10 Firms Defy Market’s Bullish Momentum

Wall Street’s main indices all finished in the green territory on Wednesday, as investors cheered an unexpectedly slower inflation rate in December.

The Dow Jones jumped by 1.65 percent, while the S&P 500 surged by 1.83 percent. Meanwhile, the Nasdaq Composite index soared 2.45 percent.

Ten companies under mixed sectors bucked an overall positive market sentiment amid a series of negative factors weighing on investor sentiment.

In this article, let’s take a look at the reasons that dragged their shares performance.

To come up with the top 10 losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A stock market chart. Photo by Arturo A on Pexels

10. Las Vegas Sand Corp. (NYSE:LVS)

Las Vegas Sand Corp (LVS) saw its shares drop by 1.78 percent on Wednesday at $44.20 over the lack of fresh catalysts to perk up investing appetite.

On Wednesday, Las Vegas Sand (LVS) declined in line with the broader gambling sector on Wall Street, losing 1.16 percent.

It did not help that a number of investment banking companies downgraded the company’s rating from overweight to equal-weight, saying that all its upsides have already been priced in and that its five-year volatile trading has not really broken away in either direction.

Stephen Grambling, an analyst at JP Morgan, also believed that Las Vegas Sand (LVS)’s Macau operations are being overestimated and has projected its growth below what other analysts on Wall Street are predicting.

He also cited the deflation and housing crisis in China as the main reasons for such pessimism, aggravated by the ongoing tensions between the US and China.

9. Algonquin Power & Utilities Corp. (NYSE:AQN)

Shares of Algonquin Power (AQN) dropped by 1.84 percent on Wednesday to close at $4.27 apiece following announcements that its chief finance officer (CFO), Darren Myers, is stepping down from his position.

Without citing the reason, Algonquin Chief Executive Officer Chris Huskilson said that Myers will remain as CFO through the reporting of the company’s fourth quarter 2024 results.

“[Myers] joined in August 2022 and has been an important part of the team that steered the company through its strategic review and the sale of its renewables business. I want to thank [him] for his tremendous contributions to our transformation from a hybrid business to a pure-play regulated utility. We wish him well and will commence a search immediately,” he noted.

Algonquin Power (AQN) is a diversified international generation, transmission, and distribution utility with more than one million customers across the United States and Canada.