Wall Street’s 10 Worst Performing Stocks

Ten stocks lost their steam on Wednesday, bucking a broader market rally, as investors digested a flurry of negative developments, including earnings misses and a weaker outlook for the rest of the year.

Meanwhile, the Dow Jones led the rally among the major indices, jumping 1.14 percent, followed by the S&P 500 at 0.78 percent, and the tech-heavy Nasdaq at 0.61 percent.

In this article, we name the 10 worst performers on Wednesday and break down the reasons behind their declines.

To compile the list, we focused exclusively on stocks with at least $2 billion in market capitalization and over 5 million shares in trading volume.

10. STMicroelectronics N.V. (NYSE:STM)

STMicroelectronics dropped its share prices by 4.91 percent on Wednesday to close at $31.77 apiece as investors unloaded positions ahead of the release of its second quarter earnings performance.

STMicroelectronics N.V. (NYSE:STM) is scheduled to announce the results of its financial and operating highlights before market open on Thursday, July 24, where analysts expect the company to report $2.77 billion in revenues and earnings per share of $0.10.

Additionally, investors remained cautious amid President Donald Trump’s threat last week that he would likely impose a new round of tariffs on chips and pharmaceutical products as soon as August 1, the latest deadline for the introduction of his reciprocal levies on other countries.

In other news, STMicroelectronics N.V. (NYSE:STM) earned a higher price target of $50 and “outperform” rating from investment firm Baird amid improving gross margins, silicon carbide (SiC) revenue, and the clearer path to recovery of industries that it supplies its products.

9. SharpLink Gaming, Inc. (NASDAQ:SBET)

SharpLink declined by 5.8 percent on Wednesday to close at $25.81 apiece as investors turned cautious amid the drop in Ethereum prices during the day.

As of this writing, prices of Ethereum, which SharpLink Gaming, Inc. (NASDAQ:SBET) hoards in its treasury, were down by 3.17 percent at $3,629.59 apiece as market experts predict the cryptocurrency to pull back to the $3,400 support level.

SharpLink Gaming, Inc. (NASDAQ:SBET) traders took the comment negatively, especially after the company reported last Tuesday that it hiked its ETH ownership in ETH to 360,807 following the purchase of another 79,949 ETH. The cryptocurrencies were bought at an average price of $3,238 apiece.

ETH concentration rose to 3.06, up 53 percent since the company launched its digital treasury strategy.

The lump sum transaction made SharpLink Gaming, Inc. (NASDAQ:SBET) the largest ETH owner to date.

According to SharpLink Gaming, Inc. (NASDAQ:SBET) another $96.6 million of proceeds from a recent share sale have yet to be deployed to purchase more ETH.