The stock market ended firmer on Wednesday, with all major indices finishing in the green territory as investors weighed news of President Donald Trump’s imposition of a new round of tariffs while digesting minutes of the Federal Reserve.
The Dow Jones rose by 0.16 percent, the S&P 500 increased by 0.24 percent, while the tech-heavy Nasdaq eked out a 0.07 percent gain.
Ten companies bucked a broader market optimism, posting heavy losses, mostly due to disappointing earnings performance last year.
To come up with Wednesday’s worst performers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.
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10. Cadence Design Systems, Inc (NASDAQ:CDNS)
Cadence Design Systems, Inc. (NASDAQ:CDNS) fell by 8.78 percent on Wednesday to end at $274.04 apiece as investors unloaded portfolios after the company reported mixed earnings results.
In a statement, CDNS said it registered net income of $1.05 billion last year, flat from the $1.04 billion registered in 2023. Meanwhile, net profit for the fourth quarter rose by 5 percent to $340 million from $324 million year-on-year.
Revenues in the fourth quarter, however, were higher by 27 percent at $1.35 billion from $1.07 billion year-on-year, while revenues for the full year were up by 13.4 percent to $4.64 billion from $4.09 billion in 2023.
For this year, CDNS expects revenues to settle between $5.14 billion and $5.22 billion, which aligns with the $5.19 billion expected by analysts.
9. Etsy, Inc. (NASDAQ:ETSY)
Shares of Etsy, Inc. (NASDAQ:ETSY) declined by 10.05 percent on Wednesday to finish at $51.53 apiece as investors sold off positions following lower gross merchandise sales (GMS) and number of active buyers for the fourth quarter of 2024.
In its earnings release, ETSY said consolidated GMS declined by 6.8 percent to $3.7 billion, while GMS from its marketplace dropped 8.6 percent to $3.3 billion as a result of pressures on consumer discretionary product spending, challenging year-over-year comparisons in a shortened holiday season, category mix, and a highly promotional and competitive retail environment.
In particular, ETSY marketplace GMS was weak on a year-on-year basis in October and November but saw a notable pickup in December.
The number of active buyers also dropped 2.6 percent year-on-year, while the active seller count decreased 10 percent year-on-year.
Net income increased by 56 percent during the period at $129.9 million from $83 million year-on-year, while revenues inched up by 1.2 percent to $852 million from $842 million.
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