Ten stocks ended the trading week bleeding on Friday, much higher than Wall Street, as investors sold off positions to mitigate risks from a series of negative developments.
Meanwhile, Wall Street’s main indices lagged. The Dow Jones ended up, but only by 0.13 percent. The tech-heavy Nasdaq dropped 0.32 percent, while the S&P 500 dipped by 0.01 percent.
In this article, we identified 10 of Friday’s worst performers and detailed 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 in trading volume.
10. TAL Education Group (NYSE:TAL)
TAL Education saw its share prices drop by 7.53 percent on Friday to end at $9.83 apiece as investors sold off positions to mitigate the risks of President Donald Trump’s ongoing crackdown on Chinese students.
The move dealt a major blow to China, with the two countries currently on a 90-day tariff truce. Washington’s targeting of Chinese international students has dampened hopes for a longer-term trade agreement between the two nations.
Additionally, investors remained cautious about Chinese firms listed on US stock exchanges amid renewed calls from finance officials from federal states to have them forcefully removed.
Officials accused the firms of not complying with federal audit requirements, audit deficiencies, crackdowns on firms that do due diligence research on Chinese companies, alleged stock manipulation, as well as national security concerns.
TAL Education Group (NYSE:TAL) is a Chinese company listed only on the US stock exchange. While its core business is in China, it also operates in other countries such as Hong Kong, the US, Canada, and Singapore.
TAL Education Group (NYSE:TAL) is an education services company that is investing heavily in Artificial Intelligence in a bid to bolster its modern learning products and services.
9. Rigetti Computing, Inc. (NASDAQ:RGTI)
Rigetti Computing extended its losing streak to a third consecutive day on Friday, shedding 7.91 percent to finish at $12.11 apiece as investors sold off positions following a $350-million share sale that could pave the way for the potential dilution of existing shareholders’ equity.
Under the program, Jefferies LLC will act as the sales agent, facilitating stock sales directly on behalf of Rigetti Computing, Inc. (NASDAQ:RGTI).
In the first quarter of the year, Rigetti Computing, Inc. (NASDAQ:RGTI) swung to a net income attributable to shareholders of $38.2 million versus a $20.77 million net loss in the same period last year.
Revenues, on the other hand, 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.
Rigetti Computing, Inc. (NASDAQ:RGTI) is banking on the series of partnerships it clinched recently, including its inclusion in the Defense Advanced Research Projects Agency’s Quantum Benchmarking Initiative, leading a 3.5-million euro consortium to advance quantum error correction capabilities on superconducting quantum computers in the UK, among others.
8. Joby Aviation, Inc. (NYSE:JOBY)
Joby Aviation declined by 8.22 percent on Friday to close at $7.82 apiece as investors booked profits from the previous days’ surge, buoyed by a $500-million investment from giant carmaker Toyota Motor Corporation.
According to Joby Aviation, Inc. (NYSE:JOBY), the amount represents the first tranche of the $500-million investment, aimed at supporting certification and commercial production of Joby’s electric air taxi.
“With this capital and Toyota’s legendary production expertise, we’re enhancing our ability to scale cutting-edge design and manufacturing to meet the demands of our partners and customers,” said Joby Aviation, Inc. (NYSE:JOBY) founder and CEO JoeBen Bevirt.
For his part, Toyota North America CEO Tetsuo Ogawa said that the investment reflects the two companies’ dream “of mobility for all and our commitment to achieving a future of air mobility.”
Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi, which it intends to operate as part of a fast, quiet, and convenient service in cities around the world.
7. Bitdeer Technologies Group (NASDAQ:BTDR)
Bitdeer Technologies dropped its share prices by 10.13 percent on Friday to end at $12.86 each as investors sold off positions in line with the company’s ongoing buyback plan that kicked off on the same day.
Sentiment may have also been dampened by the lackluster performance of Bitcoin during the day, having gained only 0.16 percent to hover at the $104,000 level as of this writing.
Earlier this week, Bitdeer Technologies Group (NASDAQ:BTDR) maintained its “buy” recommendation from investment firm B. Riley, with a higher price target of $18 versus $17 previously.
According to B. Riley, the higher price target was based on optimism about its entry into the ASIC market, its aggressive expansion in self-mining operations, as well as the ongoing growth of the high-performance computing operations at its key facilities.
In the first quarter of the year, Bitdeer Technologies Group (NASDAQ:BTDR) saw net income soar by more than 67,000 percent to $409 million from only $600,000 in the same period last year.
Revenues, however, dropped by 41 percent to $70 million from $119 million year-on-year.
6. EchoStar Corporation (NASDAQ:SATS)
EchoStar fell by 12.10 percent on Friday to end at $17.73 apiece as investors sold off positions to mitigate the risks, following news that it intentionally did not settle worth $326 million of interest payments for one of its senior notes, saying that its ongoing battle with the Federal Communications Commission (FCC) froze its ability to make decisions.
In a regulatory filing on Friday, EchoStar Corporation (NASDAQ:SATS) said that it received a letter from the FCC on May 9 indicating that the latter was beginning a review of its compliance with certain federal obligations to provide 5G service in the US and raising concerns regarding its buildout extension and mobile-satellite service utilization in the 2GHz band.
“In light of this uncertainty, we have elected not to make an approximately $326 million cash interest payment due on May 30, 2025,” it said, adding that the move was to allow time for the FCC to provide the relief it requested.
The move sparked concerns that the company may potentially file a bankruptcy protection to shield itself from creditors.
5. Elastic N.V. (NYSE:ESTC)
Elastic NV dropped its share prices by 12.13 percent on Friday to close at $80.87 apiece following the release of a mixed earnings performance in the fourth quarter and full fiscal year of 2025.
In a statement, Elastic N.V. (NYSE:ESTC) said it swung to a net loss of $108 million in the full fiscal year of 2025, reversing a $61.7-million net income the year before.
Revenues, however, increased by 16.5 percent to $1.48 billion from $1.27 billion during the same period.
For the fourth quarter alone, Elastic N.V. (NYSE:ESTC) narrowed its net loss by 60 percent to $16.38 million from the $41.1 million reported in the same period last year, while revenues rose by 15.8 percent to $388 million from $335 million year-on-year.
Looking ahead, the company is targeting to hit between $396 million and $398 million in revenues for the first quarter of fiscal year 2026. The amount would represent a 14 percent growth year-on-year.
Meanwhile, full-year revenues were pegged at a range of $1.655 billion to $1.67 billion, or an 11-percent growth from 2025.
4. The Cooper Companies, Inc. (NASDAQ:COO)
The Cooper Companies dropped its share prices by 14.61 percent on Friday, a third straight day, to finish at $68.28 apiece as investor sentiment was dampened by a weak outlook guidance for the rest of the year.
In its latest earnings call, The Cooper Companies, Inc. (NASDAQ:COO) said it now sees organic growth of 5 to 6 percent for fiscal year 2025, down from the 6 to 8 percent as targeted previously.
Following the announcement, JPMorgan lowered its rating for the company to “neutral” from “overweight,” with a price target of $76, down from $110 previously.
“It’s hard to come away feeling positive following several quarters of mixed execution and a potentially durable slowdown in market trends back to previous levels,” JPMorgan said.
Wells Fargo also reduced its price target for The Cooper Companies, Inc. (NASDAQ:COO) to $93 from $118 previously.
3. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)
Regeneron Pharmaceuticals fell by 19.01 percent on Friday to end at $490.28 apiece as investor sentiment was dampened by the shocking failure of its potential treatment for chronic obstructive pulmonary disease (COPD) during one of its late-stage trials.
According to the company, the first trial of the Phase 3 study for the efficacy of itepekimab in adult former smokers with COPD met the primary target of showing a 27-percent reduction in the worsening symptoms after 52 weeks. However, the second trial failed to meet the same endpoint, having reduced by only 2 percent during the same study period.
Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), along with its partner, Sanofi, said they are reviewing the data and will discuss with regulatory authorities to evaluate next steps.
“Certain people with COPD are in desperate need of new treatment options, especially those who continue to experience exacerbations despite being on maximal therapy, and we remain committed to discussing these data with regulatory agencies to evaluate our path forward,” said Sanofi Head of Research and Development Houman Ashrafian.
2. The Gap, Inc. (NYSE:GAP)
Shares of Gap Inc. nosedived by 20.18 percent on Friday to end at $22.31 apiece following expectations of as much as $300 million in incremental tariff-related costs amid the ongoing global trade war.
In a statement, The Gap, Inc. (NYSE:GAP) said that it is expecting between $250 million and $300 million worth of incremental costs if President Donald Trump’s tariff rates of 30 percent on China and 10 percent on other countries remain.
“The company currently has strategies to mitigate more than half of that amount. After considering these mitigation strategies, the company estimates a remaining net impact of about $100 million to $150 million to fiscal 2025 operating income, primarily weighted to the back half of the year,” it underscored.
Excluding the impact of tariffs, The Gap, Inc. (NYSE:GAP) said it was expecting to post a 1 to 2 percent growth in net sales for the full year 2025, with operating income between 8 and 10 percent. The second quarter, however, is expected to remain flat year-on-year.
1. Summit Therapeutics Inc. (NASDAQ:SMMT)
Summit Therapeutics fell by 30.50 percent on Friday to finish at $18.22 apiece as investors sold off positions, hoping for more promising results from the first trial of its Phase 3 study of Ivonescimab.
While the data was not at all bad news, investors had hoped for more concrete results, specifically on the patients’ survival rates.
In a statement, Summit Therapeutics Inc. (NASDAQ:SMMT) said that the trial met the progression-free survival primary endpoint and showed a positive trend in the overall survival. It logged a hazard ratio of only 0.52.
On the other hand, Ivonescimab, in combination with chemotherapy, showed a positive trend in the overall survival but did not achieve a statistically significant benefit. Summit Therapeutics Inc. (NASDAQ:SMMT) said it had a hazard ratio of 0.79.
In the first quarter, Summit Therapeutics Inc. (NASDAQ:SMMT) widened its net loss by 44.6 percent to $62.9 million from $43.5 million in the same period last year, as operating expenses picked up by 57.5 percent to $66.8 million from $42.4 million year-on-year.
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