These 10 Stocks Just Lost Their Spark

Ten stocks finished the trading session in a lackluster note amid a series of negative news, including bearish ratings and dismal earnings performance for the second quarter of the year.

In contrast, the broader market finished in the green, with the Nasdaq up by 0.75 percent, followed by the S&P 500 with a 0.54 percent gain, and the Dow Jones, at 0.52 percent.

In this list, we highlight the top 10 worst-performing companies on Thursday and explore the reasons behind their drop.

The stocks were chosen based on two criteria: at least $2 billion in market capitalization and over 5 million shares in trading volume.

10. Sunrun Inc. (NASDAQ:RUN)

Shares of Sunrun dropped by 3.68 percent on Thursday to close at $9.96 apiece as investors unloaded portfolios amid the lack of catalysts to support a rally.

Thursday’s session marked the company’s second consecutive day of decline, suggesting that investors have already priced in optimistic comments from analysts recently.

Earlier this week, Sunrun Inc. (NASDAQ:RUN) earned an “overweight” rating and a higher price target of $16 from JPMorgan. The figure represented a 23-percent improvement from its $13 price target previously.

According to JPMorgan, the revision was based on its confidence about the solar firm’s leadership position in the underpenetrated residential energy services market, which it expects to grow by double digits.

It also underscored the company’s strong revenue visibility from long-term customer contracts, alongside the potential for market share gains due to favorable Investment Tax Credit (ITC) rules.

Meanwhile, investment firm Mizuho also posted a bullish sentiment on shares of Sunrun Inc. (NASDAQ:RUN), raising its price target to $21 from $13 previously, while maintaining an “outperform” rating.

9. Centene Corporation (NYSE:CNC)

Centene Corporation saw its share prices touch a new all-time low on Thursday as investors turned even more cautious following one of its counterparts’ disappointing earnings performance tied to its Medicaid and Affordable Care Act (ACA) services.

At intra-day trading, Centene Corporation (CNC) dropped to its lowest 52-week price of $28.92 before slight buying persisted toward the end to push its share prices to $29.14.

Investors appeared to have unloaded positions ahead of the company’s second-quarter earnings results, after its counterpart, Elevance Health, reported a 24.2-percent drop in net income during the second quarter of the year.

Additionally, Elevance Health updated its outlook to reflect elevated medical cost trends under the ACA and slower rate alignment in Medicaid.

Centene Corporation (NYSE:CNC) likewise offers Medicaid and ACA services. Earlier this month, the company withdrew its 2025 earnings forecast due to an expected slump in its revenues from commercial plans under the ACA or Obamacare.