10 Stocks Record Biggest Double-Digit Drop on Friday

The stock market ended the trading week in a bloodbath, with major indices registering losses amid concerns over a slowing economy and sticky inflation.

The Dow Jones fell by 1.69 percent, the S&P declined by 1.71 percent, while the tech-heavy Nasdaq nosedived by 2.20 percent.

Ten stocks mirrored a broader market decline, posting double-digit losses, with sentiment for most of the companies dampened by dismal earnings performance.

In this article, we have listed the 10 worst-performing stocks and explored the reasons behind their declines.

To come up with Friday’s biggest losers, we considered only the stocks with $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. Bitdeer Technologies Group (NASDAQ:BTDR)

Bitcoin miner Bitdeer Technologies dropped its share prices by 12.32 percent on Friday to finish at $13.09 apiece as investors underwent portfolio repositioning ahead of its earnings release on Tuesday, February 25, on whether it would miss or beat analyst estimates, having missed expectations for two quarters last year.

Additionally, BTDR announced earlier this week a drop in its Bitcoin production for January to only 126 due to higher seasonal electricity prices that curtailed its Bhutan site.

In addition, it expects a one-month delay in production for its SEALMINER A2 due to a 6.4-magnitude earthquake that struck Taiwan on January 21.

However, BTDR said mass production of its SEALMINER A1 remains on schedule, while SEALMINER A3 is expected to be the most advanced and energy-efficient Bitcoin mining chip on the market.

Bitdeer Technologies Group is a world-leading technology company for blockchain and high-performance computing.

9. Arbor Realty Trust Inc. (NYSE:ABR)

Arbor Realty Trust Inc. saw its share prices decline by 13.29 percent on Friday to finish at $12 apiece as investor sentiment was dampened by expectations of shrinking earnings amid challenges of higher interest rates.

On Friday, ABR announced that its net income attributable to shareholders fell by 34.7 percent to $59.8 million during the fourth quarter last year from $91.6 million registered in the same period a year earlier. Meanwhile, net income for the full year decreased by 29 percent to $283 million from $400 million in 2023.

Earnings per share (EPS) for the quarter settled at 40 cents, while full-year EPS stood at $1.74.

For this year, ABR expects a number of key factors to challenge the company, including high interest rates that could impact earnings, volatility in the commercial real estate lending market, higher competition in bridge lending, loan risks, and ongoing legal expenses related to short seller reports.