U.S stocks fell on Wednesday after a bunch of retailers reported third-quarter earnings amid rising inflation.
The Dow fell 0.49%, the S&P 500 slipped 0.25% while the Nasdaq lost 0.30%.
Here are some companies that took a hit Wednesday.
1. Cassava Sciences SAVA | Down 22%
Shares of Cassava Sciences (SAVA) - Get Cassava Sciences, Inc. Report tumbled after The Wall Street Journal reported that the drugmaker was being investigated by the U.S. Securities and Exchange Commission regarding its research results of its experimental Alzheimer’s drug.
2. Visa V | Down 5.8%
Shares of Visa (V) - Get Visa Inc. Class A Report fell sharply Wednesday after retail giant Amazon (AMZN) - Get Amazon.com, Inc. Report said it would no longer accept credit cards issued in the United Kingdom due to the high fees it charges on payments.
3. Target TGT | Down 4.6%
Shares of Target (TGT) - Get Target Corporation Report traded lower after the big-box retailer reported stronger-than-expected third-quarter earnings but noted profit-margin pressure linked to supply chain disruptions and labor costs. Target also lifted its full-year outlook for same-store sales.
4. Rivian RIVN | Down 17%
Shares of Rivian (RIVN) - Get RIVIAN AUTOMOTIVE, INC. Report tumbled Wednesday. The electric-vehicle maker's market valuation surpassed that of legacy automakers Ford (F) - Get Ford Motor Company Report and General Motors (GM) - Get General Motors Company (GM) Report after Tuesday's close.
5. Baidu BIDU | Down 6.1%
Shares of Baidu (BIDU) - Get Baidu, Inc. Sponsored ADR Class A Report came under pressure after the China-based tech giant cautioned on slowing ad sales amid Beijing's broader crackdown on corporate profits and business practices.