Wall Street’s main indices bounced back on Friday, erasing the entire week’s losses, as investor hopes were fueled by news that no government shutdown is happening.
The tech-heavy Nasdaq jumped the highest on Friday, adding 2.61 percent, followed by the S&P 500 with a 2.13-percent gain, and the Dow Jones with 1.65 percent.
Ten companies, on the other hand, bucked an overall market optimism, posting modest losses during the day.
In this article, we have named the day’s worst performers and detailed the reasons behind their drop.
To come up with the list, we only considered those with $2 billion in market capitalization and $5 million in trading volume.
Source: Pexels
10. Bristol-Myers Squibb Company (NYSE:BMY)
Bristol-Myers saw its share prices drop by 2.11 percent on Friday to end at $59.01 apiece as investors sold off positions after touching a new 52-week high during the week.
On Monday, March 10, BMY announced that it was acquiring 2seventy bio for $286 million. The transaction involved the purchase of all outstanding shares at a price of $5 apiece, which represented an 88-percent premium from its closing price of $2.66 on March 7.
The news bolstered the company’s stock price to reach a new high of $63.33 on Tuesday.
The transaction is expected to be completed in the second quarter of the year, subject to customary closing conditions, including the tender of a majority of the outstanding shares of 2seventy bio’s common stock and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
9. Uranium Energy Corp. (NYSEAMERICAN:UEC)
Uranium Energy dropped its share prices by 2.12 percent on Friday as investors remained cautious about the impact of President Donald Trump’s tariffs on imports from Canada.
UEC, one of the largest uranium producers with projects in both the United States and Canada, stands to be hurt by higher import prices and possible lower demand for uranium products as a result of the growing trade tensions between the two economies.
Albeit granting a lower 10-percent tariff on uranium products, investors resorted to sell-offs to minimize the risks of Trump’s frequent changes in US tariff policies.
Canada is currently the US’ largest uranium producer, delivering 27 percent of its total supply, followed by Australia and Kazakhstan with 22 percent of deliveries each, according to the US Energy Information Administration.
Late last month, a Canadian uranium miner and producer signaled that prices for US customers could rise by 10 percent if Trump’s tariff threats were to be implemented.
Hedge Fund Resource Center