These 10 Companies Led Monday’s Downturn

5. Illumina Inc. (NASDAQ:ILMN)

Shares of Illumina dropped for a third consecutive day on Monday, shedding 5.47 percent to end at $104.99 each as investors continued to sell off positions following a downgrade on its stock rating.

On Friday alone, investment banking and research company TD Cowen cut its stock rating for ILMN to “hold” after reporting dismal earnings performance for the full year 2024.

According to ILMN, net loss widened to $1.2 billion from $1.16 billion in 2023 amid a 2.9-percent drop in its revenues at $4.37 billion versus $4.5 billion year-on-year.

The company, however, achieved a net income of $187 million last quarter, a reversal from the $176 million net loss registered in the same period a year earlier.

According to TD Cowen, its downgraded outlook also considered the company’s weaker-than-expected next-generation sequencing consumable growth, increasing competition, and geopolitical risks in China.