Welcome to Stocks and Income, the holiday edition!
We’re taking a break from live reporting this week, but I hope you enjoy this as you hide from your in-laws.
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Market Cap: $1.73 billion Percentage Gain: TXG's stock price decreased by 69%. Market Cap Gain: TXG’s market capitalization dropped $ 3.7 billion over the year. Sector: Biotechnology
What’s The Story?
10x Genomics is a biotechnology company that develops advanced tools and technologies to analyze single cells and genetic material with high resolution and precision.
Not very well, I guess.
How TXG Fell Apart This Year
TXG had a very rough year. A major sales restructure disrupted operations, impacting 40% of accounts in the Americas and causing an 11% year-over-year sales drop in the region.
Additionally, competitive pressures intensified as Illumina, a dominant player in the gene-sequencing industry, acquired Fluent BioSciences, a direct competitor to 10x Genomics. Its market cap decreased from $4.95 billion to $1.73 billion, marking it as one of the worst stocks in biotech this year.
Market Cap: $1.28 billion. Percentage Gain: EVH’s price decreased by approximately 59%. Market Cap Gain: EVH’s market capitalization fell $1.33 billion over the year. Sector: Healthcare Services
What‘s The Story?
Evolent Health is a healthcare company that partners with providers and payers to design and manage value-based care solutions that improve clinical outcomes and reduce costs.
How EVH Fell Apart This Year
Evolent Health struggled in 2024 due to rising costs, operational challenges, and market pressures in the healthcare industry. While revenue grew by 21.6%, the company reported a net loss of $31.2 million in the third quarter, driven by higher expenses related to expanding services and integrating acquisitions.
Leadership turnover created additional instability, while delays in achieving cost-saving measures and synergies from recent deals raised questions about execution. These issues combined to erode investor confidence and made 2024 a challenging year for Evolent Health.
Market Cap: $3.25 billion Percentage Gain: NFE’s stock price decreased by approximately 65%. Market Cap Gain: NFE’s market capitalization fell $6.7 billion over the year. Sector: Utilities
What’s The Story?
New Fortress Energy is a utility company specializing in natural gas and liquefied natural gas (LNG) infrastructure. It develops and operates energy facilities, aiming to provide efficient and reliable energy to global markets while supporting the shift toward cleaner energy solutions.
How NFE Fell Apart This Year
New Fortress Energy had an awful year in 2024. Delays in launching its floating LNG export facility in Altamira, Mexico, disrupted its growth plans and revenue expectations. These setbacks led to a net loss of $88 million in the second quarter, well below market profit forecasts.
Rising operational costs and ongoing execution challenges added to its struggles, creating doubts about its ability to meet long-term goals. Combined with investor skepticism and disappointing financial results, these issues made 2024 a year of sharp declines and lost confidence for New Fortress Energy.
Market Cap: $113.5 billion Percentage Gain: INTC’s stock price decreased by approximately 60%. Market Cap Gain: INTC’s market capitalization fell $170 billion over the year. Sector: Technology
What’s The Story?
Intel designs and manufactures semiconductor chips and processors for PCs, data centers, and electronic devices. The company is a leader in advancing computing innovation, focusing on artificial intelligence, cloud technologies, and next-generation solutions.
How INTC Fell Apart This Year
Intel had a disastrous year in 2024. The company faced fierce competition from AMD and NVIDIA, which outpaced it in AI and semiconductor innovation, eroding its market share. Product delays, including setbacks in its next-generation processors, frustrated both consumers and investors.
Manufacturing issues continued to plague Intel as it fell behind in advancing its chip fabrication technologies, further widening the gap with competitors. Leadership instability, marked by the abrupt resignation of its CEO without a clear successor, added to the uncertainty. The disappointing financial results and waning investor confidence solidified Intel’s disastrous year.
Market Cap: $6.41 billion Percentage Gain: QXO’s stock price declined by approximately 92.10%. Market Cap Gain: QXO’s market capitalization fell $76.33 billion over the year. Sector: Technology
What’s The Story?
QXO is a technology company focused on software solutions for data processing and analytics, helping businesses manage operations and improve decision-making. It is recognized for its commitment to developing tools that address complex challenges in data management across various industries.
How QXO Fell Apart This Year
QXO had a catastrophic 2024. Beyond the massive share dilution from its $620 million private placement, the company faced mounting financial struggles. In the third quarter, it reported a net loss of $0.01 per share, and revenue dropped to $13.16 million compared to the previous year.
Adjusted EBITDA also turned negative, falling to -$11.47 million due to rising employee costs tied to a new senior management team. These financial setbacks and growing investor skepticism about its direction eroded confidence and contributed to QXO’s steep decline. Mismanagement and poor results cemented its place as one of the year’s biggest flops.
