Wall Street’s major indices finished in the green territory anew on Wednesday as worries about tariff policies and the Federal Reserve’s independence tapered off following President Donald Trump’s assurance that he had no intentions of ousting Jerome Powell.
The Nasdaq surged by 2.5 percent, the S&P 500 rose by 1.67 percent, while the Dow Jones increased by 1.07 percent.
Ten companies, on the other hand, led the highest declines, booking modest losses during the trading session.
In this article, we have identified Wednesday’s 10 worst-performing stocks and detailed the reasons behind their lagging performance.
To come up with the list, we considered only the stocks with more than $2 billion in market capitalization and $5 million in trading volume
A laptop and a computer monitor display a detailed stock market technical analysis chart. Photo by Jakub Zerdzicki on Pexels
10. IAMGOLD Corporation (NYSE:IAG)
IAMGOLD extended its losing streak for a fourth straight day on Wednesday, shedding another 5.5 percent to finish at $7.22 apiece as investors continued to sell off shares in the company in line with the decline in spot prices of gold.
As of 4:46 PM EDT on Wednesday, gold spot prices are down by 2.73 percent at $3,288.44 per ounce.
Additionally, investors appeared to have repositioned portfolios ahead of the company’s first-quarter earnings release on May 6.
IAG is a leading gold producer with assets across Canada and West Africa. The company fully owns the Westwood project in Quebec, holds a 60 percent stake in the Côté Gold project in Ontario, and controls 90 percent of Essakane in Burkina Faso.
For this year, it targets gold production to hit between 735,000 and 820,000 ounces, focusing on maximizing Côté Gold’s potential.
9. Harmony Gold Mining Company Limited (NYSE:HMY)
Harmony Gold dropped its share prices for a second day, shedding 5.76 percent to finish at $16.03 apiece as investors continued to sell off positions amid the drop in spot prices of gold.
As of 4:46 PM EDT on Wednesday, gold spot prices were down by 2.73 percent at $3,288.44 per ounce.
In recent news, Harmony Gold Mining Company Limited (NYSE:HMY) earned a higher price target of ZAR 295 from ZAR 205 previously, while keeping a hold rating on the shares.
Earlier this year, the company said that its net income in the first semester grew by 33 percent to R7.9 billion from R5.96 billion in the same period a year earlier, as revenues rose by 18 percent to R37.1 billion from R31.4 billion, with gold revenues contributing to total revenue growth, increasing 19 percent to R35.4 million from R29.7 million.
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