The stock market fell into the negative territory on Thursday, as investor caution lingered over the ongoing trade tensions among some of the world’s largest economies.
The tech-heavy Nasdaq posted the largest loss, down 2.61 percent, followed by the S&P 500 with 1.78 percent, and the Dow Jones with 0.99 percent.
Ten companies mirrored a broader market decline, dropping by as much as double digits during the end of the session. In this article, we named Thursday’s 10 biggest losers and detailed the reasons behind their decline.
To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A person holding a cup of coffee while reading stock market data on the phone. Photo by Anna Nekrashevich on Pexels
10. Snowflake Inc. (NYSE:SNOW)
Snowflake dropped its share prices by 11.89 percent on Thursday to close at $156.22 apiece following news that its chief revenue officer Chris Degnan, who was integral in taking the company to a $3.4-billion revenue firm, is stepping down from his post to pursue retirement.
Degnan will be replaced by Mike Gannon effective March 14, 2025.
Gannon is set to join SNOW from VMware by Broadcom, where he most recently served as President of America Sales.
Prior to VMware, he also held sales leadership roles at EMC Corporation and Isilon Systems, where he played a key role in building and expanding sales operations, driving market adoption, and strengthening customer engagement. Gannon holds a Bachelor of Arts degree from Oswego State University.
9. VF Corporation (NYSE:VFC)
VF Corp. saw its share price decline by 12.32 percent on Thursday to close at $20.56 apiece as investors shunned updates and developments from its Investor Day, where it noted key achievements over the past 18 months and instead focused on the potential risks it would face from the ongoing trade war.
On Thursday, VFC announced a number of achievements including cost reduction, lower net debt, improved business performance in the Americas, and an advanced Vans brand turnaround.
However, outlook for the retail industry became more bearish given the recently-implemented higher tariffs on goods from China, Mexico, and Canada that could potentially impact VFC’s performance, with expectations of higher costs of importation, manufacturing, and raw materials.
VFC designs, manufactures, and markets branded apparel such as The North Face, Timberland, Vans, Dickies, Jansport, and Kipling. It currently owns various facilities globally, including China, Mexico, and Canada, all of which have been slapped with higher taxes by President Donald Trump.
8. Carvana Co. (NYSE:CVNA)
Carvana dropped its share prices by 13.45 percent on Thursday to end at $186.85 apiece as investors sold off positions amid uncertainties on its foray into the new car-selling business.
Last week, CVNA announced that it finalized a deal on February 28 to acquire a franchised dealership in Arizona, signaling a potential shift into new vehicle sales for the online retailer, which has been focusing on selling used cars since its launch in 2013.
CVNA appears to be following in the footsteps of its competitor CarMax, which also ventured into the new cars business in the mid-1990s when it secured a franchise of Chrysler, a move that was later discontinued to focus entirely on used cars.
Further aggravating the situation is the increasingly challenging macroeconomic environment, its impact on consumer spending, and the heightened risk of delinquencies.
7. OKLO Inc. (NYSE:OKLO)
Oklo saw its share prices decline by 14.26 percent on Thursday to finish at $25.97 apiece as trade threats between the United States and its trading partners continued to spook investors.
OKLO, a nuclear technology company, has been hit by fears on the status of uranium imports used to fuel nuclear reactors and plants, with the new tariffs on Canadian imports now in place.
Canada is the US’ largest uranium supplier, with 27 percent of total deliveries to the US.
In other news, analysts are generally bullish on OKLO, given the bright prospects from the booming Artificial Intelligence industry that continues to spill over other sectors, including nuclear, as well as the US government’s plan to support the energy sector to power the country’s economy.
OKLO is also set to release its financial results for 2024 on Monday, March 24, and investors will be watching out for its outlook guidance for the business.
6. Hims & Hers Health Inc. (NYSE:HIMS)
Hims & Hers saw its share prices fall by 15.90 percent on Thursday to close at $34.39 each as investors sold off positions amid a bearish outlook for the company that started when the Food and Drug Administration announced that Novo Nordisk’s blockbuster Wegovy and Ozempic are no longer in the shortage list.
The news took its toll on HIMS, which has been making a compounded knock-off version of the blockbuster treatments that contributed more than $225 million in revenues in 2024.
US regulations allow compounding pharmacies to copy branded medicines that are facing supply shortages. Wegovy and Ozempic have been in shortage in the US for already two years.
Further weighing down on investor sentiment is Citi Group’s downgraded rating for the company. According to Citi, it gave HIMS a “sell” rating with a price target of $27 apiece, or a 21-percent decline from its current stock price.
5. Grindr Inc. (NYSE:GRND)
Grindr Inc. fell by 16 percent on Thursday to close at $16 apiece as investors sold off positions following a dismal earnings performance last year.
In a statement, GRND said its net loss widened by 135 percent last year to $131 million from $56 million year-on-year despite revenues growing by 32 percent to $344.6 million from $259.7 million in the same comparable period.
For this year, GRND said it expects to book a 24-percent growth in revenues and a 41-percent EBITDA margin.
“With our 2025 guidance, we will continue to deliver another strong growth year. The foundation we’ve built in a short amount of time leaves me truly inspired about what Grindr can accomplish and tremendously enthusiastic about our long-term potential,” said GRND CEO George Arison.
GRND also embarked on a $500 million share buyback program for its common stocks for two years.
4. Core Scientific Inc. (NASDAQ:CORZ)
Core Scientific nosedived by 18.19 percent on Thursday to close at $7.85 apiece as investors sold off positions following news that technology giant Microsoft Inc. reduced its commitment with CoreWeave, CORZ’s partner.
According to reports, the decision came after CoreWeave missed deadlines and had issues delivering materials needed to scale its artificial intelligence models.
The report followed CORZ’s announcement of a $1.2 billion investment to expand its data center portfolio to bolster its revenues.
It said that the data center, which would be built in Texas, is expected to rake in some $10 billion in revenues from artificial intelligence operations.
During the fourth quarter of the year, CORZ posted a 36-percent increase in net loss at $265 million from $195.6 million in the same period a year earlier.
Meanwhile, it widened its net loss to $1.3 billion in full-year 2024 from $246 million in 2023.
3. AppLovin Corp. (NASDAQ:APP)
Shares of AppLovin dived for a third consecutive day on Thursday to finish at $259.63 apiece as more shareholder law firms emerged, encouraging investors who lost their money to lead as plaintiffs in a class action lawsuit.
On Wednesday, Robbins Geller Rudman & Dow LLP said in a statement that it was investigating the company for allegedly exploiting advertising data from Meta Platforms, and using manipulative practices that forced unwanted apps on customers via a “backdoor installation scheme” that inaccurately inflated installation numbers, and, in turn, its profit figures.
Another law firm, Schall Law Firm, on Thursday encouraged investors to participate in the class action lawsuit.
“The company forced unwanted apps on customers using a ‘backdoor installation scheme’ which artificially inflated installation numbers,” it said.
APP, however, has yet to issue a statement on the allegations.
2. Marvell Technology Inc. (NASDAQ:MRVL)
Marvell Technology dropped its share prices by 19.81 percent on Thursday to end at $72.28 apiece as investors soured on the company’s weak outlook guidance.
For the first quarter of the year, MRVL said it expects sales to hit $1.88 billion, just shy of the $1.87 billion as expected by analysts.
In a research note, Barclays analyst Tom O’Malley said that solid numbers missed the high watermark set by the rest of the AMZN supply chain.
“While the company continues to sound good re: the future of their ASIC prospects, the AMZN numbers near term are a bit lower, which is the real sticking point for a market punishing anything not perfect in AI,” he added.
MRVL is a chipmaker known for creating customized chips and hardware used in data centers, networking, and infrastructure.
1. MongoDB Inc. (NASDAQ:MDB)
MongoDB fell by 26.94 percent on Thursday to end the trading session at $192.98 apiece as investor sentiment was weighed down by its weak outlook guidance, overshadowing its earnings performance.
For the fiscal year 2026, MDB said it expects adjusted earnings to settle between $2.44 and $2.62 apiece and revenues of $2.24 billion to $2.28 billion, way below what analysts had hoped.
Analysts, however, were expecting earnings per share of $3.34 and revenues of $2.32 billion.
According to MDB Chief Finance Officer Srdjan Tanjga, the company was expecting slower-than-expected growth in new applications harnessing its Atlas cloud-based database service.
However, it underscored that it would beef up hiring and clinching deals with larger companies to boost growth.
While we acknowledge the potential of MDB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MDB but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
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