U.S. stocks ended Friday modestly higher, but under the surface December 5, 2025 was a rough day for a cluster of high‑beta tech, Brazilian financials, streaming, and crypto‑linked names.
The S&P 500 closed around 6,870 points (+0.19%), the Dow Jones Industrial Average added 0.22%, and the Nasdaq Composite rose 0.43%, even as Bitcoin slipped roughly 3% to just under $89,300. [1]
Yet individual stocks saw double‑digit percentage drops, driven by contract disappointments, competitive shocks, capital raises, and political risk abroad.
Market Snapshot: Calm Indexes, Violent Stock‑Specific Moves
- Indexes:
- S&P 500: ~6,870.40, +0.19%
- Dow Jones: ~47,955, +0.22%
- Nasdaq: ~25,692, +0.43%
- Macro drivers:
- A benign U.S. inflation report reinforced expectations for further Federal Reserve rate cuts, supporting equities. [2]
- At the same time, Brazil’s Bovespa index plunged around 4% after former president Jair Bolsonaro endorsed his son Flávio for a 2026 presidential run, rattling investors and knocking the Brazilian real down as much as 3%.
- Bitcoin dropped roughly 3% on the day, extending a pullback from the $90,000 level and weighing on crypto‑exposed stocks.
That mix of macro calm and idiosyncratic shocks produced a long tail of big losers.
Top Stock Losers in U.S. Trading Today
According to TipRanks’ “Top Losers” screen for U.S. stocks on December 5, 2025, the day’s steepest decliners by percentage included:
- Parsons (NYSE: PSN) – ‑21.09% to $66.65
- Adaptive Biotechnologies (NASDAQ: ADPT) – ‑15.52% to $14.75
- SentinelOne (NYSE: S) – ‑14.44% to $14.52
- Argan (NYSE: AGX) – ‑11.98% to $313.70
- Doximity (NYSE: DOCS) – ‑10.49% to $45.93
- XP Inc. (NASDAQ: XP) – ‑9.92% to $17.88
- Paramount Skydance (NASDAQ: PSKY) – ‑9.82% to $13.37
- Inter & Co (NASDAQ: INTR) – ‑9.74% to $8.25
- Cosan (NYSE: CSAN) – ‑9.54% to $4.93
- Anbio Biotechnology (NASDAQ: NNNN) – ‑9.38% to $37.00
Rounding out the top 20 losers were several Brazilian banks and energy names (BBD, UGP, VIV, SBS, BSBR, ITUB), crypto‑linked miners and financials (CLSK, ABTC, GLXY, BTDR, BMNR), and high‑growth tech and SaaS names including Cinemark (CNK), Rumble (RUM), DocuSign (DOCU), Oklo (OKLO), StoneCo (STNE) and others.
Below, we break down the key stories behind the most notable plunges — and what Wall Street is saying about their outlooks.
Parsons (PSN): FAA Contract Loss Triggers a Sharp Re‑Rating
Move: ‑21.09% to $66.65
What happened:
Parsons suffered one of its worst trading days since going public after the U.S. Federal Aviation Administration (FAA)and Department of Transportation chose rival Peraton as the prime integrator for a massive $12.5 billion air‑traffic control modernization program. [3]
- The contract is central to a multi‑year effort to overhaul America’s aging air‑traffic infrastructure, moving from copper to fiber networks and building new digital command centers. [4]
- Peraton beat a joint bid from Parsons and IBM, despite many investors viewing Parsons as the favorite. Analysts at William Blair and others described the outcome as a major negative surprise that erases a significant organic growth catalyst from Parsons’ pipeline.
Analyst and forecast reaction:
- Truist Securities cut its price target on Parsons from $100 to $90, citing “less defined catalysts” after the lost contract, but maintained a constructive longer‑term view.
- Some commentary emphasized that the sell‑off came despite Parsons winning a separate $3.5 billion Defense Threat Reduction Agency contract, which should support long‑term revenue visibility. [5]
Takeaway:
Today’s move reflects a sudden repricing of growth expectations rather than a collapse in the core business. For long‑term investors, the key questions now are:
- How quickly can Parsons backfill the lost revenue with other defense and infrastructure programs?
- Whether the FAA decision signals any broader competitive disadvantages versus peers like Peraton.
Adaptive Biotechnologies (ADPT): Competitive Shock in Cancer Diagnostics
Move: ‑15.52% to $14.75
Catalyst:
Adaptive’s drop came without any fresh negative news from the company itself. Instead, the pain was largely collateral damage from Natera’s acquisition of Foresight Diagnostics, a deal worth up to $450 million (including earnouts) that strengthens Natera’s position in minimal residual disease (MRD) cancer testing. [6]
Key points from Benzinga and analyst commentary: [7]
- The deal heightens competitive risk for Adaptive in blood‑based MRD testing, where Adaptive has been a pioneer.
- Adaptive’s shares had previously jumped more than 20% after Abbott agreed to acquire Exact Sciences in a $21–23 billion deal, on speculation that Adaptive itself could become a takeover target. [8]
- With Natera buying a competing MRD asset, some of that M&A premium is now unwinding.
Valuation and forecasts:
- Simply Wall St and other valuation models peg Adaptive’s fair value around $19–20 per share, implying roughly 25–30% upside from today’s close near $14.75, based on cash flow forecasts and the growth of its MRD business. [9]
- Adaptive’s own guidance calls for MRD revenue of $202–207 million in 2025, with the MRD segment now EBITDA‑positive and company‑wide cash burn improving more than 30% year‑over‑year. [10]
Takeaway:
Today’s slump is as much about sentiment and positioning as fundamentals. Investors are recalibrating:
- Competitive dynamics in MRD testing (with Natera, Abbott/Exact, and others crowding the space), and
- The probability that Adaptive ends up an acquisition target rather than a consolidator.
SentinelOne (S): Weak Q4 Guidance and a CFO Exit
Move: ‑14.44% to $14.52
What drove the sell‑off:
SentinelOne actually posted a solid Q3 FY26, but the market focused on softer‑than‑expected guidance and a leadership change. [11]
- Q3 results:
- Revenue: $258.9 million, up 23% year‑over‑year and slightly ahead of consensus.
- Annualized recurring revenue (ARR): $1.06 billion, up 23%.
- Non‑GAAP operating margin: +7%, versus ‑5% a year ago. [12]
- Q4 outlook:
- Revenue guidance of $271 million at the midpoint vs. $273+ million expected.
- Non‑GAAP operating margin guidance of 5%, below the ~7% Street forecast. [13]
- CFO change:
- CFO Barbara Larson will step down in mid‑January, with Chief Growth Officer Barry Padgett stepping in on an interim basis as the company searches for a permanent replacement. [14]
Why it matters:
The company is clearly executing operationally, but investors in high‑growth cybersecurity names are extremely sensitive to:
- Even slight revenue deceleration, and
- Any perception that cost discipline (margins) might wobble.
Several analyst notes highlighted the need to watch how SentinelOne manages the sequential margin step‑down and CFO transition during a competitive cycle where names like CrowdStrike and Palo Alto Networks are also pushing AI‑driven security platforms. [15]
Argan (AGX): “Good” Numbers, “Great” Expectations
Move: ‑11.98% to $313.70
Earnings vs. expectations:
Argan dropped sharply even though its Q3 results were not bad on the surface. [16]
- Q3 net income rose to $30.7 million (EPS $2.17) from $28.0 million (EPS $2.00) a year earlier.
- Revenue slipped 2.3% to $251.15 million from $257.01 million, suggesting some top‑line deceleration. [17]
After a huge multi‑year run — the stock’s 52‑week range spans from about $101 to nearly $399 — even a modest revenue step‑back was enough to trigger profit‑taking.
Analyst targets and outlook:
- Yahoo Finance data shows a 12‑month consensus price target near $310–321, only a mid‑single‑digit percentage above current levels, suggesting limited upside at today’s valuation. [18]
- Lake Street has reportedly downgraded the stock while still nudging its price target higher (to roughly $325), reflecting the view that much of the good news might already be reflected in the share price.
Takeaway:
For Argan, this looks like a classic “expectations reset”: earnings are fine, but investors are questioning how much more multiple expansion is justified after a huge rally and only modest growth.
Doximity (DOCS): New 52‑Week Low Despite Growth and Positive Targets
Move: ‑10.49% to $45.93; new 52‑week low around $45.96
Background:
Doximity, the digital professional network for doctors, has been sliding for weeks and hit a fresh 52‑week low today, with the stock now:
- Down around 17–18% over the past year, and
- Trading roughly 46% below its 52‑week high of $85.21.
This comes even though:
- Recent quarterly results showed 23% year‑over‑year revenue growth and an EPS beat, according to prior MarketBeat coverage.
Valuation debate:
- Simply Wall St data shows a consensus 12‑month price target around $68.53, which was about 34% above the stock’s earlier price near $51.31 — and now closer to 50% above today’s sub‑$46 level.
- At the same time, value‑oriented models such as Peter Lynch‑style fair value estimates put intrinsic value in the low‑to‑mid $30s, implying the shares could still be expensive by some metrics even after the drop.
Takeaway:
Doximity sits at the intersection of high‑growth SaaS and health‑care defensiveness. The market seems unwilling (for now) to pay its former premium multiple, even though analysts on average still see meaningful upside.
Brazilian ADRs and Financials: Politics Hit Bovespa and New York Listings
A striking feature of today’s loser list is the cluster of Brazilian and Latin American names:
- XP (XP) – ‑9.92%
- Cosan (CSAN) – ‑9.54%
- Banco Bradesco (BBD) – ‑8.82%
- Ultrapar (UGP) – ‑8.49%
- Telefonica Brasil (VIV), Companhia de Saneamento (SBS), Banco Santander Brasil (BSBR), Itaú Unibanco (ITUB) and others also sold off between about ‑5% and ‑7%.
Macro driver:
- Reuters reported that Brazil’s markets were jolted after Senator Flávio Bolsonaro announced his father, former president Jair Bolsonaro, had endorsed him as the right‑wing candidate in the 2026 presidential race.
- The news knocked the Bovespa index down around 4% and sent the real as much as 3% lower, as investors priced in higher political uncertainty and potential policy volatility.
Stock‑specific context:
- XP (XP): The fintech broker has already been under scrutiny given media reports about its ties to failed lender Banco Master SA, which collapsed amid fraud allegations.
- Cosan (CSAN): Earlier in November, Cosan gapped down on weak earnings, missing revenue expectations and posting negative margins; analysts maintain an average rating of “Reduce” with a relatively low consensus price target.
Takeaway:
Today’s move reflects a combination of macro shock and lingering idiosyncratic concerns. When politics hits risk sentiment, foreign‑listed financials and cyclical names are often the first to sell off.
Streaming & Media: Paramount Skydance and Cinemark Hit by Netflix–Warner Bros Deal
Paramount Skydance (PSKY) – ‑9.82% to $13.37
- Netflix and Warner Bros. Discovery announced an $83 billion deal under which Netflix will acquire Warner Bros’ studio and streaming assets for $27.75 per WBD share, beating out Paramount Skydance and Comcast in a hard‑fought bidding war.
- Paramount Skydance — formed from the merger of Skydance Media and Paramount Global — saw its shares tumble nearly 10% as investors reassessed its strategic options and potential for future mega‑deals.
Cinemark (CNK) – ‑8.01% to $21.95
- Cinemark dropped about 8%, while AMC lost around 2–3%, as investors worried that a more powerful Netflix–Warner combo could shift the balance of power in theatrical distribution, even though Netflix has promised to maintain cinema releases for Warner titles.
Takeaway:
The market is repricing streaming and theatrical ecosystems around the assumption that:
- Netflix will become an even more dominant content gatekeeper, and
- Smaller studios and theater chains may struggle to maintain bargaining power, even if regulators scrutinize the deal.
Crypto‑Linked Names: Pressure from Bitcoin’s Slide
Crypto‑exposed stocks feature heavily on today’s loser board:
- CleanSpark (CLSK) – ‑8.75%
- American Bitcoin (ABTC) – ‑7.85%
- Galaxy Digital (GLXY) – ‑7.47%
- Bitdeer Technologies (BTDR) and BitMine Immersion (BMNR) also dropped more than 6%.
Context:
- Bitcoin has retreated below $90,000, erasing its year‑to‑date gains and increasing fears of a transition into a full‑blown bear market.
- American Bitcoin has already endured a near‑40% plunge this week following the expiry of a share lock‑up; the stock is now around 80% below its record high, and volatility remains extreme.
- CleanSpark previously sold off on a $1 billion+ convertible notes offering to fund expansion, which left the stock highly sensitive to both Bitcoin moves and dilution concerns.
Takeaway:
Crypto miners and financials remain a high‑beta proxy for Bitcoin sentiment. When the underlying coin drops a few percent, the equities can still move 2–3x that amount in a single day.
SoFi Technologies (SOFI): Dilution Fears After a $1.5 Billion Share Sale
Move: Around ‑6.15% to $27.78; among the larger‑volume losers of the day. [19]
What happened:
SoFi announced a $1.5 billion public stock offering, pricing 54.5 million shares at $27.50 — about a 7% discount to Thursday’s close at $29.60. [20]
- Underwriters have a 30‑day option to buy an additional ~8.2 million shares, potentially raising total proceeds further.
- Management says proceeds will be used for “general corporate purposes” — strengthening capital ratios, increasing flexibility, and funding further growth. [21]
Why investors pushed back:
- This is SoFi’s second large equity raise in six months, surprising analysts who believed the balance sheet was already in good shape.
- After a 92% year‑to‑date rally (and more than six‑fold gains since late 2022), the offering stoked fears of dilution at elevated valuations.
Valuation backdrop:
- A recent 247WallSt forecast notes that Wall Street’s one‑year price target sits around $26.97, which SoFi’s share price already exceeds — suggesting limited consensus upside.
- StockAnalysis data shows a consensus rating of “Hold” from 15 analysts and an average target of about $24.70, actually implying slight downside from current levels.
Takeaway:
SoFi is walking a tightrope familiar to fast‑growing fintechs: raising equity strengthens capital but also amplifies concerns about shareholder dilution and management’s capital discipline.
DocuSign (DOCU): Strong Quarter, Cautious Growth Narrative
Move: ‑7.64% to $65.67, also ranking among the day’s top losers.
Q3 highlights:
DocuSign delivered a stronger‑than‑expected fiscal Q3 2026, yet the stock still sold off. [22]
- Revenue: $818.4 million, up 8% year‑over‑year, beating estimates.
- Subscription revenue: up 9%; billings up 10% to $829.5 million.
- Management highlighted progress in its Intelligent Agreement Management (IAM) platform, which now counts more than 25,000 customers and around 150 million agreements in its Navigator repository. [23]
Guidance and analyst reaction:
- Q4 revenue guidance of $825–829 million implies about 7% growth — healthy, but not enough to change the narrative that DocuSign is a mature SaaS platform rather than a hyper‑growth story. [24]
- Analysts at JPMorgan and UBS trimmed their price targets to around $78 and $75 respectively, maintaining neutral ratings and citing growth concerns.
Valuation:
- MarketBeat data shows a consensus 12‑month target near $86.71, roughly 30% above current levels.
- TipRanks pegs average upside closer to ~49%, depending on which set of analyst estimates you reference.
Takeaway:
DocuSign is experiencing the classic SaaS “middle age” problem: decent growth and improved profitability, but a market that wants either faster expansion or cheaper valuation — and is not fully satisfied with either yet.
What Today’s Biggest Losers Tell Us About the Market
Across all of these stocks, several common themes stand out:
- Contract and regulatory risk are brutal when expectations are high.
- Parsons demonstrates how losing a single mega‑contract can erase years of anticipated growth in one session.
- Competitive shocks can quickly unwind M&A premium.
- Adaptive Biotechnologies’ drop after Natera’s acquisition of Foresight shows how deal‑making elsewhere in a sector can hurt perceived takeover candidates.
- Guidance matters more than the latest quarter.
- SentinelOne and DocuSign both beat on Q3 numbers, but softer guidance (and in SentinelOne’s case, a CFO exit) dominated the narrative.
- Capital raising is a double‑edged sword.
- SoFi’s secondary offering illustrates how even well‑timed fundraising can spook investors when a stock is already hot.
- Politics and macro risk can overwhelm stock‑specific stories.
- Brazilian ADRs sank in sympathy with a politically driven sell‑off in local markets, regardless of their individual fundamentals.
- Crypto and high‑beta assets remain sentiment‑driven.
- Bitcoin’s modest drop translated into outsized losses for miners and crypto finance names, reminding investors of the leverage embedded in these equities.
How Investors Might Approach Days Like This
Nothing in today’s move set is unprecedented, but it is a useful stress test for any portfolio:
- Diversification: Heavy exposure to one theme (Brazilian banks, crypto miners, high‑growth SaaS, etc.) can lead to big drawdowns on news‑heavy days.
- Time horizon: Many of these stories (Parsons’ defense backlog, Adaptive’s MRD runway, SoFi’s path to higher ROE) will play out over years, not days.
- Valuation discipline: Stocks with stretched multiples are more vulnerable when the narrative changes, even slightly.
Important: This article is for informational purposes only and does not constitute financial advice, investment recommendation, or a solicitation to buy or sell any security. Always do your own research or consult a licensed financial adviser before making investment decisions.
References
1. www.nasdaq.com, 2. www.nasdaq.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.investing.com, 6. www.benzinga.com, 7. www.benzinga.com, 8. www.benzinga.com, 9. simplywall.st, 10. investors.adaptivebiotech.com, 11. www.reuters.com, 12. investors.sentinelone.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.investing.com, 16. www.rttnews.com, 17. www.rttnews.com, 18. www.rttnews.com, 19. www.nasdaq.com, 20. www.stocktitan.net, 21. www.stocktitan.net, 22. finance.yahoo.com, 23. www.gurufocus.com, 24. www.nasdaq.com
