Ten stocks fell sharply on Tuesday, defying broader market optimism, amid a flurry of negative developments and the lack of catalysts that sparked sell-offs.
On Wall Street, the tech-heavy Nasdaq jumped by 0.44 percent, the S&P 500 increased by 0.41 percent, and the Dow Jones grew by 0.30 percent.
Indices aside, we name the 10 worst performers on Tuesday and detail the reasons behind their drop.
To come up with the list, we considered the stocks with more than 5 million shares in trading volume.
Stock market charts. Photo by Kaboompics.com on Pexels
10. 3 E Network Technology Group Ltd. (NASDAQ:MASK)
Shares of 3 E Network dropped for a second day on Tuesday, shedding 14.03 percent to close at $0.57 apiece amid the lack of fresh catalysts to boost investing appetite.
Tuesday also marked the company’s 10th consecutive day of trading below the Nasdaq’s minimum bid price requirement of $1, potentially supporting investor pessimism.
3 E Network Technology Group Ltd. (NASDAQ:MASK) is a Hong Kong-based company providing business-to-business information technology solutions, and is slowly transitioning to Bitcoin treasury building.
In its recent move to expand Bitcoin ownership, 3 E Network Technology Group Ltd. (NASDAQ:MASK) successfully raised $7.4 million in fresh funds through the issuance of senior secured convertible notes and warrants to an institutional investor. The total amount represents the first of a three-tranche private offering.
The company said part of the proceeds will be used to acquire Bitcoins, in line with its plans to build cryptocurrency reserves and support its growth initiatives in the Web 3.0 era.
9. Inno Holdings Inc. (NASDAQ:INHD)
Inno Holdings fell by 16.63 percent on Tuesday to close at $3.96 apiece as investors resorted to profit-taking following what analysts called a “meme rally” in the previous day, bolstered by the Federal Reserve’s signal to cut interest rates.
At intra-day trading on Tuesday, Inno Holdings Inc. (NASDAQ:INHD) opened at $3.27, to a high of $4.03, before trimming gains toward the session. The closing price, however, remained at a whopping 202-percent gain prior to the meme rally.
According to analysts, investors loaded positions on expectations that it would benefit from the US central bank’s expected rate cuts.
Inno Holdings Inc. (NASDAQ:INHD), a holding company, operates a diversified business, including phone recycling, wholesaling, and construction products, among others.
In particular, its construction production business is expected to benefit from a projected boom in the residential market, thanks to lower borrowing costs that could prop up property buying.
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