government policies and dismal earnings performance in the last quarter of the year.

Meanwhile, the Dow Jones fell by 1.91 percent, the S&P 500 declined by 1.61 percent, and the tech-heavy Nasdaq dropped 1.41 percent.

In this article, let us take a look at the 10 companies that led a poor performance during the day and explore the reasons behind their drop.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

10. Phillips 66 (NYSE:PSX)

Oil refiner Phillips 66 dropped its share prices for a third consecutive day on Wednesday, shedding 7.54 percent to close at $111.78 apiece as investor sentiment was dampened by an ongoing battle within its corporate boardroom.

At an annual stockholders’ meeting on the same day, Phillips 66 (NYSE:PSX) and activist investor Elliott Investment Management each won two seats, following months of dispute over the company’s asset sales and performance.

“This vote reflects a belief in our integrated strategy and a recognition that our early results do not yet reflect the full potential of our plan or the value inherent in this business,” Phillips 66 (NYSE:PSX) CEO Mark Lashier said in a statement.

For its part, Elliott said that being one of the largest investors of Phillips 66 (NYSE:PSX), it will “continue to actively engage with the Company while holding management and the Board accountable for delivering on their commitment to improve shareholder value.”

9. Sunrun Inc. (NASDAQ:RUN)

Sunrun saw its share prices decline by 7.63 percent on Wednesday to finish at $10.66 apiece as investors sold off positions following news that a new House bill has been filed at the House of Representatives seeking to kill a number of consumer tax breaks tied to clean energy.

According to reports, the tax breaks on the chopping block include those for electric vehicle owners and renters, as well as households making their homes energy-efficient.

If passed into law, the bill could significantly curtail and dampen profit margins of clean energy businesses, including Sunrun Inc. (NASDAQ:RUN), which provides solar technologies and energy storage products primarily for residential customers.

In the first quarter of the year, Sunrun Inc. (NASDAQ:RUN) swung to a net income attributable to shareholders of $50 million from an $87.8-million net loss in the same period last year.

Revenues increased by 10 percent to $504 million from $458 million year-on-year.

8. Moderna, Inc. (NASDAQ:MRNA)

Pharmaceutical giant Moderna dropped its share prices by 7.82 percent on Wednesday to close at $25.80 apiece as investor sentiment was weighed down by its withdrawal of approval application for its flu and COVID combination vaccine.

According to the company, the withdrawal was due to the anticipated delay in the approval of the shots until next year, amid the need for more data on the flu vaccine. The move followed the Food and Drug Administration’s (FDA) announcement that it would require new clinical trials for approval of annual COVID-19 boosters for healthy people under 65 years old.

In other news, Moderna, Inc. (NASDAQ:MRNA) narrowed its net loss in the first quarter of the year by 17.4 percent to $971 million from the $1.17 billion in the same period last year.

Revenues declined by 35 percent to $108 million from $167 million in the same period last year due to lower vaccination rates, coupled with the continued normalization of COVID into a seasonal commercial market.

For the rest of the year, Moderna, Inc. (NASDAQ:MRNA) said that it is targeting to book revenues between $1.5 billion and $2.5 billion.

7. Rigetti Computing, Inc. (NASDAQ:RGTI)

Rigetti Computing dropped for a second day on Wednesday, losing 8.05 percent to close at $10.96 apiece as investors continued to take profits following its retest of the $12 level earlier this week.

In recent news, the company reported a 52-percent decline in revenues for the first quarter of the year, at $1.47 million versus the $3.05 million registered in the same period last year, as loss from operations expanded by 30 percent to $21.6 million from $16.58 million year-on-year.

Total operating expenses grew by 22 percent to $22.07 million from $18.08 million in the same comparable period.

Earlier this year, Rigetti Computing, Inc. (NASDAQ:RGTI) announced a number of projects from the US and UK governments, reflecting its stronghold in the quantum computing sector. This includes its participation in DARPA’s Quantum Benchmarking Initiative, grant of AFOSR award to further develop breakthrough chip fabrication technology, as well as three Innovate UK Quantum Mission pilot awards to advance superconducting quantum computing.

6. ImmunityBio, Inc. (NASDAQ:IBRX)

ImmunityBio saw its share prices decline by 8.62 percent on Wednesday to end at $2.65 apiece as investors sold off positions amid the lack of fresh catalysts, coupled with a market expert’s sour comments on its stock.

In the Monday episode of Mad Money, host and former hedge fund manager Jim Cramer said that ImmunityBio, Inc. (NASDAQ:IBRX) was “not a great stock.”

“Immunity Bio—I’ve looked at it for a very, very long time. I don’t like the fact that … they’ve been losing money forever. I am not in their camp,” he said.

In contrast, another analyst posted a bullish stance on ImmunityBio, Inc.’s (NASDAQ:IBRX) stock.

Piper Sandler, for its part, upgraded its rating for the company to “overweight” from “neutral” and raised its price target to $5 from $4.25 previously. It said that its rating reflected ImmunityBio, Inc.’s (NASDAQ:IBRX) Anktiva, t-haNK, and M-ceNK cell therapies, and DNA vaccines aimed at reactivating the immune system to fight cancer, which have shown a strong performance.

5. TransUnion (NYSE:TRU)

TransUnion extended its losing streak for a third consecutive day on Wednesday, shedding 8.81 percent to end at $82.43 each as investors repositioned portfolios ahead of two investor conferences next week.

In a statement, TransUnion (NYSE:TRU) said that its president and CEO, Chris Cartwright, would present at the Bernstein Strategic Decisions Conference on Wednesday, May 28.

This will be followed by another conference on June 5, which will be attended by Cartwright and TransUnion (NYSE:TRU) Chief Finance Officer Todd Cello.

A live webcast will be made available on the company’s investor relations website during the same days, where investors will be waiting for updates on the company’s plans and developments for the year.

TransUnion (NYSE:TRU) is a global information and insights company with over 13,000 associates operating in more than 30 countries.

In the first quarter of the year, net income attributable to the company more than doubled to $148 million from the $65 million registered in the same period last year, primarily due to a $56-million reduction of a previously established accrual for a lawsuit that was dismissed in the first quarter of 2025. Revenues increased by 7 percent to $1.1 billion.

4. Reddit, Inc. (NYSE:RDDT)

Reddit extended its losing streak for a fifth consecutive day on Wednesday, losing 9.27 percent to close at $95.85 apiece as investor sentiment was dampened by an investment firm’s downgraded rating on its stock.

Earlier this week, Wells Fargo lowered its stock rating for Reddit, Inc. (NYSE:RDDT) to “Equal Weight” from “Overweight” previously, as well as its price target to $115 from $168 prior.

The rating was based on the belief that Google’s move to fully integrate artificial intelligence into its search engine operations could dent Reddit, Inc. (NYSE:RDDT) and its customer count permanently.

It noted, however, that Google’s AI integration not only affects Reddit, Inc. (NYSE:RDDT) but also the other companies dependent on search traffic.

Wells Fargo also highlighted how Reddit’s stock is currently under pressure due to user disruption.

3. Oscar Health, Inc. (NYSE:OSCR)

Oscar Health saw its share prices decline for a third straight day on Wednesday, slashing 9.78 percent to end at $14.86 each as investors sold off positions following news that the Trump administration is ramping up audits of insurance firms offering Medicare Advantage.

On Wednesday, the Centers for Medicare and Medicaid Services said that it would employ an additional 2,000 encoders by September and use advanced technology systems to audit data and make sure diagnoses that claims from Medicare Advantage insurers are aligned with the patients’ medical records.

The agency said the initiative could claw back some $500 million a year for taxpayers.

This means that Oscar Health, Inc. (NYSE:OSCR) would be included in the review, being one of the insurance firms offering such services.

In other recent news, Oscar Health, Inc. (NYSE:OSCR) said it achieved a 55-percent increase in net income attributable to the company of $275 million versus the $177 million in the same period last year.

Revenues were also higher by 42 percent to $3.05 billion from $2.14 billion year-on-year.

2. The AES Corporation (NYSE:AES)

The AES Corporation fell for a sixth consecutive day on Wednesday, dropping 9.88 percent to end at $10.13 apiece as investors seemed unimpressed by its newly bagged deal with technology giant Meta Platforms Inc.

On Wednesday, The AES Corporation (NYSE:AES) said that it entered into a long-term power purchase agreement to support Meta’s data centers with 650 MW of solar projects.

“By providing energy solutions that offer fast time-to-power and low-cost electricity, we continue to be the partner of choice for companies, like Meta, at the forefront of artificial intelligence innovation,” said The AES Corporation (NYSE:AES) President and Chief Executive Officer Andrés Gluski.

Additionally, The AES Corporation (NYSE:AES) said the partnership will boost employment opportunities for communities in Texas and Kansas.

The AES Corporation (NYSE:AES) is one of the leading US-based global power companies, with 32.7 GW in operation, a backlog of 12.3 GW of signed long-term PPAs, and a pipeline of 65 GW.

1. V.F. Corporation (NYSE:VFC)

VF Corporation nosedived by 15.80 percent on Wednesday to end at $12.15 apiece after missing analyst estimates for its earnings performance in the fourth quarter and fiscal year 2025.

On Wednesday, V.F. Corporation (NYSE:VFC) said that revenues for the fourth quarter alone dropped by 5 percent to $2.14 billion from $2.25 billion, while revenues for the full-year period declined by 4 percent to $9.5 billion from $9.9 billion in 2023.

Net loss, however, shrank by 64 percent to $151 million from $418 million in the said quarter, while net loss for the full-year period narrowed by 80 percent to $190 million from $969 million year-on-year.

“Revenue for the quarter was in line with our guidance and, excluding Vans, was up versus last year, led by growth at The North Face and Timberland,” said V.F. Corporation (NYSE:VFC) President and CEO Bracken Darrell.

Of its brands, Vans and Dickies logged a decline of 22 percent and 14 percent, respectively, offsetting the 2-percent and 10-percent higher revenues from The North Face and Timberland.

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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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