10 Firms Take a Beating on Tariff Worries

Wall Street’s three major indices suffered a bloodbath on Thursday as investors continued to digest news of President Donald Trump’s tariff rollout on imports.

The tech-heavy Nasdaq fell the heaviest, down by nearly 6 percent. The S&P 500 dropped by 4.84 percent and the Dow Jones was down by 3.98 percent.

Ten individual stocks, predominantly under the retail sector, mirrored a broader market pessimism, finishing the day in the negative territory as investors sold off positions to mitigate risks.

In this article, we named Thursday’s worst performers and detailed the reasons behind their drop.

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

The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels

10. Carvana Co. (NYSE:CVNA)

Carvana Co. saw its share prices decline by 19.68 percent on Thursday to end at $181.79 apiece as investors sold off positions amid the overall market pessimism and news that its chief finance officer disposed of a significant stake in the company.

Mark W. Jenkins, CVNA’s chief finance officer, said he sold approximately $9.1 million CVNA common shares at a price ranging from $203.02 to $213.10 apiece and acquired as much as $1.6 million.

The shares were bought at a price of $10.07 and $51.97 apiece.

Following the two transactions, Jenkins now holds 214,678 shares in CVNA.

In recent news, CVNA received an “overweight” rating from Morgan Stanley, a revision from the “equal weight” previously. It also earned a $280 price target from the analyst, an improvement from the $260 prior.

9. Sandisk Corp. (NASDAQ:SNDK)

Sandisk dropped its share prices by 19.74 percent on Thursday to finish at $38.26 apiece as investors disposed of positions to mitigate the risks from the ongoing trade tensions between the US and its trading partners.

As a company that develops, designs, and manufactures data storage solutions, the company is expected to feel the tariff impact from higher costs of raw materials.

Last month, Cantor Fitzgerald assigned SNDK an “overweight” rating and a price target of $60 apiece on the back of positive factors, including a projected recovery in the NAND market in the second half of the year, a strong balance sheet, and robust free cash flow generation facilities.

It also earned an overweight rating and an $84 price target from Morgan Stanley.