U.S. stock market top losers: Globant, Newegg, Doximity, and Applied Materials among biggest decliners
Explore the full list of U.S. stock market’s biggest losers on May 16, 2025. Find out why Globant, Doximity, and 19 other stocks fell amid rising market uncertainty.
The U.S. stock market witnessed a broad-based selloff on May 16, 2025, as investors braced for macroeconomic headwinds, sticky inflation, and further delays in monetary policy easing. Multiple sectors experienced sharp declines, with stocks like Globant S.A., Newegg Commerce, Inc., Doximity, Inc., and Applied Materials, Inc. leading the pack of top losers. Institutional selloffs, sectoral rotation, and earnings-related disappointments contributed to the volatility, prompting a sharp risk-off sentiment.
Why Did Globant S.A. Shares Plunge Over 23%?
Globant S.A. (NYSE: GLOB) recorded the steepest drop of the session, collapsing 23.61% to $101.47. The technology services company warned of slower enterprise software spending and revised its FY2025 outlook downward, citing delayed decision-making cycles in key markets. The stock’s dramatic volume spike—over 11 million shares traded versus a 3-month average of just 1 million—signalled widespread institutional liquidation. Traders cited growing skepticism around expensive tech consultancies amid rising automation and AI integration.
Newegg Commerce Extends Its Downtrend
Shares of Newegg Commerce, Inc. (NASDAQ: NEGG) tumbled 16.44% to $6.20, continuing a multi-quarter downtrend that has now seen its market cap shrink to $121 million. While there was no company-specific update, weakness across e-commerce stocks has been pronounced due to reduced discretionary tech purchases and overstocked inventories. Analysts also flagged concerns over shrinking margins, compounded by Newegg’s lack of meaningful differentiation in a highly competitive digital retail market.
What Drove Doximity’s Double-Digit Drop?
Doximity, Inc. (NYSE: DOCS) slid 10.08% to $52.56 despite meeting earnings expectations. The medical networking platform guided for slower FY2026 revenue growth, leading to valuation compression. The company’s P/E ratio remains elevated, and institutional holders took profit following a year-to-date gain of more than 100%. Analysts warned that saturation in its core physician engagement vertical may cap future upside without significant product expansion.
Brady Corporation Slides on Revenue Concerns
Brady Corporation (NYSE: BRC) fell 6.19% to $71.52 amid sector-wide concerns on slowing manufacturing activity and enterprise spending. The industrial identification and safety solutions provider, despite having a solid balance sheet, faced downgrades from regional analysts warning of weakening OEM order flow. With a P/E ratio of 18.97, Brady may remain vulnerable to macro-sensitive volatility in coming quarters.
Uranium Energy Corp and NexGen Energy Retreat Amid Sector Uncertainty
Uranium Energy Corp. (AMEX: UEC) and NexGen Energy Ltd. (NYSE: NXE) lost 5.87% and 2.85%, respectively. Both uranium producers remain exposed to global supply bottlenecks, project delays, and fluctuating uranium spot prices. Although the broader long-term outlook for nuclear energy remains constructive, the absence of near-term catalysts and investor flight to liquidity weighed heavily on both tickers.
Applied Materials Pressured by Chip Sector Volatility
Applied Materials, Inc. (NASDAQ: AMAT) declined 5.25% to $165.57 ahead of its Q2 earnings, as investors braced for signs of delayed semiconductor capital expenditures. Concerns over possible U.S. restrictions on equipment sales to Asia added to the pressure, as did weakness in NAND memory pricing. Despite strong fundamentals, institutional rebalancing out of high-beta semiconductor stocks impacted the broader chipmaking supply chain.
DXC Technology Falls on Growth Concerns
DXC Technology Company (NYSE: DXC) fell 4.68% to $15.27. The IT services firm continues to struggle with revenue attrition and competitive pricing pressures. With a P/E ratio of just 7.27, DXC remains a value play, but the lack of sustained contract wins or turnaround momentum has disappointed institutional investors, many of whom are rotating into larger IT services providers.
Sunrun and First Solar Under Pressure
Clean energy stocks Sunrun Inc. (NASDAQ: RUN) and First Solar, Inc. (NASDAQ: FSLR) slid 4.67% and 4.15%, respectively. Rising Treasury yields are raising project financing costs, and uncertainty around post-2025 tax credits is affecting sentiment. Although First Solar maintains healthy margins, and Sunrun has stabilised residential installations, both remain highly sensitive to interest rate outlooks and regulatory stability.
Why Did South Bow Corporation and Nextracker Decline?
South Bow Corporation (NASDAQ: SOBO) declined 4.40% to $24.79, impacted by investor concerns about consumer cyclicals amid reduced household spending data. Nextracker Inc. (NASDAQ: NXT) fell 3.70% to $59.31, with analysts noting elevated valuations and possible demand normalization for solar tracking systems following a surge in installations over the past year.
RH Continues Its Downtrend on Luxury Weakness
Luxury home furnishings retailer RH (NYSE: RH) lost 3.70% to $210.02 as high interest rates continued to impact housing-related discretionary spending. Analysts noted softening order volumes and longer lead times, prompting bearish sentiment among hedge funds.
SGHC and Akero Therapeutics See Profit-Taking
Super Group (SGHC) Limited (NYSE: SGHC) dipped 3.12% despite a 140% one-year gain. The sports betting platform saw institutional trimming after recent gains, with analysts citing the need for regulatory clarity in emerging jurisdictions. Akero Therapeutics, Inc. (NASDAQ: AKRO) lost 2.73% to $38.87, with the absence of clinical readouts and longer R&D timelines weighing on sentiment despite promising liver disease therapies.
Novo Nordisk Hit by Pharma Rotation
Novo Nordisk A/S (NYSE: NVO) dropped 2.69% to $64.37, as healthcare giants faced a sector-wide selloff. Despite booming demand for GLP-1 drugs like Wegovy and Ozempic, investors took profits after recent highs. Its YTD drop of nearly 50% reflects rebalancing from defensives to cyclicals amid Fed policy uncertainty.
NetEase, ECG, and Hudbay See Moderate Declines
NetEase, Inc. (NASDAQ: NTES) fell 2.59% despite solid gaming revenue in recent quarters. Everus Construction Group, Inc. (NASDAQ: ECG) slipped 2.87%, likely tied to supply chain delays and slowing U.S. infrastructure rollout. Hudbay Minerals Inc. (NYSE: HBM) declined 2.87%, reflecting pressure on copper and base metal prices as Chinese industrial output disappointed expectations.
Marex Group, O-I Glass, and LATAM Airlines Round Out the Decliners
Marex Group plc (NASDAQ: MRX) declined 2.54% to $45.28, with trading volumes modestly higher than average. The derivatives and commodities brokerage remains exposed to fluctuating volatility and cyclical asset class performance. O-I Glass, Inc. (NYSE: OI) lost 2.86% after a downward revision in glass container shipments. LATAM Airlines Group S.A. (NYSE: LTM) shed 2.52%, as rising oil prices and forex risks weighed on Latin American carriers.
Sentiment Analysis: A Broad-Based Risk-Off Session
Market sentiment on May 16, 2025, was decisively negative. Treasury yields rose as bond markets priced in a delayed Fed pivot. Retail sales and CPI data disappointed expectations, keeping rate-cut hopes at bay. Institutional flows suggested net outflows from growth and clean tech funds, with value and defensives gaining marginal inflows.
Options-related volatility and de-risking ahead of the May 17 expiry also contributed to indiscriminate selling. Passive fund rebalancing likely amplified the downside moves in highly liquid names like Applied Materials, First Solar, and Novo Nordisk.
What Lies Ahead?
Looking forward, earnings updates from major semiconductor, healthcare, and industrial names will be closely watched for bottoming signals. Fed commentary and PCE inflation data due later in May could further shape sector rotation and institutional allocations. In the absence of a clear rate-cut timeline, volatility may persist, especially across high-beta sectors.
Companies like Doximity and Globant may require multiple quarters to regain investor trust, while fundamentally strong but rate-sensitive names like First Solar and Applied Materials could rebound with any dovish policy shift.
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