Ten stocks kicked off trading in the first day of the month in a sour note, recording hefty losses amid an overall market pessimism and key macroeconomic factors dampening investing appetite.
The stocks dropped alongside the broader market, led by the Dow Jones which fell by 0.90 percent, followed by the S&P 500 which dropped by 0.53 percent, and the Nasdaq, shedding 0.38 percent.
In this article, we name the 10 worst-performing firms on Monday and break down the reasons behind their decline.
To come up with the list, we focused exclusively on companies with a $2 billion market capitalization and at least 5 million shares in trading volume.
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10. Venture Global Inc. (NYSE:VG)
Venture Global fell hard on Monday to nearly hit its 52-week low, as investors resorted to profit-taking following two straight days of gains.
The stock capped the day off shedding 7.91 percent at $6.87 apiece—just 13 cents shy of its lowest 52-week price of $6.72, also mimicking the drop on Wall Street’s main indices following a recent holiday boost.
Likewise, investors appeared to have already priced in Venture Global Inc.’s (NYSE:VG) announcement last week that it secured a new sales purchase agreement (SPA) with Tokyo Gas Co. Ltd. for the supply of 1 million tons per annum of liquefied natural gas for 20 years. The agreement is slated to begin in 2030.
Venture Global Inc.’s (NYSE:VG) recent deal brought its total SPA in just the last six months to 7.75 million tons per annum, following its earlier inked deals with Mitsui & Co., Ltd., See LNG Trade SA, Naturgy, Petronas, and Securing Energy for Europe (SEFE) GmbH.
“With nearly 8 MTPA (million tons per annum) of new long-term commitments signed this year, Venture Global is pleased to build on our commercial momentum through this new partnership with Tokyo Gas,” said Venture Global Inc. (NYSE:VG) CEO Mike Sabel.
“Tokyo Gas is a pioneer in the LNG industry and leading provider of natural gas to Japan, and we look forward to working with them as we grow our position as a top LNG supplier to Japan. This agreement will contribute significantly to the US-Japan balance of trade over the duration of the SPA, providing Japan with affordable, reliable American LNG,” he noted.
9. Rigetti Computing, Inc. (NASDAQ:RGTI)
Rigetti Computing dropped its share prices by 8.27 percent on Monday to close at $23.45 apiece, mimicking an overall market pessimism following the recent holiday rush.
Additionally, investors unloaded portfolios amid the company’s lack of positive developments to bolster buying appetite.
Early last month, Rigetti Computing, Inc. (NASDAQ:RGTI) announced its earnings performance in the third quarter of the year, where it widened its net loss by 1,257 percent to $200.97 million from $14.8 million in the same period last year.
Revenues dropped by 18 percent to $1.9 million from $2.38 million year-on-year.
Despite the dismal results, Rigetti Computing, Inc. (NASDAQ:RGTI) said that it saw strong momentum with both demand for on-premises quantum computers and collaborations on research and developments during the past quarter.
On the technology front, Rigetti Computing, Inc. (NASDAQ:RGTI) remains on track to deploy by the end of 2026 its 150+ qubit system with an anticipated 99.7 percent median two-qubit gate fidelity; as well as its 1,000+ qubit system with an expected median two-qubit gate fidelity of 99.8 percent by 2027.
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