U.S. stocks closed mixed on Thursday, December 11, 2025, as a historic surge in the Dow clashed with a sharp tech sell‑off led by Oracle and a wave of brutal collapses in thinly traded micro‑caps.
By the closing bell (4 p.m. ET), the Dow Jones Industrial Average was up roughly 1.3–1.4% and at a record high, while the S&P 500 edged about 0.1–0.2% higher. The Nasdaq Composite, however, slipped around 0.3–0.4%, dragged down by AI‑linked growth stocks. [1]
Under the surface, the real drama was in the top losers list, where failed drug trials, emergency capital raises, reverse stock splits and delisting threats combined into a textbook lesson on risk.
Market snapshot: indexes up, but losers tell a different story
According to StockAnalysis’ market‑movers screen, U.S. top losers by percentage on December 11, 2025 were dominated by micro‑cap biotech, shipping, logistics and specialty names: [2]
Top percentage losers (all U.S. exchanges, today):
- OCG – Oriental Culture Holding: ‑89.5%
- RZLT – Rezolute, Inc.: ‑87.3%
- CISS – C3is Inc.: ‑80.8%
- YGMZ – MingZhu Logistics Holdings: ‑61.7%
- GRI – GRI Bio, Inc.: ‑58.1%
- ENVB – Enveric Biosciences, Inc.: ‑47.5%
- BBGI – Beasley Broadcast Group: ‑47.1%
- BLMZ – Harrison Global Holdings: ‑42.9%
- CMND – Clearmind Medicine: ‑37.9%
- SRXH – SRx Health Solutions: ‑37.4%
Meanwhile, heavyweight names Oracle (ORCL) and Wave Life Sciences (WVE) showed up among the day’s most notable large‑cap and mid‑cap losers, making them highly visible on Google Finance and brokerage dashboards even though their percentage drops were smaller than the micro‑cap collapses. [3]
Oracle (ORCL): AI spending shock turns into a “show‑me” moment
Move today: Oracle shares fell roughly 11–15%, making the stock the biggest loser in the S&P 500 and wiping tens of billions of dollars off its market cap. [4]
What happened
- Oracle’s latest quarterly results missed Wall Street expectations on both revenue and operating income, even as sales still grew double‑digits year‑on‑year. [5]
- Management stunned investors by warning that annual capital expenditure will run about $15 billion higher than previously planned, taking expected spending for AI data centers to around $50 billion. [6]
- Several reports highlight Oracle’s ballooning debt load, now north of $100 billion, raising questions about how long the company can aggressively fund AI infrastructure without a matching earnings payoff. [7]
The result was a broad AI reality check. MarketWatch and Reuters both note that Oracle’s plunge dragged down other AI winners such as Nvidia (NVDA), Palantir (PLTR) and Broadcom (AVGO), which slipped roughly 2–3% intraday as investors reassessed sky‑high valuations. [8]
Analysts quoted by Investopedia describe the move as turning AI into a “show‑me story”: the market is no longer content with bold AI capex narratives without clear visibility into cash flow and returns. [9]
What’s next
- Bulls argue Oracle still sits at the center of the AI infrastructure build‑out with a large backlog of cloud and GPU contracts. [10]
- Bears warn that debt‑funded AI spending could replicate dot‑com‑era excess if growth slows or competition from hyperscalers compresses margins. [11]
For now, Oracle’s role as today’s flagship loser has become a proxy for broader questions about whether the AI trade is pausing or peaking.
Wave Life Sciences (WVE): equity raise hangover after an obesity‑drug surge
Move today: Wave Life Sciences fell about 15–17%, frequently appearing on “top losers” lists for the Nasdaq and S&P‑related screens. [12]
The backdrop
- Earlier this week, Wave’s stock soared more than 150% after Phase 1 data for obesity candidate WVE‑007showed deep reductions in visceral fat along with lean mass preservation, drawing comparisons to existing GLP‑1 therapies. [13]
- On the heels of that rally, the company priced an upsized $350 million public offering at $19 per share, plus pre‑funded warrants, with the deal expected to close around December 11, 2025. [14]
Today’s slide reflects classic dilution math: even as obesity‑drug hopes brighten the long‑term story, the sudden influx of new shares and warrants cuts into per‑share upside. Several trading notes describe the move as a “dramatic reversal after a meteoric rise”, with the stock still massively above pre‑data levels despite the pullback. [15]
Analyst view
Coverage remains generally optimistic on the science, but warns that Wave must now execute on later‑stage trials and deploy its new cash carefully to justify the post‑offering valuation. [16]
Biotech blow‑ups: Rezolute & GRI Bio show binary risk
Rezolute (RZLT): ~88% collapse after failed Phase 3 trial
Move today: Rezolute was one of the single biggest losers on U.S. exchanges, plunging around 87–88% to the low‑$1 range on volume north of 100 million shares. [17]
Catalyst
- The company reported that its Phase 3 “sunRIZE” trial of ersodetug for congenital hyperinsulinism failed to meet the primary and key secondary endpoints, wiping out hopes that the program would become a registration‑enabling asset. [18]
Finimize and Benzinga highlight Rezolute as the day’s biotech disaster, noting how a single pivotal readout erased years of market value and underscored the binary nature of late‑stage drug development. [19]
GRI Bio (GRI): positive data, negative financing
Move today: GRI Bio fell about 58% and ranked in the top five U.S. losers. [20]
The twist
- GRI announced encouraging Phase IIa data for its lead candidate in idiopathic pulmonary fibrosis, helping underpin a bullish research narrative. [21]
- On the same day, the company priced an $8 million public offering at $0.75 per share, along with Series F warrants, with closing targeted for tomorrow. [22]
Analysts at Ascendiant Capital reiterated a “Buy” rating as recently as December 8, 2025, with a target price in the mid‑$30s and some aggregated forecasts implying triple‑digit percentage upside from pre‑crash levels. [23]
Today’s sell‑off, however, shows investors focusing not just on clinical promise, but also on funding needs and dilution risk—a theme that runs across many of today’s biotech losers.
Micro‑cap carnage: offerings, delistings and reverse splits
The top of the losers table is dominated by tiny, speculative names where capital‑structure stress rather than macro news is in the driver’s seat. [24]
C3is (CISS): shipping stock crushed by discounted equity raise
Move today: CISS sank about 81% to roughly $0.33, the third‑worst decline on U.S. exchanges. [25]
- Benzinga reports the company priced a $9 million offering of 7.5 million units at $1.20, sparking a violent repricing as traders baked in massive dilution to a micro‑cap shipping balance sheet. [26]
MingZhu Logistics (YGMZ): delisting countdown
Move today: YGMZ dropped roughly 62% to just above $0.02, landing among the day’s worst performers. [27]
- The company disclosed it has received a Nasdaq delisting notice after failing to regain compliance with the $1 minimum bid requirement, with trading set to be suspended on December 12, 2025. [28]
The prospect of losing its main U.S. listing—and the thin chance that appeals or reverse splits can restore confidence—sent shareholders rushing for the exits.
Enveric Biosciences (ENVB): warrants, share expansion and a volatility halt
Move today: ENVB tumbled about 47–48%, closing near $5.40–5.50. [29]
Key developments today alone:
- Enveric announced the exercise and repricing of warrants, potentially raising $3.1 million in gross proceeds. [30]
- Shareholders approved proposals to increase authorized share counts and allow additional stock issuance, paving the way for future financing. [31]
- The stock was briefly hit by a Nasdaq volatility trading halt in the afternoon. [32]
Taken together, the steps bolster Enveric’s cash runway but leave existing shareholders heavily exposed to dilution, explaining the sharp repricing.
Clearmind Medicine (CMND) & Nuvve Holding (NVVE): reverse‑split pain
- CMND slid nearly 38%, while NVVE fell about 36%, both appearing in today’s top‑losers list. [33]
- Each company has announced a 1‑for‑40 reverse stock split, effective Monday, December 15, 2025, explicitly aimed at regaining or maintaining Nasdaq’s minimum bid price compliance. [34]
Reverse splits are often interpreted as distress signals, especially when paired with small market caps and weak fundamentals, which helps explain why traders treated both tickers as short‑term trading vehicles rather than recovery stories today.
SRx Health Solutions (SRXH) & Bimergen Energy (BESS): dilution anxieties
- SRXH dropped about 37% after filing an amended S‑1 that registers the resale of up to 2.5 billion shares under an equity line structure with Keystone Capital Partners—an enormous potential supply overhang. [35]
- BESS fell more than 23% even as Bimergen touted approval to uplist to the NYSE American with a concurrent equity offering next week, highlighting the tension between improved visibility and looming dilution. [36]
Speculative hangovers: Oriental Culture, ChowChow Cloud, A SPAC III & Beasley
Another big theme in today’s losers: yesterday’s moonshots becoming today’s train‑wrecks.
Oriental Culture Holding (OCG): from parabolic spike to 89% plunge
Move today: OCG was the #1 percentage loser, collapsing 89.5% to just under $1. [37]
Data from recent sessions show OCG exploded from the low‑$3s to intraday highs above $19 over the prior two trading days, driven by unusually high volume and speculative buying, before closing around $8.70 on December 10. [38]
There was no major new fundamental announcement today, suggesting the move was largely an unwind of a low‑float momentum spike—a reminder that thinly traded China‑linked names can give back triple‑digit gains just as quickly as they appear.
ChowChow Cloud (CHOW): “unusual trading” and a mystery sell‑off
Move today: CHOW fell about 36–39%, placing it firmly in the top‑loser bracket. [39]
- The company issued a same‑day press release acknowledging “unusual trading activity” in its shares but said it was not aware of any undisclosed material developments. [40]
- AInvest and other analytics sites describe a 50%+ intraday crash driven by intense selling pressure and RSI oversold readings, rather than clear fundamental news. [41]
Since its autumn IPO at $4, CHOW has now tumbled more than 70% from recent peaks, a classic pattern for hyper‑volatile, low‑float tech IPOs. [42]
A SPAC III Acquisition (ASPC): after the 200% party, a 30% hangover
Move today: ASPC slid around 29–34% to the low‑double‑digit range. [43]
- Yesterday, ASPC was one of the market’s biggest premarket winners, up more than 200% as SPAC arbitrage traders piled in. [44]
- Today’s drop looks like profit‑taking and normalization, with the stock still trading above typical cash‑trust values for blank‑check companies.
Beasley Broadcast Group (BBGI): round‑trip after a 100%+ spike
Move today: BBGI dropped about 47% to around $8.84. [45]
Yesterday, trading commentary highlighted Beasley as a 113%+ intraday winner on December 10, 2025, driven by speculation around its digital pivot and low float. [46]
With no fresh catalyst today, the steep reversal underscores how quickly short squeezes and momentum runs can unwind in micro‑cap media names.
What today’s top losers are signaling
Looking across large‑cap and micro‑cap losers, several themes stand out:
- AI capital discipline is back in focus
Oracle’s slide, and the sympathetic moves in Nvidia, Palantir and Broadcom, show that investors are demanding concrete AI earnings and cash‑flow visibility, not just headline growth and megabillion capex plans. [47] - Capital‑structure risk is being punished, hard
From C3is’ deeply discounted equity offering to MingZhu’s delisting notice, Enveric’s warrant reset, SRx’s massive resale registration and a raft of reverse splits, dilution and listing risk are common denominators for many of the day’s largest percentage losers. [48] - Biotech remains a high‑beta, binary arena
Rezolute’s 88% implosion on a failed Phase 3 and GRI’s 58% drop despite positive data and bullish price targets are stark reminders that trial outcomes and financing terms can override long‑term scientific narratives in a single session. [49] - Speculative low‑float trades are unwinding
OCG, CHOW, ASPC, ENVB and BBGI all illustrate the same pattern: multi‑day triple‑digit spikes followed by violent reversals once momentum stalls or new supply hits the tape. [50]
Takeaways for traders and longer‑term investors
- Don’t confuse percentage loss with impact:
Oracle’s ~11–15% slide did more damage to aggregate market capitalization than many 60–80% micro‑cap crashes combined, which is why it dominated macro headlines even as smaller names topped the percentage‑loser tables. [51] - Watch the balance sheet, not just the story:
Many of today’s losers share traits like high leverage, repeated dilutive offerings, reverse splits or looming delistings. These structural issues often matter more than one day’s headline. [52] - Biotech remains a “know your risk” sector:
Names like Rezolute and GRI show why late‑stage clinical catalysts can be all‑or‑nothing events. Even when Wall Street targets suggest huge upside, funding, regulatory and trial‑design risks can still drive catastrophic drawdowns. [53]
Nothing in today’s tape changes the fact that index‑level trends remain constructive after the Federal Reserve’s latest rate cut. But for individual stocks—especially in biotech, micro‑cap shipping, crypto‑adjacent and SPAC‑like names—December 11, 2025, will be remembered as a day when capital discipline and risk management reasserted themselves in brutal fashion.
References
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