The stock market wiped away earlier gains, ending Thursday’s trading in another bloodbath session, as investors sold off positions amid President Donald Trump’s announcement that he had actually raised tariffs on Chinese goods to 145 percent.

The Nasdaq was battered the most among all major indices, losing 4.31 percent. The S&P 500 followed with a 3.46-percent drop while the Dow Jones came in last, down 2.50 percent.

Meanwhile, 10 companies were heavily sold down on Thursday, recording double-digit losses as investors parked funds to minimize risks from the ongoing uncertainties. In this article, we have listed Thursday’s 10 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 trading volume.

10. Warner Bros Discovery Inc. (NASDAQ:WBD)

Warner Bros fell by 12.53 percent on Thursday to finish at $8.10 apiece as investors sold off positions following comments from the China Film Administration that Washington’s aggressive tariff imposition on Beijing would broadly impact American films.

“The wrong move by the US government to abuse tariffs on China will inevitably further reduce the domestic audience’s favorability towards American films,” the agency said.

The comment spells bad news for the film entertainment giant considering its substantial debt worth $34.6 billion.

In recent news, WBD recently replaced studio heads Mike de Luca and Pam Abdy following a series of box office flops.

According to a report by Bloomberg, WBD Chief Executive Officer David Zaslav is in talks with potential successors to de Luca and Abdy which triggered the box office failures of “Alto Knights,” “Mickey 17” and “Joker: Folie à Deux,” with the latter raking in only around $200 million following the first Joker’s $1 billion revenues.

9. APA Corp. (NASDAQ:APA)

APA Corp. saw its share prices drop by 12.63 percent on Thursday to end at $14.60 apiece as investors resorted to profit-taking following the prior day’s gain while waiting on the sidelines for further updates on the ongoing US-China trade tensions.

In the previous trading day, APA clocked in a 19-percent gain in line with higher crude oil and natural gas prices which largely benefited energy firms like APA.

On Wednesday, APA announced initial updates about its business operations and said that the full information would be released at its first-quarter earnings release on May 8, 2025.

Analysts expected APA to post $0.80 earnings per share (EPS) in the first quarter, which would represent a 2.6-percent increase from the same period last year.

Revenues are expected to settle at $2.18 billion, which, if realized, would mark a 14.5-percent growth year-on-year.

APA is an American energy company engaged in the exploration of oil and natural gas.

8. Mobileye Global Inc. (NASDAQ:MBLY)

Mobileye Global dropped its share prices by 12.81 percent on Thursday to close at $13.20 each as investors began booking profits while also digesting the company’s downgraded ratings from two investment firms.

On Thursday, UBS reduced its price target for MBLY to $14 from $17 previously while maintaining a Neutral rating on its shares.

According to UBS, the adjustment took into account the company’s potential risks and impact from the global trade war that would likely raise vehicle manufacturing costs and lead to lower demand.

Meanwhile, Goldman Sachs lowered its price target for MBLY to $17 from $20 but maintained a Buy rating on the shares.

Goldman said its revision reflected a broader assessment of the auto industry’s outlook and financial estimates, particularly the difficulty for the automotive sector to pass on tariff costs to the consumers amid the ongoing market challenges.

7. Marvell Technology Inc. (NASDAQ:MRVL)

Marvell Technology saw its share prices nosedive by 13.27 percent on Thursday to end at $52.87 each as investor sentiment was dampened by the ongoing trade war’s potential impact on its business.

With MRVL’s business of manufacturing and distributing semiconductor products globally, including China, the escalating trade war between two of the world’s largest economies could largely impact supply chain operations and result in lower demand for its products.

In other news, MRVL entered into a definitive agreement with Infineon Technologies AG for the sale of its automotive ethernet business Brightlane for $2.5 billion.

According to MRVL, the sale is expected to generate revenues between $225 million and $250 million for fiscal year 2026.

“Marvell has transformed itself into a leading data infrastructure solutions provider, with the data center end market driving 75 [percent] of consolidated revenue in the fiscal fourth quarter of 2025,” said MRVL Chairman and CEO Matt Murphy. ”We believe this transaction delivers the strongest financial return for Marvell shareholders, given its compelling valuation.”

6. CoreWeave Inc. (NASDAQ:CRWV)

Shares of newly listed CoreWeave Inc. declined by 13.47 percent on Thursday to finish at $42.20 apiece as investors sold off positions amid a wider market pessimism.

In recent news, CRWV clinched a new $4.5-billion deal with Galaxy Digital, a crypto miner turned AI cloud service provider, to host its infrastructure at the latter’s Helios campus in West Texas. Under the terms, Galaxy will deliver 133 megawatts of critical IT load to host CRWV’s artificial intelligence and high-performance computing infrastructure.

As part of the conversion process, Galaxy is set to remove its crypto-mining hardware from the site.

Apart from Galaxy Digital, CRWV also bagged an $11.9-billion deal with OpenAI in March, a significant development for the company that analysts said could help reduce its reliance on Microsoft, which earlier lessened its commitment to the company for missing deadlines and materials delivery issues needed to scale its artificial intelligence models.

5. Microchip Technology Inc. (NASDAQ:MCHP)

Investors resorted to profit-taking in shares of Microchip Technology on Thursday following earlier gains, pushing the company’s price down by 13.56 percent to end at $38.81 each.

Despite being headquartered in the US, shares of MCHP were sold down given its huge international trade exposure that could be largely impacted by the ongoing trade tensions globally. It does not help that China is one of the countries where MCHP has a large footprint on, having 16 sales and technical offices across the mainland and a development center in Shanghai.

According to the company, its China operations work with approximately 170 strategic channel partners and serve more than 12,000 customers.

MCHP currently employs approximately 440 employees in the mainland.

Earlier this week, an analyst warned that chipmakers’ indirect exposure to electronics and machinery would impact them more than investors realized.

4. American Airlines Group Inc. (NASDAQ:AAL)

American Airlines fell by 14.48 percent on Thursday to finish at $9.51 apiece as investors resorted to profit-taking while repositioning portfolios amid the escalating trade war.

In recent news, two of AAL’s planes reportedly collided at the taxiway of the Ronald Reagan Washington National Airport where the wingtip of a Bombardier CRJ900 bumped into an Embraer E175.

The two planes were bound for their respective routes, to Charleston International Airport in South Carolina, while the other was headed for JFK International Airport in New York.

The news was met with investor concern, especially with the travel industry’s high sensitivity to operational disruptions and safety concerns.

3. Patterson-UTI Energy Inc. (NASDAQ:PTEN)

Patterson-UTI saw its share prices drop by 14.79 percent on Thursday to end at $5.59 apiece, in line with the drop in crude oil prices and expectations that the heightening trade war could dampen energy demand.

PTEN is one of the leading oilfield services companies that provides drilling, pressure pumping, and rental equipment, among others, to oil and gas producers.

In recent news, PTEN said it has maintained an average of 106 rigs actively earning revenues under contract in the US.

In its latest earnings release, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) swung to a $51.58 million net loss attributable to shareholders in the last quarter of 2024, a reversal from the $61.95 million net income in the same period a year earlier.

It also dived to a net loss of $968 million last year from a $246.3-million net income in 2023.

2. CarMax Inc. (NYSE:KMX)

CarMax Inc. tumbled by 17 percent on Thursday to finish at $66.45 each over a number of negative catalysts that dampened investor sentiment, missed analyst estimates, and nixed forecasts on long-term growth.

On Thursday, KMX said that it removed the timelines for its long-term targets “given the potential impact of macroeconomic factors.”

KMX President and CEO Bill Nash, however, clarified that the withdrawal of long-term targets does not mean that the outlook has turned bearish.

“It definitely wasn’t pessimistic,” he noted.

During the fourth quarter of fiscal year 2025, KMX reported earnings per share of $0.58, falling short of the $0.65 as forecast by analysts.

Revenues, on the other hand, grew 7 percent to $6 billion, while digital sales jumped 25 percent year-on-year.

For 2026, KMX said it would continue to expand stores and reconditioning centers into new locations.

1. Charles River Laboratories International, Inc. (NYSE:CRL)

Charles River’s share prices fell by 28.13 percent on Thursday to end at $99.95 apiece as investors sold off on news that the Food and Drug Administration (FDA) officially phased out animal testing requirements to switch to Artificial Intelligence methods.

The move was a low blow to the company, having specialized in traditional animal trials.

According to the FDA, the initiative was designed to replace animal testing with more effective human-relevant methods in the development of monoclonal antibody therapies and other drugs.

The move was not only expected to improve drug safety and expedite the evaluation process, but it could also result in lower research and development costs, thereby reducing drug prices for the end consumers.

According to the FDA, it will begin to encourage the inclusion of New Approach Methodologies (NAMs) data in investigational new drug applications.

While we acknowledge the potential of CRL as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than CRL but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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