Market Downturn: Primoris Services Corporation (NASDAQ: PRIM), Leveraged ETFs, and Nexentis Technologies Inc. (NASDAQ: NITO) Face Steep Declines

Font: Financial Modeling Prep  • Jun 23, 2026

• Primoris Services Corporation experienced a significant stock drop due to an ongoing securities fraud investigation.
• Leveraged ETFs, including those focused on semiconductors, saw amplified losses, underscoring their inherent high-risk nature during market downturns.
• Nexentis Technologies Inc. recorded the day's steepest decline without a clear explanation, despite its small market capitalization.

Today's market shows significant downturns for several key players, including Primoris Services Corporation (NASDAQ: PRIM), and leveraged exchange-traded funds (ETFs) like the Direxion Daily MU Bull 2X ETF (NASDAQ: MUU) and Direxion Daily Semiconductor Bull 3X ETF (NASDAQ: SOXL). The reasons for these drops range from company-specific legal issues to the inherent risks of complex financial products reacting to market shifts.

Primoris Services Corporation shares fell sharply by 21.59%, or $23.39, to close at $84.95. This decline is linked to an investigation by the law firm Ademi LLP into possible securities fraud. The firm is examining if Primoris Services Corporation made inaccurate statements about its business operations and financial health. The news prompted heavy trading, with volume hitting 9.89 million shares, far above its 1.75 million average.

Leveraged ETFs, which aim to multiply the daily returns of an asset, also saw major losses. This type of fund is designed to amplify gains, but it also amplifies losses, making it a higher-risk investment. When the underlying stock or index falls, these ETFs fall by a multiple of that amount, leading to steep declines.

This effect is clear in the performance of semiconductor-focused ETFs. The SOXL ETF, which triples the daily return of the NYSE Semiconductor Index, dropped 23.06% to $231.42. The Leverage Shares 2x Long ARM Daily ETF (NASDAQ: ARMG) fell 20.34% to $42.58, showing how downturns in the chip sector are magnified for investors in these funds.

Similarly, the MUU ETF, which seeks to double the daily performance of Micron Technology, decreased 26.28% to $907.92. This comes as new competition enters the space. Canadian provider LongPoint Asset Management is launching a new, competing 2x leveraged ETF for Micron Technology, indicating a growing but more crowded market for these products.

Nexentis Technologies Inc. (NASDAQ: NXTS) had the day's steepest decline, falling 54.92% to $5.86 on a high trading volume of nearly 2 million shares. While the company operates in the biotech and renewable energy sectors, no specific information was provided to explain the significant drop, which stands out against its small $0.9 million market capitalization.

In summary, the day's top losers highlight distinct risks. Primoris Services Corporation's decline is tied directly to legal and corporate governance concerns. The sharp drops in leveraged ETFs like MUU, SOXL, and ARMG serve as a clear example of their amplified risk during a market downturn. Meanwhile, the significant movement in Nexentis stock remains unexplained.