Wall Street finished the trading week on a strong note, with all major indices recording gains as investors digested the latest US jobs data, which fell short of expectations.
The tech-heavy Nasdaq posted the largest gain with 0.70 percent, followed by the S&P 500 with 0.55 percent, and the Dow Jones by 0.52 percent.
Ten companies across mixed sectors bucked a wider market optimism, ending Friday in the red territory. In this article, we have listed the 10 worst-performing names and detailed the reasons behind their performance.
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.
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10. MicroStrategy Incorporated (NASDAQ:MSTR)
MicroStrategy Incorporated, doing business as Strategy, dropped by 5.57 percent on Friday to end at $287.18 apiece as investors soured on the lack of more active support for the cryptocurrency industry from the recently concluded cryptocurrency summit at the White House.
The summit, which was joined by MSTR founder Michael Saylor, finished only with news that President Donald Trump had signed an order that would establish a “strategic Bitcoin reserve,” a report that was already priced in by investors over the past few weeks.
While the measure has been actively pushed by the cryptocurrency community, the order indicated that the reserve would only compromise Bitcoin holdings previously seized by federal law enforcement agencies.
Another stockpile would also be created to hold non-bitcoin digital assets, namely Ethereum and Ripple, that have been seized in enforcement proceedings.
MSTR’s drop was in line with the decline in Bitcoin prices, which, as of this writing, was down to the $86,000 level.
9. On Holding AG (NYSE:ONON)
On Holding declined for a second day on Friday, shedding 5.79 percent to finish at $46.66 apiece as investors pocketed gains following a surge in its price during the trading week buoyed by its strong earnings performance.
On Tuesday, ONON announced that its net income in the fiscal year 2024 tripled to CHF242.3 million from CHF79.6 million in 2023. It also swung to a net profit of CHF89.5 million in the fourth quarter of the year from a net loss of CHF26.8 million in the same period a year earlier.
Net sales for the full-year period grew 29.4 percent to CHF2.318 billion from CHF1.792 billion, while net sales for the quarter rose 35.7 percent to CHF606.6 million from CHF447.1 million.
For this year, ONON expects to achieve a constant currency growth rate of at least 27 percent, translating to net sales of at least CHF2.94 billion at current spot rates.
