Wall Street’s main indices suffered a bloodbath on Thursday as overall investor sentiment was weighed down by President Donald Trump’s series of tariffs on goods from other countries.
The Dow Jones dropped by 0.45 percent, while the S&P declined 1.59 percent. Nasdaq, on the other hand, lost 2.78 percent.
On Thursday, Trump threatened to slap EU products with a 25-percent tax, following his announcement on Wednesday of another month of delay for the imposition of taxes on goods from Mexico and Canada.
Ten companies also mirrored wider market pessimism, posting double-digit declines, albeit the drop was predominantly due to dismal earnings performance last year.
To come up with Thursday’s worst performers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.
Stock market charts. Photo by Kaboompics.com on Pexels
10. Credo Technology Group Holding Ltd (NASDAQ:CRDO)
Credo dropped its share prices by 14.18 percent on Thursday to close at $52.6 apiece as investors sold off positions following the disposition of shares of the company’s chief operating officer.
In a regulatory filing, CRDO COO Lam Yat Tung announced selling $618,110 worth of shares in the company on Monday, February 24, at selling prices between $59.4 and $64.75 apiece. Following the sell-off, Lam’s ownership in the company decreased to 2.8 million direct shares and 1.1 million indirect shares through Zhan BVI Co Ltd.
The sales were carried out under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks. For his part, the trading plan was adopted by Lam in July 2024.
9. Hafnia Ltd. (NYSE:HAFN)
Hafnia saw its share prices decline by 14.6 percent on Thursday to finish at $4.21 apiece as investors sold off positions following a dismal earnings performance last year.
In its latest earnings release, HAFN said net income for the fourth quarter of 2024 dropped by 55 percent to $79.6 million from $176.4 million in the same period in 2023, while net profit for the full year dipped by 2.4 percent to $774 million from $793 million in 2023.
Revenues for the quarter declined by 24 percent to $532.86 million from $703.4 million year-on-year. Revenues for the full year, however, rose 7 percent to $2.868 billion from $2.671 billion.
According to the company, the product tanker market sustained higher earnings in the first nine months of last year, driven by strong cargo volumes and ton-miles as vessels rerouted from the Suez Canal to the Cape of Good Hope.
However, tanker rates came under pressure in the fourth quarter due to “increased cannibalization” from the crude sector.
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