Investors Are Dumping These 10 Stocks

Ten companies crashed hard at intraday trading on Thursday as investors soured amid company-specific developments, while digesting the new US-China trade deal.

Following a two-day talk in London, the US and China were said to have struck a new deal, albeit existing tariffs remained in place. While not at all bad news, investors remained cautious about whether the new framework would secure the green light of Presidents Donald Trump and Xi Jinping.

Meanwhile, let us explore the 10 worst-performing stocks on Thursday and detail the reasons behind their decline.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and over 5 million in trading volume.

10. D-Wave Quantum Inc. (NYSE:QBTS)

D-Wave Quantum dropped its share prices by 3.33 percent at intraday trading on Thursday, as investors continued to book profits following Nvidia Corp. CEO Jensen Huang’s optimistic comments about the quantum computing industry.

At a conference in Paris on Wednesday, Huang said that quantum computing was reaching an inflection point, sparking an intraday rally among quantum computing stocks before slight profit-taking pulled their share prices back.

According to Huang, the world is within reach of being able to use quantum computers to be applied in areas and solve interesting problems in the coming years.

In recent news, D-Wave Quantum Inc. (NYSE:QBTS) announced plans to raise as much as $400 million to fund general corporate purposes, including working capital, capital expenditures, and possible acquisitions and expansion plans.

This followed another $95.8 million previously through the issuance of 8.33 million warrants at a price of $11.50 apiece.

The warrants were assumed by D-Wave Quantum Inc. (NYSE:QBTS) in connection with its merger with DPCM Capital Inc., which was completed on August 5, 2022.

9. Alibaba Group Holding Limited (NYSE:BABA)

Alibaba dropped its share prices by 3.64 percent at intra-day trading on Thursday at $115.95 apiece, tracking an overall sluggish market sentiment, as investors traded cautiously despite a new trade deal between the US and China.

This came after reports that the trade talks focused only on rare earth minerals, with tariffs imposed on each other’s goods remaining in place.

Additionally, the new framework is still pending approval from Presidents Donald Trump and Xi Jinping.

The cautious sentiment spilled over to Chinese stocks, including Alibaba Group Holding Limited (NYSE:BABA), which was among the US-listed China-based firms feared to face potential delisting amid the two countries’ trade war.

In recent news, Alibaba Group Holding Limited (NYSE:BABA) reported a 279-percent jump in its net income attributable to shareholders in the first quarter of the year to 12.382 billion yuan from 3.270 billion yuan in the same period last year.

Revenues increased by 7 percent to 236.4 billion yuan from 221.87 billion yuan year-on-year.