These 10 Stocks Took A Shocking Fall

Ten stocks kicked off the trading week, booking hefty losses and defying a wider market rally, primarily due to company-specific developments and the ceasefire between Israel and Iran.

In this list, we highlight Monday’s 10 worst-performing stocks—notably dominated by energy companies—and explore the reasons behind their decline.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and over 5 million in trading volume.

10. Amgen Inc. (NASDAQ:AMGN)

Amgen Inc. extended its losing streak to a fourth straight day on Monday, dropping 5.84 percent to close at $272.44 apiece as investors sold off positions despite positive results from its weight loss drug trial, after Novo Nordisk—maker of the blockbuster Wegovy and Ozempic—progressed in its second obesity drug trial.

In a statement on Monday, Amgen Inc. (NASDAQ:AMGN) announced that its phase 2 study of its weight loss drug candidate, MariTide, demonstrated up to 20 percent average weight loss in people living with obesity without Type 2 Diabetes (T2D), and up to 17 percent for people living with obesity with T2D.

However, investors seemed unimpressed, following Novo Nordisk’s announcement over the weekend that its new obesity drug candidate, Amycretin, has progressed to a phase 3 trial after demonstrating 24.3 percent weight loss, higher than Amgen Inc.’s (NASDAQ:AMGN).

Additionally, investor sentiment was dampened by an announcement that Amgen Inc.’s (NASDAQ:AMGN) MariTide dosing should be less frequent to improve adherence and long-term weight control.

9. Schlumberger Limited (NYSE:SLB)

Schlumberger dropped for a third consecutive day on Monday, losing 5.89 percent to close at $33.73 apiece following stabilizing oil prices, thanks to the ceasefire between Israel and Iran.

In a social media post on Monday, President Donald Trump announced that the two Middle Eastern countries have agreed to pause strikes, adding that he hoped it would become permanent.

The news immediately dampened sentiment for oil and drilling stocks, having benefited from the conflict over the past few weeks through skyrocketing oil prices and ramped up drilling demand.

Schlumberger Limited (NYSE:SLB) declined alongside its energy peers, with the oil and gas equipment and services sector alone dropping 4.51 percent.

In other news, Schlumberger Limited (NYSE:SLB) announced a strategic collaboration agreement with Cactus Drilling for the expansion of automated and autonomous drilling solutions.

The collaboration aims to deliver optimized performance through enhanced operational efficiency and consistency in execution by scaling advanced digital solutions.