Ten stocks ended the trading session in a lackluster performance, bucking an overall market optimism ahead of the Thanksgiving holiday.

On Wall Street, all major indices finished in the green, led by the Nasdaq by 0.82 percent, followed by the S&P 500, rising 0.69 percent, and the Dow Jones, growing 0.67 percent.

In this article, we focus on the 10 worst performers on Wednesday and break down the reasons behind their drop.

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

10. BigBear.ai Holdings Inc. (NYSE:BBAI)

BigBear dropped its share prices by 2.75 percent on Wednesday to close at $6.02 apiece as investors continued to take profits following a double-digit surge earlier this week.

Wednesday’s session marked its second day of decline amid profit-taking, following an easy 16 percent gain on Monday over news that it was expanding its operations in Malaysia.

According to BigBear.ai Holdings Inc. (NYSE:BBAI), it signed a memorandum of understanding with Pahang Aerospace City Development Berhad and its established partners, Easy Lease, and Vigilix Technology Investment LLC, to accelerate the development and integration of advanced technologies throughout the Pahang Aerospace City (PAC).

BigBear.ai Holdings Inc. (NYSE:BBAI) will support the initiative through offering solutions on AI-driven border operations to help advance regional and international security.

“By integrating mission-ready AI, predictive analytics, and secure orchestration technologies, together we can help Malaysia build a first-of-its-kind aviation, transit, and space ecosystem that strengthens both national economic growth and regional security,” said BigBear.ai Holdings Inc. (NYSE:BBAI) CEO Kevin McAleenan.

“This collaboration represents an exciting step forward for innovation and for BigBear.ai’s engagement in Southeast Asia,” he added.

PAC is a significant gateway for air, land, and sea passenger transport, and its development is expected to attract more domestic and foreign investments.

9. iQIYI Inc. (NASDAQ:IQ)

iQIYI snapped a two-day rally on Wednesday, shedding 3.15 percent to finish at $2.15 apiece as investors unloaded portfolios following caution from an investment firm that Chinese stocks would continue to face volatility over the next few months.

In a market note, BCA Research underscored the global selloffs in Chinese stocks in November, which dented even the heavy gainers in the Chinese technology sector.

According to the research firm, cautious sentiment lingered over the massive spending on artificial intelligence, intensifying pressure on Chinese stocks.

“Chinese equities are less overbought after the recent pullback, but remain vulnerable to global risk-off sentiment and a softer world economy,” the research said.

Additionally, the Chinese economy sharply weakened in the fourth quarter of the year amid the noticeable slowdown in exports.

In other recent news, iQIYI Inc. (NASDAQ:IQ) swung to an attributable net loss of 248.9 million yuan in the third quarter of the year from an attributable net income of 229.4 million yuan in the same period last year.

This followed a 121.8 million operating loss during the period, reversing a 238.9 million operating income.

Revenues also fell by 8 percent to 6.68 billion yuan from 7.24 billion yuan year-on-year.

8. fuboTV Inc. (NYSE:FUBO)

fuboTV dropped its share prices by 3.22 percent on Wednesday to end at $3.01 apiece as investors sold off positions after NBCUniversal terminated its partnership with the company a few days before Thanksgiving.

In a statement, fuboTV Inc. (NYSE:FUBO) said the withdrawal stemmed from recent negotiations that it did not agree to, as it would allegedly result in higher subscription costs to its customers.

According to fuboTV Inc. (NYSE:FUBO), NBCUniversal explained that it would spin off some of its cable networks into a new company called Versant by January 1, 2026, and that it wanted to renew and extend the deal well past the time that its assets would be owned by a separate company. However, the proposal would result in higher pass-on charges to consumers.

fuboTV Inc. (NYSE:FUBO) also claimed that it experienced discrimination from NBCUniversal after the latter refused to provide the company the same rights for Peacock as with YouTube TV and Amazon Prime.

“Fubo’s goal is to make Peacock available directly in our channel store so subscribers can access all of their content in one place and seamlessly pay on one bill,” it said.

“Fubo is committed to bringing its subscribers a premium, competitively-priced live TV streaming experience with the content they love. That includes multiple content options, including a sports-focused service, that can be accessed directly from the Fubo app. We hope NBCU reconsiders their stance, or we’ll be forced to move forward without them,” it added.

NCBUniversal has yet to issue its side as of this writing.

7. CNH Industrial N.V. (NYSE:CNH)

CNH Industrial dropped its share prices by 3.29 percent on Wednesday to close at $9.40 apiece—just 4 percent shy of its 52-week low—as investors unloaded portfolios amid the lack of fresh catalysts to spark buying appetite.

At intra-day trading, the stock dropped to its lowest price of $9.36, before recouping a few cents toward the close.

In recent news, CNH Industrial N.V. (NYSE:CNH) announced that its subsidiary, CNH Industrial Finance Europe SA, would redeem early all of the outstanding notes due January 19, 2026.

The notes have a coupon rate of 1.875 percent and will be redeemed on December 29, 2025, at their principal amount, alongside accrued but unpaid interest.

Earlier this month, CNH Industrial N.V. (NYSE:CNH) saw its net income in the third quarter of the year dwindle by 78 percent to $67 million from $310 million in the same period last year.

Consolidated revenues dipped by 5 percent to $4.399 billion from $4.654 billion year-on-year, as net sales from industrial activities dropped 7 percent to $3.7 billion from $3.997 billion.

Following the results, CNH Industrial N.V. (NYSE:CNH) provided a bleak outlook for the full-year 2025, with net sales from agriculture operations expected to drop by 11 to 13 percent, and the construction segment to decline by 3 to 5 percent.

6. Deere & Company (NYSE:DE)

Deere & Company dropped its share prices by 5.67 percent to end at $469.87 apiece as investor sentiment was dampened by a cautious outlook for the next fiscal year amid the threats of tariffs, coupled with disappointing earnings performance in the full fiscal year.

In an updated report, Deere & Company (NYSE:DE) said that it expects ongoing margin pressures to continue toward 2026, albeit the threats would begin to bottom out during the said period.

“While ongoing margin pressures from tariffs and persistent challenges in the large ag sector remain, our commitment to inventory management and cost control, coupled with expected growth in small agriculture and turf and construction and forestry, positions us to effectively manage the business and seize emerging opportunities as market conditions begin to recover,” said Deere & Company (NYSE:DE) Chairman and CEO John May.

In the full fiscal year of 2025, Deere & Company (NYSE:DE) saw net income decline by 29 percent to $5.027 billion from $7.1 billion in the same period last year.

Net sales and revenues dropped by 12 percent to $45.684 billion from $51.716 billion year-on-year.

“This past year brought its share of challenges and uncertainty, but thanks to the structural improvements we’ve made and the diverse customer segments and geographies we serve, we were able to achieve our best results yet for this point in the cycle,” May said.

“Our continued commitment to delivering customer value and focusing on operational efficiency enabled us to remain resilient and demonstrate the strength of our business,” he added.

5. Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Avadel declined by 6.67 percent on Wednesday to end at $21.40 apiece as investors sold off positions amid the lack of fresh catalysts to boost buying.

In recent developments, Avadel Pharmaceuticals plc (NASDAQ:AVDL) reached an updated agreement with Alkermes PLC for their proposed merger, after the latter raised its acquisition offer that would value the company worth $2.37 billion.

Under the updated offer, Alkermes would acquire shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) at a price of $22.50 apiece, consisting of $21 in cash and one non-transferrable contingent value right of $1.50 per share upon the Food and Drug Administration’s (FDA) approval of Lumryz.

The offer was markedly higher than its $20 initial offer submitted last October.

Alkermes’ revision followed H. Lundbeck A/S own bid to acquire Avadel Pharmaceuticals plc (NASDAQ:AVDL) for $23, comprising of $21 in cash and $2 non-transferrable contingent value rights (CVR) upon the achievement of two annual sales milestones for Lumryz and valiloxybate. Lundbeck’s proposal remained higher by 50 cents each.

Avadel and Alkermes’ initial agreement allowed for the former to talk and share information with another prospective buyer, but it cannot break the agreement it signed with the latter.

4. Super Group (SGHC) Limited (NYSE:SGHC)

Super Group dropped its share prices by 6.74 percent on Wednesday to close at $10.93 apiece as investor sentiment was dampened by the United Kingdom’s decision to slap higher duties on gambling activities.

Effective April 2026, the new rules would raise the taxes on remote gaming to 40 percent from 21 percent previously, while in April 2027, levies on online sports betting would increase to 25 percent from 15 percent previously.

According to Super Group (SGHC) Limited (NYSE:SGHC), the taxes would result in a 6 percent negative impact on its 2026 adjusted EBITDA, but it expressed strong support for the rules.

“Super Group supports the reasonable taxation of online gaming in the UK. We rely on the government to ensure that today’s very substantial increase should be paired with robust and strict enforcement against non-paying offshore operators,” said Super Group (SGHC) Limited (NYSE:SGHC) CEO Neal Menashe.

“This is essential to protect the regulated sector’s investment in jobs, technology, and responsible gaming in the UK,” he added.

Additionally, Super Group (SGHC) Limited (NYSE:SGHC) Chief Finance Officer Alinda van Wyk noted that the company has already prepared mitigation measures to offset the tax impact.

“Our strategy remains unchanged: sustainable growth and disciplined capital allocation. We don’t expect today’s news to alter our long-term trajectory nor our capital return priorities,” she added.

3. Workday Inc. (NASDAQ:WDAY)

Workday snapped a three-day winning streak on Wednesday, shedding 7.85 percent to end at $215.34 apiece as investor sentiment was dampened by a weak outlook for the full fiscal year of 2026.

In an updated report, Workday Inc. (NASDAQ:WDAY) said it targets subscription revenues to grow by 14.4 percent to $8.828 billion in the fiscal year ending January 2026, which is relatively flat from its previous outlook of $8.815 billion.

Outlook for non-GAAP operating margin was also maintained at 29 percent.

In the third quarter of the fiscal period, Workday Inc. (NASDAQ:WDAY) grew its net income by 30.6 percent to $252 million from $193 million in the same period last year. Revenues jumped by 12.6 percent to $2.432 billion from $2.160 billion year-on-year, on the back of a 14.6 percent jump in subscription revenues at $2.244 billion.

For the nine-month period, net income jumped by 26.8 percent to $548 million from $432 million, while revenues climbed by 12.6 percent to $7.02 billion from $6.235 billion.

“Workday delivered another solid quarter, fueled by the strength and diversity of our business and the momentum we’re seeing across our AI portfolio,” Workday Inc. (NASDAQ:WDAY) CEO Carl Eschenbach said.

2. Zscaler, Inc. (NASDAQ:ZS)

Zscaler snapped two straight days of gains on Wednesday, declining 13.03 percent to close at $251.97 apiece as investors appeared to have priced in a strong earnings performance for the first quarter of fiscal year 2026 and resorted to profit-taking ahead of the Thanksgiving holiday.

In an updated report, Zscaler, Inc. (NASDAQ:ZS) said it narrowed its net loss by 3.7 percent to $11.6 million from $12.05 million in the same period last year. Revenues jumped by 25 percent to $788 million from $627.9 million year-on-year.

Looking ahead, Zscaler, Inc. (NASDAQ:ZS) expects the full fiscal year to generate revenues of $3.282 billion to $3.301 billion, as well as annual recurring revenues between $3.698 billion and $3.718 billion.

It also targets non-GAAP operating income of $732 million to $740 million, and earnings per share (EPS) of $3.78 to $3.82.

For the second quarter, revenues are expected to end at $797 million to $799 million, while non-GAAP income from operations is targeted at $172 million to $174 million. EPS is projected at $0.89 to $0.90.

“Our outstanding Q1 results demonstrate the strong demand we are experiencing for our Zero Trust and AI Security platform. With over $3.2 billion in Annual Recurring Revenue, growing over 25 percent year-over-year, and Rule-of-78 performance, I’m very pleased to share that an increasing number of customers are relying on our platform for better security, lower operational costs, and reduced IT complexity,” said Zscaler, Inc. (NASDAQ:ZS) Chairman and CEO Jay Chaudhry.

“Zero Trust security is the linchpin for AI-Security, and Zscaler pioneered Zero Trust security with our cloud-native switchboard architecture. By integrating the recently acquired SPLX technology with our comprehensive AI Security offerings, we are expanding our best-in-class AI Security solutions to solve emerging security challenges,” he noted.

1. Nutanix Inc. (NASDAQ:NTNX)

Nutanix fell by 17.75 percent on Wednesday to close at $48.34 apiece as investor sentiment was dampened by a cautious outlook after a sudden revenue shift in the latter part of the first quarter of fiscal year 2026.

In an updated report, Nutanix Inc. (NASDAQ:NTNX) said it grew its revenues for the first quarter of the fiscal year ending October 31, 2025, by 13 percent to $670.6 million from $591 million in the same period last year. Annual recurring revenues jumped by 18 percent to $2.28 billion from $1.94 billion year-on-year.

“Bookings in our first quarter were slightly higher than expected. However, late in the quarter, we saw some revenue shift from Q1 into future periods. We expect that the revenue over time remains unchanged,” said Nutanix Inc. (NASDAQ:NTNX) Chief Finance Officer Rukmini Sivaraman.

“We expect this dynamic to continue and have factored it in our Q2 and updated full-year revenue guidance,” she noted.

For the second quarter alone, the company expects revenues to reach $705 million to $715 million, while non-GAAP operating margin is targeted at 20.5 percent to 21.5 percent.

For the full fiscal year, Nutanix Inc. (NASDAQ:NTNX) targets revenues between $2.82 billion and $2.86 billion.

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