10 Stocks Plummet on Wednesday

8. Palantir Technologies Inc. (NASDAQ:PLTR)

Palantir Technologies Inc. (NASDAQ:PLTR) shares fell by 10.08 percent on Wednesday to close at $112.06 apiece as investors unloaded portfolios after the Pentagon announced cuts to its budget, triggering concerns about its impact on the company, being one of the government agency’s major contractors.

On Wednesday, Defense Secretary Pete Hegseth ordered Pentagon officials to slash the defense budget by 8 percent annually over the next five years.

The move took a toll on PLTR, which sources 40 percent of its revenues from US government agencies, including the US Army.

Apart from PLTR, other government contractors also saw share prices drop, including Northrop Grumman, Booz Allen Hamilton, and L3 Harris.

Additionally, PLTR CEO Alex Karp said late Tuesday that the company has adopted a new trading plan to sell up to 9.98 million shares until September 12.