10 Stocks Take A Shocking Nosedive

6. AppLovin Corp. (NASDAQ:APP)

AppLovin declined by 4.46 percent on Wednesday to close at $344.37 apiece as investors unloaded portfolios while waiting for updates on key economic developments.

Additionally, sour sentiment lingered following its surprising non-inclusion to the S&P 500 index, after Bank of America and Barclays both expressed confidence that it will join the index’s recent rebalancing.

According to the two investment firms, AppLovin Corporation (NASDAQ:APP) met the criteria of at least $20.5 billion in market value and GAAP profitability over the past four quarters.

Getting included in the S&P 500 can be advantageous to stock components as it exposes them to a wider group of investors.

In the first quarter of the year, AppLovin Corporation (NASDAQ:APP) expanded its net income by 144 percent to $576 million from $236 million in the same period last year.

Revenues increased by 40 percent to $1.48 billion from $1.058 billion year-on-year.