Wall Street’s main indices finished mixed on Tuesday, as investors digested the country’s latest inflation figures, which came out lower than expected.
On Tuesday, the Labor Department reported that the Consumer Price Index for April rose by only 0.2 percent last month, bringing the annual inflation rate to 2.3 percent, versus the 2.4 percent in March. It was the lowest annual rate since February 2021.
Only the S&P 500 and the tech-heavy Nasdaq registered gains among all major indices, up by 0.72 percent and 1.61 percent, respectively. The Dow Jones, on the other hand, was down by 0.64 percent.
Beyond the main indices, 10 firms lagged in performance amid negative news, sparking sell-offs. In this article, we name Tuesday’s 10 worst-performing stocks and detail the reasons behind their drop.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
10. Centene Corporation (NYSE:CNC)
Centene Corp. dropped its share prices by 6.20 percent on Tuesday to close at $58.97 apiece, in line with the drop in healthcare stocks and the lack of fresh catalysts to boost investing appetite.
In recent news, Centene Corp (NYSE:CNC) reported an impressive earnings performance in the first quarter of the year, with net income attributable to the company jumping 12.7 percent to $1.3 billion from $1.16 billion in the same period last year. Revenues also increased by 15 percent to $46.6 billion from $40.4 billion year-on-year.
The strong figures propelled the company’s revenue growth guidance for full-year 2025, with a target of $164 billion to $166 billion.
“Our first quarter results demonstrate the resiliency of Centene’s platform and the progress we are making as an organization while navigating a dynamic policy landscape,” said Centene Corp. CEO Sarah London.
“We are pleased to reiterate our full year 2025 adjusted diluted earnings per share outlook of greater than $7.25 and continue to see attractive opportunities to grow from the strength of our core businesses in the years to come,” she added.
9. CVS Health Corporation (NYSE:CVS)
CVS Health extended its losing streak for a third straight day on Tuesday, dropping 6.65 percent to close at $60.50 apiece as investor sentiment was dampened by President Donald Trump’s executive order to lower the prices of medicines.
The news sparked fears among investors over the impact of the new order on the profits and margins of drugmakers and retailers, including CVS Health Corporation (NYSE:CVS).
Further weighing down on sentiment was a lawsuit filed by four state attorneys general against the company, claiming that CVS Health Corporation (NYSE:CVS) and its pharmacies allegedly submitted “false and fraudulent” claims to state Medicaid programs.
According to attorneys general from Connecticut, Indiana, Oklahoma, and Massachusetts, CVS Health Corporation (NYSE:CVS) has not submitted usual and customary prices available to other payers on prescription drug claims to Medicaid since 2016. CVS has yet to comment on the allegations.
8. BridgeBio Pharma, Inc. (NASDAQ:BBIO)
BridgeBio Pharma saw its share price decline by 6.78 percent on Tuesday to finish at $33.26 each following President Donald Trump’s new executive order directing drugmakers to lower the prices of drugs.
BridgeBio Pharma, Inc. (NASDAQ:BBIO), a biotechnology company, dropped alongside its counterparts in the healthcare sector as investors feared that the new order would dent the profits and margins of drugmakers and retailers.
In recent news, BridgeBio Pharma, Inc. (NASDAQ:BBIO) widened its net loss by 371 percent to $169.6 million in the first quarter of the year from $36 million in the same period a year earlier, while revenues fell by 45 percent to $116 million from $211 million year-on-year. Of the total revenue, $36.7 million was attributed to Attruby.
Meanwhile, the company was gaining strong traction for its heart treatment, Attruby, having recorded 2,072 prescriptions written by 756 prescribers as of April 25.
7. International Game Technology PLC (NYSE:IGT)
International Game tumbled by 9.5 percent on Tuesday to close at $16.19 apiece as investor sentiment was weighed down by a dismal earnings performance in the first three months of the year.
In a statement, International Game Technology PLC (NYSE:IGT) said attributable net income dropped by 67 percent to $27 million from $82 million in the same period last year, while revenues declined by 11.8 percent to $583 million from $661 million year-on-year.
Following the figures, International Game Technology PLC (NYSE:IGT) lowered its full-year outlook for the rest of the year, with revenues expected to settle at $2.55 billion and adjusted EBITDA at $1.1 billion, both aligning with the low end of the original ranges provided in February 2025.
“First quarter profit was in line with expectations at constant currency, and we delivered strong cash conversion,” said CFO Max Chiara. ”Given lower US multi-state jackpot activity and the current worsening macroeconomic environment, we believe it is likely we will be at the low end of the full-year revenue and Adjusted EBITDA guidance provided in February.”
6. Pony AI Inc. (NASDAQ:PONY)
Pony AI snapped a five-day winning streak on Tuesday, dropping 10.56 percent to close at $17.95 apiece as investors resorted to profit-taking to take advantage of its higher valuation.
The company’s recent rally was boosted by its recent partnership with ride-hailing giant Uber Technologies Inc. (NYSE:UBER) to expand the former’s autonomous driving cars globally.
According to the companies, they joined forces to begin the launch of robotaxis in a key market in the Middle East later this year. The announcement provided a boost to Pony AI Inc. (NASDAQ:PONY), a ride-hailing giant based in China, as it would leverage Uber’s wide customer base globally.
During the initial phase, the robotaxis will remain supervised by safety operators onboard until the fully autonomous commercial launch.
“At Pony.ai, our vision is to develop autonomous driving technology that is not only safe and reliable but also scalable, transforming daily transportation,” said Pony AI Inc. (NASDAQ:PONY) CEO James Peng.
5. Oddity Tech Ltd. (NASDAQ:ODD)
Oddity Tech dropped for a second straight day on Tuesday, losing 14.16 percent to close at $60.16 apiece following its chief executive officer’s disposal of a significant stake in the company.
According to Oddity Tech Ltd. (NASDAQ:ODD), its CEO, Oran Holtzman, disposed of shares in the company to improve the trading liquidity of the stock. He added that he plans to maintain control in the firm, holding approximately 23 percent of ownership.
He added that he entered into a one-year lock-up agreement, indicating that he had no intentions of selling additional shares.
The sell-off was executed under Rule 144 of the Securities Act of 1933.
Oddity Tech Ltd. (NASDAQ:ODD) is a consumer technology company that builds and scales digital-first brands to disrupt the offline-dominated beauty and wellness industries.
4. Rigetti Computing, Inc. (NASDAQ:RGTI)
Rigetti Computing snapped a three-day winning streak on Tuesday, losing 14.59 percent to finish at $9.86 apiece following a significant drop in its topline figures in the first three months of the year.
In a statement, Rigetti Computing, Inc. (NASDAQ:RGTI) said revenues fell by 52 percent to $1.47 million from $3.05 million in the same period last year, as loss from operations expanded by 30 percent to $21.6 million from $16.58 million year-on-year.
Total operating expenses also grew by 22 percent to $22.07 million from $18.08 million in the same comparable period.
Earlier this year, Rigetti Computing, Inc. (NASDAQ:RGTI) a number of projects from the US and UK governments, reflecting its stronghold in the quantum computing sector. This includes its participation in DARPA’s Quantum Benchmarking Initiative, grant of AFOSR award to further develop breakthrough chip fabrication technology, as well as three Innovate UK Quantum Mission pilot awards to advance superconducting quantum computing.
3. Xenon Pharmaceuticals Inc. (NASDAQ:XENE)
Xenon Pharmaceuticals decreased by 17.43 percent on Tuesday to finish at $29.60 apiece following the delayed results of its Phase 3 epilepsy study and a dismal earnings performance in the first quarter of the year.
In a statement, Xenon Pharmaceuticals Inc. (NASDAQ:XENE) said that the results of the study are now expected to be released in early 2026.
“While this timing represents a modest shift from our prior guidance, we are encouraged that we are nearing the end of this important study, which represents a significant milestone for Xenon, getting us one step closer to a potential first commercial product launch,” said President and CEO Ian Mortimer.
In the first three months of the year, Xenon Pharmaceuticals Inc. (NASDAQ:XENE) said net loss widened by 35.7 percent to $65 million from $47.9 million in the same period last year, despite incurring $7.5 million in revenues during the period.
Research and development expenses grew by 38 percent to $61.2 million from $44.3 million year-on-year.
2. UnitedHealth Group Incorporated (NYSE:UNH)
UnitedHealth extended its losing streak for a sixth consecutive day on Tuesday, dropping another 17.79 percent to close at $311.83 apiece as investor sentiment was weighed down by news that its chief executive officer is stepping down.
In a statement on Monday, Andrew Witty said he will resign from his post due to “personal reasons.” He will be replaced by Stephen J. Hemsley, who served as the company’s CEO from 2006 to 2017.
Although Witty will no longer be CEO, he will remain as senior advisor to Hemsley, who also chairs the company’s board of directors.
“We are grateful for Andrew’s stewardship of UnitedHealth Group, especially during some of the most challenging times any company has ever faced,” Hemsley said in a news release. “The Board and I have greatly valued his leadership and compassion as chief executive and as a director and wish him and his family the best.”
According to Hemsley, he expects the company to return to its “long-term growth objective of 13 to 16 percent.”
1. Halozyme Therapeutics, Inc. (NASDAQ:HALO)
Halozyme Therapeutics nosedived by 24.56 percent on Tuesday to close at $50.23 apiece as investor sentiment was weighed down by news that the Centers for Medicare and Medicaid Services is set to negotiate prices of several high-cost drugs each year.
Biologic drugs usually have 13 years on the market before the CMS will consider them for price negotiations, but such does not seem to be the case for drugs that contain hyaluronidase or enzymes degrading a key component in the body’s connective tissues.
Halozyme Therapeutics, Inc. (NASDAQ:HALO), a biopharmaceutical company focusing on developing novel recombinant human enzymes, could be impacted by the pricing negotiations initiative.
Following the news, Leerink Partners downgraded the company’s stock to underperform, while also lowering its price target to $47 from $63 previously.
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