Wall Street finished with a lackluster Thursday, with all major indices ending in the red amid renewed concerns about the AI buildout after Jensen Huang resigned as Nvidia Corp.’s CEO.
The Nasdaq fell 0.39 percent, while the S&P 500 declined 0.35 percent. The Dow Jones was down 0.36 percent.
Meanwhile, 10 stocks led Thursday’s decline, losing 9 to 25 percent. In this article, we identify their names and break down the reasons behind their weak performance.
To come up with the list, we considered the stocks with more than $1 billion in market capitalization and 5 million shares in trading volume.
Photo by Tima Miroshnichenko on Pexels
10. ImmunityBio Inc. (NASDAQ:IBRX)
ImmunityBio extended its losing streak to a 4th consecutive day on Thursday, shedding 9 percent to close at $6.07 apiece, mirroring a lackluster performance in the broader market, while investors continued to digest its revenue miss in the third quarter of the year.
During the period, the biotechnology company said that it raked in total revenues of $48.84 million, a 52 percent jump from the $32.06 million in the same period last year, but missed Wall Street’s consensus estimate of $59.2 million to $61 million.
Net loss attributable to shareholders also widened by 174 percent to $184.55 million from $67.25 million year-on-year, dragged down by fair value changes related to convertible notes and common stock price, among others.
In other developments, investors were also positioning portfolios ahead of key updates as the company participates in the upcoming UBS Global Biopharma Conference and Jefferies Global Healthcare Conference in London on Monday, November 16, where it is expected to discuss updated results from its QUILT-2.005 study on its bladder cancer treatment candidate and its ongoing global expansion initiatives.
“The results from our QUILT-2.005 study bring us closer to our goal of treating bladder cancer earlier in the course of the disease,” ImmunityBio Inc. (NASDAQ:IBRX) President and CEO Richard Adcock said.
“In London, we look forward to discussing what these findings could mean for patients who have not yet received BCG, our work to expand access to ANKTIVA globally, and where we see the greatest opportunity for our immunotherapy platform,” he noted.
9. Global Payments Inc. (NYSE:GPN)
Global Payments saw its share price decline by 12.03 percent on Thursday to close at $88.18 apiece, following reports that private equity firms CD&R and GTCR have axed plans to acquire the company, weeks after announcing the exploration of a sale.
A report by Reuters citing people privy to the matter said that the two investment firms halted talks given the complexities of the deal, although it noted that a revival remained possible at a later date or if another buyer emerges.
CD&R and GTCR planned to acquire Global Payments Inc. (NYSE:GPN) for $40 billion, a year after the latter agreed to a $22.7 billion deal to acquire another payments giant, Worldpay, from GTRC and FIS while disposing of its Issuer Solutions business to FIS for $13.5 billion.
Earlier this month, Global Payments Inc. reported a 56 percent decline in its net income in the third quarter of the year to $280.9 million from $635.2 million in the same period last year. Revenues increased by 63 percent to $3.3 billion from $2.02 billion.
In other news, Global Payments Inc. announced that its board of directors has approved the distribution of $0.25 in dividends to all shareholders on record as of December 10, 2026. Payments will be made on December 24.
8. Archer Aviation Inc. (NYSE:ACHR)
Archer Aviation fell by 10.91 percent on Thursday to close at $4.33 apiece as investor sentiment was dampened by a series of price target cuts from analysts following the results of its third-quarter earnings performance.
In separate market notes earlier in the week, Needham and Deutsche Bank both reduced their price targets for Archer Aviation Inc. (NYSE:ACHR) to $7 and $10, respectively, from $9 and $12, despite maintaining a buy recommendation.
Needham, for its part, said that the reduction was based on a flatter early trajectory given the minimal technical progress with the Federal Aviation Administration, which is expected to modestly increase cash needs.
In the third quarter of the year, Archer Aviation Inc. widened its net loss by 111.4 percent to $274.6 million from $129.9 million in the same period last year. It also raked in revenues of $5.1 million, versus none in the comparable period.
In other news, the listed aviation firm announced a multi-year partnership with Formula 1 for the potential integration of eVTOL air taxi services at Grand Prix events with the goal of flying VIPs and fans to and from Grand Prix circuits in minutes aboard its Midnight aircraft.
The partnership will explore opportunities such as dedicated air taxi drop-off and pick-up locations at circuits and the inclusion of air taxi services as part of Formula 1’s hospitality and ticketing offerings.
Archer Aviation Inc. said that the initiative forms part of their goal to provide an alternative mode of transportation by skipping traffic between major airports, business hubs, and other key destinations to and from Grand Prix events.
7. IonQ Inc. (NYSE:IONQ)
IonQ extended its losing streak to a third consecutive day on Thursday, shedding 9.4 percent to finish at $30.86 apiece, amid a broader market pessimism following Nvidia Corp.’s management shakeup, supported by fellow quantum computing firms’ weak earnings performance.
Nvidia Corp. announced earlier in the day that CEO Jensen Huang, who built the firm into a multi-billion-dollar entity for decades, has stepped down from his post effective immediately after getting involved in two extramarital affairs—one with a woman tagged by US intelligence agencies as a Chinese spy, and another employee who is directly reporting to him. He was temporarily replaced by Chief Financial Officer Colette Kress as interim CEO.
With Nvidia Corp. a bellwether for investor confidence in AI buildout and technology growth, the management shakeup posed uncertainties for the broader technology industry, including quantum computing stocks, with the latter heavily reliant on Nvidia’s technology for their ecosystem.
IonQ Inc. (NYSE:IONQ), for its part, is a partner of Nvidia. In September this year, it announced that it will be the first on-premises quantum computing deployment at the NVIDIA Accelerated Quantum Research Center (NVAQC).
The NVAQC was designed to address the fundamental challenges of scaling quantum processors into a new class of accelerated quantum supercomputers.
6. Lucid Group Inc. (NASDAQ:LCID)
Lucid Group dropped its share price by 11.31 percent on Thursday to finish at $3.2550 apiece, as investors resumed selling positions after it missed earnings expectations while digesting a series of price target cuts.
In an updated report earlier in the week, Lucid Group Inc. (NASDAQ:LCID) said that it raked in revenues of $350.32 million in the third quarter of the year, higher by 4 percent than the $336.58 million in the same period last year, but missed analyst estimates of $407.31 million.
It also posted an adjusted loss per share of $2.30, wider than the $2.28 as expected by Wall Street.
Net loss attributable to shareholders amounted to $1.08 billion, higher than the $1.03 billion in the same period last year.
Following the results, analysts from RBC Capital and Bank of America both reduced their price targets for the stock to $4 and 3.50, respectively, from $7.
RBC Capital reiterated its perform rating, while BofA maintained its underperform rating.
In other news, Lucid Group Inc. said that it continues to expand its services with additional locations in Mission Viejo to bring sales and services for current and prospective customers in South Carolina.
It is also expanding its service capacity with a target of increasing technical and service support staffing by 60 percent in the first quarter of 2027.
5. Super Micro Computer Inc. (NASDAQ:SMCI)
Super Micro Computer saw its share price decline by 11.30 percent on Thursday to close at $26.99 apiece, as investors disposed of positions following news that the Department of Justice has initiated a probe into alleged smuggling of its products into China.
According to reports, the US Attorney’s Office in Manhattan is investigating whether Alice Huang, alleged mistress of ex-Nvidia Corp. CEO Jensen Huang and who was tagged as a Chinese spy, helped smuggle Super Micro Computer Inc. (NASDAQ:SMCI) into China. Other companies, namely Nvidia and Megaspeed International, are also facing a probe.
In response, Super Micro Computer Inc. said that it is cooperating with authorities in relation to the case.
The decline can also be attributed to Nvidia’s slide to a new 52-week low following Huang’s resignation, effective immediately, after admitting to having extramarital affairs with Alice.
It can be learned that Nvidia Corp. and Super Micro Computer Inc. share a decades-long of partnership, with the latter acting as a premier, early-stage integration partner for Nvidia’s cutting-edge graphics processing units and AI platforms.
Super Micro Computer Inc. is known for its speed-to-market, turning Nvidia chips into custom server racks, liquid-cooling systems, and total data center solutions faster than many competitors.
4. Hancock Whitney Corp. (NASDAQ:HWC)
Shares of Hancock Whitney declined by 10.20 percent on Thursday to end at $65 apiece, following news that it would acquire Trustmark Corp. in an all-stock transaction valued at $3.2 billion.
In a statement, Hancock Whitney Corp. (NASDAQ:HWC) said that it entered into a definitive agreement with Trustmark, under which the former will issue 0.7463 shares of common stock for each outstanding share of Trustmark common stock.
The transaction is expected to be approximately 7 percent accretive to Hancock Whitney’s 2028 estimated earnings per share, mildly dilutive to regulatory capital at close, and approximately 7 percent dilutive to tangible book value per share with earn-back in approximately 2.8 years inclusive of merger expenses.
At close, Hancock Whitney’s shareholders will own approximately 65 percent and Trustmark shareholders will own approximately 35 percent of the combined company.
Hancock Whitney Corp. President and CEO John Hairston said that the merger would unite “two strong, high-performing Mississippi-headquartered franchises with proven performance, robust liquidity, and solid capital foundations, creating a stronger platform for profitable growth.”
The combined organization is expected to deliver improved profitability, maintain strong pro-forma capital ratios, and increase the scale and resources needed to invest in high-growth markets, while continuing to support customers and communities throughout its core footprint,” he noted.
3. Nebius Group NV (NASDAQ:NBIS)
Nebius Group saw its share price decline by 16.84 percent on Thursday to end at $128.64 apiece, amid renewed concerns about the artificial intelligence infrastructure buildout, triggered by Jensen Huang’s resignation as chief executive of Nvidia Corp.
It can be learned that Nebius Group NV (NASDAQ:NBIS) shares a deep, multi-year strategic partnership with Nvidia, which earlier this year committed to investing $2 billion in the AI infrastructure company.
With Nvidia widely regarded as a bellwether for the broader AI buildout, and Huang behind its growth into a multi-billion-dollar company over the past decades, his resignation sparked concerns about the potential implications of Nvidia’s future direction and investments in the AI cycle.
For companies like Nebius Group NV, which are heavily reliant on continued demand for AI computing infrastructure and close ties with major technology players, any uncertainty surrounding Nvidia could trigger heightened investor caution.
In other news, Nebius Group NV narrowed its net loss by 69 percent to $37.5 million in the third quarter of the year from $119.6 million in the same period last year, helped by a 571 percent increase in revenues to $980.8 million from only $146.1 million year-on-year.
2. Corteva Inc. (NYSE:CTVA)
Corteva fell by 24.30 percent on Thursday to close at $9.19 apiece, as investor sentiment was dampened by the company’s cautious outlook, leading to a lower annual growth guidance for the rest of the year.
In an earnings call, Corteva Inc. (NYSE:CTVA) CEO Luke Kissam said that the company is not anticipating any meaningful improvement in Brazil’s consumer spending behavior in the near term.
“Brazil was already a difficult market… market conditions deteriorated sharply in the final weeks of the third quarter, and we’ve continued to see negative development since then,” he said.
“Too much of the product we sold into the Brazil channel last year didn’t go to ground,” he noted.
In line with the statement, the firm slashed its full-year adjusted core profit outlook to $1.1 billion from $1.3 billion previously.
In the third quarter of the year, Corteva Inc. widened its net loss by 78.6 percent to $568 million from $318 million in the same period last year, while net sales fell by 6 percent to $2.458 billion from $2.6 billion year-on-year.
Earlier this year, the company completed its separation of its seed and genetics business into a separate publicly traded company, Vylor.
1. Kanzhun Ltd. (NASDAQ:BZ)
Kanzhun Ltd. fell to a new 52-week low on Thursday despite the lack of fresh development, amid broader market pessimism.
In intra-day trading, the stock dropped to a record low of $12.45 before trimming losses to end the day just down 25.30 percent to $12.49 apiece.
The decline appeared to be a combination of profit-taking following last week’s run to the $17 territory, while trading with the lack of a catalyst to boost buying.
In other news, Kanzhun Ltd. (NASDAQ:BZ) recently announced changes to its board of directors with the resignation of Haiyang Yu as a non-executive director of the company effective October 23, due to his other business commitments.
Kanzhun Ltd. is one of the leading online recruitment platforms in China operating BOSS Zhipin. It connects onnects job seekers and enterprise users in an efficient and seamless manner through its highly interactive mobile app, a transformative product that promotes two-way communication, focuses on intelligent recommendations, and creates new scenarios in the online recruiting process.
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