IonQ (IONQ) Slashes 9% as Govt Denies Talks with Quantum Firms

We recently published 10 Stocks Crashing Hard Despite Highly Optimistic Market. IonQ, Inc.  is one of the worst-performing stocks on Tuesday.

Shares of IonQ fell by 9 percent on Tuesday to close at $57.15 apiece, ending three straight days of rally, as investors began digesting the US government’s denial that it was in talks with quantum companies for a potential investment.

IonQ, Inc. dropped alongside its peer, D-Wave Quantum Inc. (NYSE:QBTS), after the Commerce Department debunked reports that it was negotiating with several quantum computing firms.

“The Commerce Department is not currently negotiating equity stakes with quantum computing companies,” a spokesperson was quoted as saying in a statement.

Photo by Anton Maksimov juvnsky on Unsplash

Last week, the Wall Street Journal reported that each quantum firm was looking to secure $10 million worth of funding from the government in exchange for government ownership, similar to other listed firms from different industries that secured million- and billion-dollar investments from the administration.

Meanwhile, investors repositioned portfolios ahead of IonQ, Inc.’s third quarter earnings results after market close on Wednesday, November 5.

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This article is originally published at Insider Monkey.