U.S. stock futures are pretty calm this morning as traders wait for a pivotal Federal Reserve rate decision later today – but under the surface, pre‑market trading is anything but quiet. A handful of thinly traded micro‑caps are collapsing after spectacular rallies, while recognizable names like Cracker Barrel, Denali Therapeutics, Aegon and Biogen are under pressure on fresh news and analyst calls. [1]
Below is a news‑style breakdown of the top pre‑market losers today (December 10, 2025), why they’re falling, and what the moves might signal for the regular session. All moves and rankings are based on the latest available pre‑market data shortly before the U.S. open; prices can change quickly once cash trading begins. [2]
Market snapshot: quiet futures, nervous Fed vigil
Heading into Wednesday’s session:
- Index futures are little changed: S&P 500 and Nasdaq 100 futures are up only a few basis points, while Dow futures are roughly flat. [3]
- The backdrop is dominated by the Fed interest rate decision and updated economic projections later today, with markets expecting another cut and watching closely for the 2026 rate path. [4]
That benign index picture masks big individual moves. According to StockAnalysis’ live Premarket Losers screen for December 10, 2025, the biggest percentage decliners skew heavily toward micro‑cap and speculative names, with only a few multi‑billion‑dollar companies on the list. [5]
Top U.S. pre‑market losers by percentage move
From StockAnalysis’ pre‑market data, these are the 20 biggest decliners before the opening bell today, ranked by percentage drop: [6]
- Aimei Health Technology (AFJK) – down ~49%
- Lion Group Holding (LGHL) – down ~36%
- JX Luxventure Group (JXG) – down ~36%
- Immuron (IMRN) – down ~31%
- Autozi Internet Technology (AZI) – down ~24%
- Lakeland Industries (LAKE) – down ~23%
- Oriental Culture Holding (OCG) – down ~21%
- NewGenIVF Group (NIVF) – down ~18%
- Netcapital (NCPL) – down ~17%
- Beneficient (BENF) – down ~17%
- ReTo Eco‑Solutions (RETO) – down ~15%
- WORK Medical Technology (WOK) – down ~15%
- MingZhu Logistics (YGMZ) – down ~10%
- ProPhase Labs (PRPH) – down ~8%
- Cracker Barrel (CBRL) – down ~8%
- Exicure (XCUR) – down ~8%
- Denali Therapeutics (DNLI) – down ~8%
- Bullfrog AI (BFRG) – down ~8%
- Cemtrex (CETX) – down ~8%
- Aegon (AEG) – down ~7–8%
Below, we’ll zoom in on the names with the clearest news catalysts or fresh analysis this morning.
AFJK: SPAC mania in Aimei Health snaps back hard
Aimei Health Technology (AFJK), a special‑purpose acquisition company with no significant operations, is today’s biggest pre‑market loser, down close to 50% after an extraordinary run. [7]
What’s driving the volatility:
- Aimei recently extended its business‑combination deadline again, now to January 6, 2026, funding the extension with a new promissory note that can convert into private units. [8]
- In the last couple of sessions, AFJK spiked more than 1,000% intraday before plunging in after‑hours trading, drawing heavy social‑media and retail‑trader attention, according to Benzinga’s pre‑market coverage. [9]
Today’s sharp pre‑market drop looks like the classic “gravity check” after a SPAC/low‑float squeeze rather than a response to fundamentals. With the company still searching for a merger target, the move highlights how quickly speculative trades can reverse, especially when liquidity is thin.
LGHL & JXG: high‑beta Chinese micro‑caps unwind
Two other big decliners near the top of the list are Lion Group Holding (LGHL) and JX Luxventure Group (JXG).
Lion Group (LGHL)
Lion Group, a Hong Kong‑based trading platform, has been unusually volatile since announcing plans to allocate $8 million from a convertible note toward buying Bitcoin for its corporate treasury, a move that initially sent the shares sharply lower. [10]
Community due‑diligence posts have flagged the crypto‑treasury strategy as a double‑edged sword – potentially boosting speculative appeal but adding significant balance‑sheet risk. [11] Today’s ~36% pre‑market slide looks like part of an ongoing tug‑of‑war between momentum traders and profit‑takers.
JX Luxventure (JXG)
JX Luxventure, a tiny Chinese company with exposure to menswear, cross‑border commerce and tourism, is also down roughly 35% pre‑market. Kraken’s stock page shows a pre‑market price around $5.50, down more than 36% from the prior close, with a market cap under $10 million. [12]
There’s no fresh company‑specific news today, suggesting traders are simply unwinding a recent speculative run in a very illiquid name.
LAKE: Lakeland Industries tumbles after ugly earnings miss
Lakeland Industries (LAKE), which makes protective clothing and safety gear, is one of the few micro‑caps on today’s list with a clear, fundamentals‑driven catalyst.
- Late Tuesday, Lakeland reported a surprise quarterly loss and revenue that came in roughly 10% below analyst expectations for the quarter ended October. [13]
- Zacks noted that both earnings and revenue posted “negative surprises” versus consensus, highlighting margin pressure and weaker‑than‑expected demand. [14]
After sliding in the regular session, LAKE is now down more than 20% pre‑market, with traders repricing the stock to reflect worsening profitability and uncertainty about near‑term demand for industrial safety equipment.
NCPL, BENF & RETO: reversals after Tuesday’s moonshots
Several of this morning’s losers – Netcapital (NCPL), Beneficient (BENF) and ReTo Eco‑Solutions (RETO) – share a common pattern: big rallies yesterday, big give‑backs today.
- Netcapital (NCPL)
- RTTNews reports that NCPL jumped as much as 118% on Tuesday, after the company granted a 1,000,000‑share inducement stock award to a new executive, which sparked heavy speculative interest. [15]
- With the stock now down about 17% pre‑market, traders appear to be locking in short‑term gains.
- Beneficient (BENF)
- Data from Investing.com shows BENF has rallied more than 30% over the last few sessions, with Dec. 9 seeing a ~37% jump on very high volume. [16]
- A roughly 17% pre‑market drop today looks like a typical mean‑reversion move in a penny stock that’s already gone parabolic.
- ReTo Eco‑Solutions (RETO)
- StockAnalysis’ history indicates that RETO has swung wildly in December, with single‑day moves above ±20% in recent sessions. [17]
- Today’s mid‑teens pre‑market decline comes after a string of big percentage gains, underscoring how momentum names can move in both directions.
For all three, there’s little fresh fundamental news; the action is mostly trader‑driven rotation out of yesterday’s winners.
XCUR, DNLI, CETX & BFRG: hot biotech and AI trades cool
Several story‑driven names from biotech and speculative tech are also seeing early selling.
Exicure (XCUR): hangover after a clinical‑trial spike
Exicure (XCUR) has been a favorite of momentum traders after positive Phase 2 results for its burixafor program triggered a pre‑market surge of around 70% on December 9. [18]
Coverage notes:
- The therapy showed strong response rates in a small clinical group, sparking a multiday rally and heavy volume. [19]
With the stock now down roughly 8% pre‑market, today’s move looks like profit‑taking after a huge upside breakout, rather than a reversal of the underlying trial news.
Denali Therapeutics (DNLI): equity raise hits the stock
For Denali Therapeutics, the pressure is more straightforwardly dilutive:
- The company announced an underwritten public offering of about 9.1 million shares plus pre‑funded warrants, all sold by the company, at $17.50 per share / $17.49 per warrant. [20]
- Investing.com notes that DNLI fell over 7% in after‑hours trading following the offering announcement, with further weakness spilling into today’s pre‑market session. [21]
With Denali already down sharply year‑to‑date, investors appear wary of dilution and funding risk, even as the company continues to develop its neurodegenerative pipeline.
Cemtrex (CETX) & Bullfrog AI (BFRG): post‑spike hangovers
- Cemtrex (CETX) recently surged more than 100–270% in pre‑market trading after a reverse stock split and strategic updates, according to one recent recap of the stock’s extreme volatility. [22]
- Bullfrog AI (BFRG) has been featured in small‑cap investor programming (RedChip’s “Small Stocks, Big Money” show), helping drive bouts of speculative interest. [23]
Both names are now down around 8% pre‑market. Given their tiny market caps and fast recent gains, today’s declines look like routine air‑pockets in thinly traded story stocks.
CBRL: Cracker Barrel sinks on weak outlook and brand damage
Among more familiar consumer names, Cracker Barrel Old Country Store (CBRL) is firmly on the pre‑market losers list, down about 8% with a pre‑market price near $25. [24]
Why it’s under pressure:
- Cracker Barrel reported disappointing Q1 results and cut its full‑year revenue and earnings outlook, citing softer traffic and weaker retail sales. [25]
- A Barchart report notes that the company now expects fiscal 2026 revenue of roughly $3.2–3.3 billion, down from prior guidance of $3.35–3.45 billion, and has slashed its target for adjusted pre‑tax earnings to a $70–110 million range, less than half its previous forecast. [26]
- The chain is still dealing with fallout from a widely publicized logo controversy, which the Associated Press and others say hurt customer sentiment and contributed to traffic declines. [27]
The combination of brand damage, weaker guidance and a year‑to‑date share price collapse (Cracker Barrel is down more than 50% this year) has left the stock vulnerable to further selling when results disappoint. [28]
AEG: Aegon’s big strategic pivot triggers short‑term volatility
On the large‑cap side, Aegon (AEG) appears near the bottom of the pre‑market losers screen, off about 7–8% despite what looks like a strategic upgrade on paper. [29]
Overnight the company announced that it will: [30]
- Shift its head office to the United States and
- Rebrand as Transamerica in 2026
- Launch a €400 million share buyback program next year, building on a previously announced €400 million repurchase for 2025
Aegon has posted improving operating results in 2024–2025 and is trying to simplify its structure and emphasize its U.S. franchise, according to recent trading updates and analyst commentary. [31]
This morning’s drop likely reflects short‑term uncertainty — investors digesting the costs, regulatory steps and execution risks of such a major corporate migration — rather than outright rejection of the strategy.
Large‑cap pre‑market laggards: Biogen, Newmont, GE HealthCare & more
Beyond the micro‑caps and mid‑caps, the pre‑market top losers list on Investing.com highlights a handful of big, liquid names edging lower: [32]
- Biogen (BIIB) – roughly ‑3.8% pre‑market
- Newmont (NEM) – about ‑1.2%
- Simon Property (SPG) – around ‑0.7%
- GE HealthCare (GEHC) – about ‑0.6%
- ServiceNow (NOW), NXP (NXPI), Intel (INTC), Applovin (APP), Airbnb (ABNB) and Robinhood (HOOD) – all down less than 1% each.
Biogen (BIIB): downgraded into Fed day
Biogen is the stand‑out large‑cap decliner, pressured by a fresh analyst call:
- HSBC cut its rating on Biogen to “Reduce” and slashed its price target to $143, implying more than 20% downside from recent levels, citing concerns over royalty streams and adjusted valuation assumptions. [33]
- MarketBeat data show BIIB closed Tuesday at about $175.84 after a 2.55% drop, and pre‑market quotes around $169 match the ‑3.79% move in Investing.com’s losers table. [34]
The downgrade lands just as traders are already cautious ahead of the Fed decision, making Biogen a natural target for de‑risking.
Newmont (NEM): mild pullback after analyst upgrades
Newmont’s pre‑market dip looks more like consolidation than a fresh negative narrative:
- The gold miner actually rallied more than 5% on Tuesday, leading S&P 500 gainers as silver and gold prices spiked. [35]
- Multiple banks, including National Bank and Jefferies, have recently raised their price targets into the $115–120 range and maintained positive ratings. [36]
Given that backdrop, today’s small pre‑market decline likely reflects profit‑taking after a strong move, plus the usual commodity‑price jitters ahead of a big Fed day.
GE HealthCare (GEHC): “good, not great” quarter
GE HealthCare is modestly lower after reporting in‑line Q3 2025 results and raising its profit outlook, a “good but not spectacular” showing that may have disappointed some investors hoping for a larger beat. [37]
With the stock up double‑digits over the last three months, even a respectable quarter can trigger a short‑term sell‑the‑news reaction.
ServiceNow, Robinhood, Airbnb & others
- ServiceNow (NOW): Trading fractionally lower pre‑market even as analysts highlight that the recent share‑price dip could create a valuation opportunity, and the company prepares for a 5‑for‑1 stock split later this month. [38]
- Robinhood (HOOD): Down slightly after a huge run; Simply Wall St. points out the broker’s share price is up around 160% over the past year, prompting questions about how much upside is left. [39]
- Airbnb (ABNB): A mild dip comes after last month’s record Q3 revenue report drove the stock higher; there’s no fresh negative news this morning. [40]
In all these cases, the moves are small and appear more tied to position‑trimming ahead of the Fed than to company‑specific shocks.
What today’s pre‑market losers say about sentiment
Taken together, today’s top pre‑market losers paint a clear picture of risk sentiment:
- Speculation is being repriced.
SPACs, reverse‑split names and ultra‑low‑float micro‑caps that soared in recent days (AFJK, NCPL, BENF, CETX, XCUR) are seeing sharp mean‑reversion as traders lock in gains and liquidity dries up. - Capital raises are punished.
Denali’s equity and warrant offering is a classic example of the market penalizing dilution, even for a company with a well‑regarded pipeline. - Macro uncertainty favors profit‑taking.
With a key Fed decision and fresh economic projections due later today, investors are trimming risk in sensitive areas – from high‑beta software (NOW, APP) to healthcare (BIIB, GEHC) and gold miners (NEM). - Fundamentals still matter.
Lakeland’s earnings miss and Cracker Barrel’s cut to revenue and profit guidance show that disappointing numbers and guidance can still overpower macro hopes, especially for companies whose brands or margins are already under scrutiny. [41]
How active traders might approach these pre‑market decliners
This article isn’t investment advice, but a few general principles are worth keeping in mind when watching moves like today’s:
- Focus on volume, not just percentage moves.
A 40–50% pre‑market drop on a few thousand shares in a micro‑cap is very different from a 4% move in a mega‑cap on heavy volume. - Know the catalyst.
- Earnings misses (LAKE, CBRL), offerings (DNLI) and rating changes (BIIB) tend to have more durable effects than pure momentum reversals in thinly traded names.
- No news plus big move often equals temporary dislocation, but it can also signal information that hasn’t hit the headlines yet.
- Respect liquidity and spreads.
Many of today’s top losers trade at very low prices with wide bid‑ask spreads, which can magnify slippage in both directions. - Have a plan for Fed day.
With the Fed on deck, intraday volatility could expand sharply after the rate announcement and press conference, meaning early pre‑market patterns may or may not carry into the close. [42]
As always, anyone considering trading these names should do their own research, understand the risks and use position sizing and risk controls that match their tolerance.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. stockanalysis.com, 4. www.investing.com, 5. stockanalysis.com, 6. stockanalysis.com, 7. stockanalysis.com, 8. www.tipranks.com, 9. www.benzinga.com, 10. www.investing.com, 11. www.reddit.com, 12. www.kraken.com, 13. finance.yahoo.com, 14. www.zacks.com, 15. www.rttnews.com, 16. www.investing.com, 17. stockanalysis.com, 18. www.heygotrade.com, 19. stockstotrade.com, 20. www.barchart.com, 21. www.investing.com, 22. azat.tv, 23. www.democratandchronicle.com, 24. stockanalysis.com, 25. au.investing.com, 26. www.barchart.com, 27. nypost.com, 28. finance.yahoo.com, 29. stockanalysis.com, 30. www.nasdaq.com, 31. www.globenewswire.com, 32. www.investing.com, 33. www.investing.com, 34. www.marketbeat.com, 35. www.nasdaq.com, 36. www.marketscreener.com, 37. finance.yahoo.com, 38. simplywall.st, 39. simplywall.st, 40. coincentral.com, 41. www.zacks.com, 42. www.investing.com
