The US stock market spent most of Tuesday, December 9, 2025 trading quietly ahead of this week’s Federal Reserve decision — but beneath the calm index surface, several individual stocks suffered brutal double‑digit losses.
As of around 3:44 p.m. ET, live data from Public.com showed TuHURA Biosciences (HURA), Phreesia (PHR), Euda Health (EUDA), SLM Corp (SLM), Virgin Galactic (SPCE), Gogo (GOGO), Compass Minerals (CMP), Workhorse Group (WKHS), 3D Systems (DDD) and Dyne Therapeutics (DYN) among the steepest percentage decliners across US‑listed stocks. [1]
Below is a detailed look at what drove today’s biggest losers — and what analysts and companies themselves are saying about what comes next.
Market snapshot: calm indexes, noisy under the hood
While individual losers saw drops of 15–35%, the major indices were only modestly higher by mid‑afternoon:
- The Dow Jones Industrial Average was up roughly 0.2%. [2]
- The S&P 500 gained about 0.1%. [3]
- The Nasdaq Composite was nearly flat, up around 0.05%. [4]
Investors are in “wait-and-see” mode as the Federal Reserve begins its December policy meeting. A Barchart/Nasdaq market wrap noted that higher Treasury yields pressured equities earlier this week, with the 10‑year note climbing back above 4.1%, even as markets still price in a high probability of another rate cut when the Fed announces on Wednesday. [5]
That relatively calm macro tape makes today’s aggressive single‑stock sell‑offs stand out even more.
Today’s top US stock losers at a glance
According to Public.com’s real‑time Top Losers list (US‑listed equities, updated 3:44 p.m. ET), these names led the downside on Tuesday, December 9, 2025: [6]
- HURA – TuHURA Biosciences – $1.25, −36.87%
- PHR – Phreesia – $15.91, −20.92%
- EUDA – Euda Health Holdings – $2.40, −18.64%
- SLM – SLM Corp – $25.31, −17.96%
- SPCE – Virgin Galactic – $3.76, −17.43%
- GOGO – Gogo Inc. – $5.66, −16.17%
- AGIG – Abundia Global Impact Group – $1.63, −15.10%
- CMP – Compass Minerals – $17.53, −15.03%
- WKHS – Workhorse Group – $6.45, −15.02%
- DDD – 3D Systems – $1.83, −14.32%
We’ll focus on the names with the clearest news catalysts and broadest investor interest.
TuHURA Biosciences (HURA): Massive biotech sell‑off after dilutive financing
Move: Down about 36.9% to $1.25, the single biggest loser among US‑listed stocks today. [7]
Catalyst: Highly dilutive capital raise plus expensive short‑term debt.
TuHURA Biosciences announced a $15.6 million registered direct offering, selling roughly 9.46 million shares of common stock along with an equal number of Series A and Series B warrants at $1.65 per share and accompanying warrants. The warrants are exercisable at $1.95 and will be issued in three tranches through early 2026. [8]
Key details that spooked investors:
- Three‑tranche structure stretches new supply of shares (and potential future warrant exercises) into early 2026. [9]
- TuHURA plans to use part of the proceeds to repay a $3.4 million bridge note bearing 3% monthly interest that must be repaid by December 31, 2025 or shortly after a qualifying equity raise. [10]
The offering effectively resets the market’s valuation and highlights near‑term liquidity pressure, which is exactly the kind of thing small‑cap biotech traders hate to see. Even though TuHURA is a late‑stage immuno‑oncology company, with a Phase 3 trial of its IFx‑2.0 candidate in Merkel cell carcinoma and additional assets like VISTA‑blocking antibody TBS‑2025, today’s move shows that capital structure can overwhelm pipeline promise in the short term. [11]
What to watch next
- How quickly shares stabilize once the first tranche closes (expected around December 10). [12]
- Any updated guidance on cash runway post‑offering.
- Clinical updates from TuHURA’s ASH‑related presentations and its Phase 3 program later in 2025. [13]
Phreesia (PHR): Strong Q3, but guidance and valuation trigger a 21% drop
Move: Phreesia fell roughly 20.9% to $15.91, the second‑worst performer in today’s US market. [14]
Catalyst: “Good” earnings, but a guidance reset and forward‑looking concerns.
Phreesia — which provides SaaS‑based intake and payment tools for healthcare providers — reported Q3 FY2026 results that looked solid at first glance: [15]
- Net income of $4.27 million or $0.07 per share, versus a $14.4 million loss a year earlier. [16]
- Revenue up 13% year over year to $120.3 million. [17]
- Adjusted EBITDA improving to $29.2 million, nearly 3x last year’s level. [18]
However, the company simultaneously:
- Tweaked FY2026 revenue guidance, narrowing the range by trimming the low end and raising the high end. [19]
- Raised adjusted EBITDA guidance, but not enough to satisfy investors who had bid the stock up on growth expectations. [20]
- Issued first‑look FY2027 commentary that some analysts read as more measured than the market had hoped, especially given ongoing regulatory and reimbursement uncertainties in healthcare IT. [21]
An AInvest analysis published today framed the quarter as earnings growth tempered by liquidity strain and regulatory risk, highlighting working‑capital pressures and the need for continued investment to maintain growth. [22]
Why the stock is really down
- Expectations had gotten ahead of fundamentals; after a strong run into earnings, even a “beat and tighten” quarter can trigger profit‑taking.
- Investors are laser‑focused on sustainable free cash flow and visibility beyond 2026, not just near‑term EBITDA beats.
- The health‑tech space is sensitive to changes in regulation and reimbursement models, which adds a risk premium that today’s guidance didn’t fully erase.
SLM Corp (SLM): Double downgrade knocks the student‑loan giant nearly 18% lower
Move:SLM slid about 17.96% to $25.31, one of the sharpest drops among mid‑cap financials. [23]
Catalyst: A rare double downgrade from a key Wall Street firm.
A Barchart “US stock movers” note cited SLM as one of today’s biggest decliners after Compass Point cut the stock all the way from “Buy” to “Sell” and set a $23 price target, below where shares traded even after the sell‑off began. [24]
The downgrade comes after a strong year for SLM as student‑loan payments resumed and credit trends looked relatively benign. The bearish call reflects concerns that:
- Credit quality could deteriorate if employment or wage growth slows.
- Net interest margins may compress if the Fed is nearing the end of its cutting cycle. [25]
- Much of the good news around loan performance may already be priced into the stock.
For investors, the message is clear: even in a benign macro backdrop, a single influential downgrade can reset sentiment on a financial name that has already rallied.
Virgin Galactic (SPCE): Capital “realignment” spooks equity holders
Move:Virgin Galactic dropped about 17.43% to $3.76. [26]
Catalyst: Debt reduction via a complex mix of note repurchases and new equity — which reduces leverage but adds dilution.
This morning, Virgin Galactic announced a set of “capital realignment transactions” tied to its 2.50% convertible senior notes due 2027. [27]
Key pieces:
- The company plans to repurchase and retire ~$355 million of its existing convertible notes. [28]
- That would reduce total debt by about $152 million and extend the maturity on the remaining obligations to December 31, 2028. [29]
- To fund the moves, Virgin Galactic will issue roughly $46 million in common stock and pre‑funded warrants in a registered offering, plus about $203 million in new notes and purchase warrants in a private placement. [30]
TipRanks’ AI‑driven analysis still scores SPCE as “Neutral” overall, citing weak profitability, negative cash flow and largely bearish technical signals, even though the debt reduction modestly improves the balance sheet. [31]
Why the stock tanked anyway
- Dilution: Issuing new shares and pre‑funded warrants directly hits existing shareholders. [32]
- Ongoing cash burn: Investors worry this won’t be the last capital raise before the business becomes self‑funding. [33]
- Risk in the story: Virgin Galactic is still a pre‑scale commercial spaceflight company; when risk appetite cools into a Fed meeting, highly speculative names tend to get hit hardest.
Compass Minerals (CMP): Earnings “beat” but guidance and leverage weigh on shares
Move:Compass Minerals fell about 15.03% to $17.53, sliding toward its 52‑week lows. [34]
Catalyst: A classic “good quarter, cautious outlook” story.
The company reported Q4 FY2025 results that were superficially better than expected: [35]
- EPS of –$0.17, beating consensus estimates of –$0.23. [36]
- Revenue of about $227.5 million, ahead of roughly $223.6 million expected. [37]
- Full‑year revenue up around 11% year over year. [38]
But management’s 2026 guidance landed with a thud: the company forecast total adjusted EBITDA of $200–$240 million, with capex of $90–$110 million and interest expense of $65–$70 million, underscoring how much of its cash flow is being swallowed by debt service and maintenance investment. [39]
A pre‑market recap from Investing.com noted that despite the earnings beat, shares were already down about 12.8% in pre‑market trading, and the sell‑off deepened as the session went on. [40]
Investors appear to be saying:
“Nice quarter, but show us a path to sustainable, high‑margin cash generation in a world of unpredictable winter weather and elevated interest rates.”
Gogo (GOGO): High‑beta connectivity name gets punished
Move:Gogo dropped roughly 16.17% to $5.66, putting the in‑flight connectivity provider firmly on today’s top‑losers list. [41]
Public’s data shows nearly 4.4 million shares trading hands today, and MarketBeat flagged that Gogo had already seen unusually high volume on Monday, hinting at a build‑up of selling pressure ahead of today’s slide. [42]
TradingView’s snapshot of the stock shows: [43]
- Market cap around $900 million.
- A one‑year decline of more than 30%.
- A volatile profile (beta >1) that tends to amplify market moves.
There was no fresh, company‑specific fundamental news today, suggesting the drop is likely driven by:
- Follow‑through from recent weakness in small‑cap tech.
- Technical selling as the stock breaks support levels.
- Traders de‑risking ahead of the Fed decision, with speculative communication names first in line.
Analysts’ 12‑month price targets still cluster in the $11–16 range, well above current prices, but this is a classic case where the market clearly doesn’t trust the forecast yet. [44]
Workhorse Group (WKHS): Post‑reverse‑split pain continues
Move:Workhorse Group slid about 15.02% to $6.45. [45]
The troubled electric‑truck maker recently executed a 1‑for‑12 reverse stock split, effective December 8, to maintain its listing and attempt to improve the optics of its share price. [46]
Reverse splits often:
- Do nothing to change fundamentals.
- Make the stock more vulnerable to big percentage swings as liquidity thins.
- Signal distress if not accompanied by a credible turnaround plan.
A technical forecast from StockInvest.us projected a “fair” opening price of about $8.63 today and warned of elevated volatility — a prediction that looks prescient in light of today’s double‑digit drop. [47]
For now, Workhorse remains a high‑risk, sentiment‑driven EV microcap, and the market is treating it that way.
3D Systems (DDD): Legacy 3D‑printing name can’t escape revenue decline
Move:3D Systems fell about 14.32% to $1.83. [48]
The stock has been grinding lower for months as the company battles a shrinking top line despite improving profitability metrics:
- A November Zacks note highlighted that Q3 revenue fell around 19% year over year, even as the company posted a narrower loss and offered upbeat guidance about printer and healthcare demand. [49]
- Earlier in 2025, DDD reported Q2 revenue of roughly $94.8 million, down 16% year over year, while net income improved significantly due to one‑off items and cost cuts. [50]
The big picture is that the growth story is still missing, and in a market tilted toward profitable, scalable platforms, “cheap on headlines” isn’t enough to attract buyers.
Dyne Therapeutics (DYN): Biotech profit‑taking after a strong run
Move:Dyne Therapeutics declined about 11.06% to $19.75. [51]
A GuruFocus summary published today pointed out that DYN shares fell more than 13% intraday even though the company’s fundamental story remains intact, framing the move primarily as profit‑taking after a strong year‑to‑date rally ahead of key clinical milestones. [52]
Biotech investors have been rotating aggressively between names with upcoming data and those with less near‑term news. Dyne’s high‑beta profile means:
- Gains compound quickly on good news or anticipation.
- Pullbacks are violent when sentiment shifts or risk appetite fades, even temporarily.
Unless new negative clinical or regulatory news emerges, today’s drop looks more like position‑squaring than a verdict on the science.
Caleres (CAL) and Graphic Packaging (GPK): Earnings guidance hits consumer and packaging names
Two additional names on today’s broader losers list — not quite top 10 by percentage, but important mid‑caps — illustrate another theme: earnings guidance shock.
Caleres (CAL): Tariffs and acquisition dilution bite
Move:Caleres (parent of Famous Footwear) was down roughly 9.9% to about $12.16 according to Public’s data, with some sources citing intraday losses of 13–20% as the stock whipsawed following earnings. [53]
Key points from Q3 2025 results and guidance: [54]
- Sales rose 6.6% year over year to $790.1 million, beating expectations near $759 million.
- GAAP EPS plunged to $0.07 from $1.19 a year ago; adjusted EPS of $0.38 was far below last year’s $1.23, and even the “ex‑Stuart Weitzman” adjusted EPS of $0.67 underscored margin pressure.
- Management warned about tariff‑related gross‑margin headwinds and near‑term earnings dilution from the Stuart Weitzman acquisition, even as e‑commerce and brand momentum looked solid. [55]
- Most dramatically, Caleres cut its full‑year 2025 GAAP EPS guidance from a profit to a small loss (–$0.18 to –$0.13 per share) and slashed adjusted EPS guidance to $0.55–$0.60, versus prior Street estimates around $1.70+. [56]
Benzinga and other outlets framed the drop as the market digesting a “tariffs plus acquisition dilution” story which may take several quarters to work through. [57]
Graphic Packaging (GPK): Cost cuts and guidance reset
Move:Graphic Packaging was off about 6% to $14.65, sitting just above its 52‑week low. [58]
The sustainable packaging company updated investors late Monday on a mix of cost‑cutting plans and softened 2025 guidance: [59]
- Plans for about $60 million in cost savings in 2026 through staffing reductions and other cuts, with roughly $20 million in one‑time charges. [60]
- Accelerated inventory reductions and production curtailments that will dent Q4 operating results by about $30 million in total. [61]
- Maintained 2025 revenue guidance but trimmed adjusted EBITDA to $1.38–$1.43 billion (from $1.40–$1.45 billion) and cut EPS guidance to $1.75–$1.95 (from $1.80–$2.00). [62]
Even with a reaffirmed 2026 free‑cash‑flow target of $700–$800 million, investors appear uneasy about execution risk, high leverage (almost $6 billion of debt) and a 40%+ year‑to‑date share price decline, leaving little margin for further disappointments. [63]
What today’s losers say about market sentiment
Today’s tape sends a few clear messages:
- Dilution is deadly in this market.
TuHURA and Virgin Galactic both show how even strategically sensible capital moves can trigger outsized equity pain when they involve big new share or warrant issuance. [64] - Guidance matters more than backward‑looking beats.
Phreesia, Compass Minerals, Caleres and Graphic Packaging all delivered numbers that weren’t terrible — some even beat expectations — but any hint of slower growth or margin compression was punished immediately. [65] - Biotech and high‑beta tech remain a roller coaster.
Dyne, Gogo, TuHURA and 3D Systems highlight how quickly sentiment can swing in sectors where valuations rest heavily on future cash flows and risk appetite, not current earnings. [66] - The Fed overhang is real.
With markets pricing in further easing but still nervously eyeing bond yields, today’s action fits a classic “trim the riskiest names ahead of the meeting” pattern. [67]
How investors can approach days like this
Days when the top losers list fills with 15–35% declines can be emotionally tempting — whether you’re thinking about “buying the dip” or panicking out of a position.
A few general principles (not financial advice):
- Separate one‑off events from structural problems.
A clearly dilutive equity raise (HURA, SPCE) or guidance reset (CAL, GPK) is different from a move driven mostly by profit‑taking (DYN) or macro jitters (GOGO). - Read the actual filings and releases.
The difference between a manageable dilution and a true balance‑sheet problem is usually in the details — share counts, warrant terms, interest costs, covenants, and cash‑runway math. [68] - Check how today fits into the longer‑term chart and story.
A stock that’s down 20% today but still up 200% in a year carries a very different risk profile than one that’s been melting lower for years. - Don’t rely solely on analyst targets.
Gogo and Virgin Galactic both have price targets well above current levels, but the market is clearly skeptical. Targets are opinions, not guarantees. [69] - Consider position sizing and time horizon.
High‑beta names can be appropriate for some speculative portfolios and totally inappropriate for others. Your risk tolerance, time horizon and diversification matter more than any single day’s move.
If you’re directly exposed to any of these stocks, it may be worth discussing your situation with a licensed financial adviser who can consider your full financial picture.
References
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