Ten stocks fell badly on Wednesday, amid a mixed broader market, as investors sold off positions over a series of company-specific developments.
Meanwhile, only the Dow Jones finished the trading session in the red, down 0.04 percent. The S&P 500 and the Nasdaq both registered gains, up 0.40 percent and 0.66 percent, respectively.
In this article, we focus on the 10 worst-performing companies during the session and break down the reasons behind their drop.
To come up with the list, we focused exclusively on mid-cap stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.
Stock market data on a laptop screen. Photo by Alesia Kozik on Pexels
10. IonQ Inc. (NYSE:IONQ)
IonQ extended its losses on Wednesday, shedding 6.63 percent to close at $72.41 apiece, as investors continued to unload positions following a $2 billion share sale that resulted in the dilution of existing stocks.
Late last week, IonQ Inc. (NYSE:IONQ) announced the successful raising of $2 billion in fresh funds from a share sale program, covering 16.5 million shares at $93 apiece, pre-funded warrants to purchase more than 5 million shares for the same offer price, which represented a 20 percent premium over its closing price on October 9, 2025.
Additionally, IonQ Inc. (NYSE:IONQ) offered seven-year warrants to buy 43 million additional shares at $155 each if the stock goes that high by the maturity date.
“This investment provides an opportunity for the IonQ team to continue to grow and expand our ecosystem. IonQ is one of the only quantum companies in the world capable of delivering advanced computing, networking, and sensing solutions across every theatre—on the ground, in the air, and in space,” IonQ Inc. (NYSE:IONQ) Chairman and CEO Niccolo de Masi said.
“With our accelerated technology roadmap, world-renowned talent, and robust net cash position, we have strengthened our unique position. We believe this is the largest common-stock single-institutional investment in the history of the quantum industry. This $2 billion cash investment will facilitate our global growth and accelerate our quantum commercialization worldwide.”
Based on its historical reporting dates, the company is scheduled to release the results of its earnings performance for the third quarter of the year in the first week of November 2025.
9. Intuitive Machines Inc. (NASDAQ:LUNR)
Intuitive Machines snapped a two-day winning streak on Wednesday, losing 7 percent to close at $12.88 apiece as investors resorted to profit-taking to take advantage of the previous days’ gains.
Earlier in the week, Intuitive Machines Inc. (NASDAQ:LUNR) attracted investor sentiment after JPMorgan set its sights on the space industry in its $10 billion investment program to support economic resiliency and security.
“Stockpiles of vital munitions are inadequate, and the nature of modern warfare is evolving rapidly. There is a clear need for modern defense technologies across areas such as low-cost air, land, and sea drones, satellites, and electronic warfare,” JPMorgan said.
The plan forms part of the $1.5-trillion investment program announced on Monday. Of the total amount, JPMorgan said some $10 billion will be invested in companies across 27 sectors deemed critical to the United States’ economic security and resiliency, including spacecraft and space launches.
In other news, Intuitive Machines Inc. (NASDAQ:LUNR) recently received a Capability Maturity Model Integration (CMMI) Maturity Level 3, which signifies that it meets the National Aeronautics and Space Administration’s (NASA) standards for Class A human spaceflight, together with well-defined and consistently applied engineering processes.
8. Ondas Holdings Inc. (NASDAQ:ONDS)
Ondas Holdings extended its losing streak to a 5th straight day on Wednesday, shedding 8.65 percent to close at $9.51 apiece as investors continued booking profits amid this month’s rapid surge.
In the past trading days of October alone, Ondas Holdings Inc. (NASDAQ:ONDS) has already jumped by as much as 51.5 percent, but a selling spree dragged down sentiment to clock just a 23 percent gain month-to-date.
In recent developments, Ondas Holdings Inc. (NASDAQ:ONDS) officially launched on Wednesday a new business unit that would focus on investing in global defense and security technologies, including unmanned and AI systems.
Called Ondas Capital, the subsidiary allocated up to $150 million over the next two years to assist in accelerating the transition of proven unmanned and autonomous technologies into US and European production, with investments anticipated to begin in late 2025.
In other news, Ondas Holdings Inc. (NASDAQ:ONDS) expanded its partnership with Rift Dynamics to include Nammo Raufoss AS—a leading Norway-based global provider of advanced munitions with a strong manufacturing presence in the US—to collaborate for the development of Wasp drones with munition payloads, to be sold exclusively in the United States.
The integration of Nammo’s warheads with Rift’s Wasp platform delivers a turnkey, NDAA-compliant attritable drone system designed for rapid scale-up and mass deployment. Customers benefit from a single-source solution that combines airframe, munition, and control systems into one package—reducing procurement complexity, improving cost efficiency, and ensuring operational performance in the field.
7. MP Materials Corp. (NYSE:MP)
MP Materials snapped a four-day winning streak on Wednesday, losing 8.92 percent to close at $89.85 apiece as investors resorted to profit-taking following the previous day’s surge.
In just the past four trading days, shares of MP Materials Corp. (NYSE:MP) have jumped by as much as 42 percent. Month-to-date, it was up by 34 percent.
The previous days’ rally was due to a recent trade spat between the US and China amid the latter’s new export curbs on rare earth imports that sparked fears of global supplies. However, the tensions benefited US rare earth producers, including MP Materials Corp. (NYSE:MP), on investor expectations that consumers would look elsewhere to secure supply.
MP Materials Corp. (NYSE:MP) recently clinched a partnership with the US government through the Department of Defense, with the latter acquiring a 15 percent stake in the company for $400 million.
The transaction covered the purchase of preferred shares, in addition to warrants convertible to $30.03 per share for 10 years, that would allow the government to purchase additional common stock.
6. First Horizon Corp. (NYSE:FHN)
First Horizon soared to a new all-time high on Wednesday, but later fell in the red, as investors took path from an investment company’s price target downgrade for its stock.
In intra-day trading, First Horizon Corp. (NYSE:FHN) climbed to its highest 52-week price of $23.7, then gave up all gains to end the day down by 9.43 percent at $20.85 apiece.
The drop followed Jefferies’ price target downgrade for its stock to $25 from $28 previously, despite maintaining a “buy” recommendation.
According to the analyst, the revision reflected First Horizon Corp.’s (NYSE:FHN) hints of acquiring companies, a strategic shift which was said to have created a “near-term overhang,” and contradicted market expectations that it could be an acquisition target.
On the same day, First Horizon Corp. (NYSE:FHN) announced the results of its third quarter earnings performance, raking in $254 million in net income attributable to shareholders, or a 19 percent increase from the $213 million reported in the same period last year. Net interest income grew by 7.5 percent to $674 million from $627 million year-on-year, on the back of average balance growth in higher-yielding portfolios and cash basis income, as well as increased accretion related to the Main Street Lending Program.
5. Sea Ltd. (NYSE:SE)
Sea Ltd. dropped its share prices for a second day on Wednesday, losing 9.56 percent to finish at $163.42 apiece amid the lack of catalysts to spark buying appetite.
Sea Limited (NYSE: SE) is a leading global consumer internet company founded in Singapore in 2009. It operates three core businesses across digital entertainment, e-commerce, as well as digital financial services, known as Garena, Shopee, and Monee, respectively.
Based on its historical reporting dates, Sea Ltd. (NYSE:SE) is expected to release the results of its third-quarter earnings performance in the second week of November 2025.
In the first six months of the year, the company reported a 93-percent drop in net income attributable to shareholders at $58.2 million versus the $809 million registered in the same period last year. Revenues dropped by 25 percent to $7.5 billion from $10.1 billion year-on-year.
4. TMC the metals company Inc. (NASDAQ:TMC)
TMC the metals company declined by 10.10 percent on Wednesday to finish at $9.61 apiece as investors resorted to profit-taking amid a meteoric rise in just the first two weeks of the month, while unloading positions amid the lack of developments in the deep-sea mining sector.
In just the past few trading days of October, TMC the metals company Inc. (NASDAQ:TMC) saw its stock price jump by as much as 78 percent, having hit $11.35 at intra-day trading last Monday. A pullback was observed on Wednesday to register a month-to-date gain of 51 percent.
TMC the metals company Inc. (NASDAQ:TMC) is a Canada-based deep-sea mining company, which recently filed its intention with the US government to mine in the international seabed through its US subsidiary.
Following its intention, the listed firm drew criticism from both environmental advocates and members of the International Seabed Authority (ISA) for allegedly bypassing the agency, being originally a Canadian company, and with Canada a member of the ISA.
3. USA Rare Earth Inc. (NASDAQ:USAR)
USA Rare Earth extended losses for a second day on Wednesday, shedding 10.29 percent to close at $33.68 apiece, as investors unloaded portfolios amid the lack of developments in a potential partnership with the US government.
Earlier this month, USA Rare Earth Inc. (NASDAQ:USAR) announced that it was in talks with the US government and that it was keeping it informed about its plans.
The said negotiations followed the Trump administration’s acquisition of significant stakes in other listed mining companies, namely MP Materials and Lithium Americas, in line with plans to prop up domestic supply and reduce reliance on imports.
Additionally, USA Rare Earth Inc. (NASDAQ:USAR) dropped after recent trade tensions between the US and China officially eased. Its share price has been benefiting from the recent trade spat on investor speculation that any tariff imposition anew would push customers to look elsewhere for supply.
2. Ramaco Resources, Inc. (NASDAQ:METC)
Ramaco Resources snapped a 12-day winning streak on Wednesday, losing 12.29 percent to close at $47.85 apiece as investors began to take profits following a meteoric rise.
Wednesday’s drop can be attributed to a correction following a 73.56 percent gain from the 12 straight days of rally.
In other recent developments, Ramaco Resources, Inc. (NASDAQ:METC) secured the approval to join the Defense Industrial Base Consortium (DIBC)—an initiative sponsored by the Department of War to strengthen and expand the country’s defense industrial base by fostering collaboration among the government, industry, and academia. It aims to build a robust, secure, and resilient supply chain capable of responding to national security needs without reliance on foreign sources.
“Ramaco’s inclusion in the DIBC is a significant step forward in our efforts to contribute to the domestic supply of critical minerals essential for defense and energy technologies,” said Ramaco Resources, Inc. (NASDAQ:METC) Chairman and CEO Randall Atkins.
“We are honored to support the Department of War’s mission to secure the nation’s industrial base and look forward to collaborating with other consortium members to advance innovation, national security, and supply chain resilience,” he added.
1. Critical Metals Corp. (NASDAQ:CRML)
Critical Metals ended five straight days of gains on Wednesday, slashing 24.19 percent to close at $22.72 apiece as investors unloaded portfolios after trade tensions between the US and China officially eased.
The company has been riding the geopolitical tensions over the past few days following China’s new policy to curb rare earth exports, fueling fears of another supply shortage.
Critical Metals Corp. (NASDAQ:CRML), however, rallied alongside its US counterparts, as investors speculated that the curbs would push rare earth customers to look elsewhere for supply.
Additionally, the company attracted investor interest after JPMorgan announced that it would pour investments into critical minerals in a bid to support the US economic security and resiliency.
In recent developments, Critical Metals Corp. (NASDAQ:CRML) inked separate agreements with REalloys and Ucore Rare Metals for the supply of 15 percent and 10 percent, respectively, of minerals produced from its Tanbreez project in Southern Greenland.
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