01:56 PM EST, 01/30/2025 (MT Newswires) -- Cargo Therapeutics ( CRGX ) shares tumbled 74% after the company said Wednesday it plans to discontinue a phase 2 study of firicabtagene autoleucel, or firi-cel, for patients with large B-cell lymphoma, and reduce its workforce by about 50% to preserve cash.

More than 17.3 million shares traded intraday compared with a daily average of about 313,000.

Ironwood Pharmaceuticals ( IRWD ) said late Wednesday it is reducing its workforce by about 50% because of "ongoing pricing pressures."

The company said the reorganization is expected to yield annual operating expense savings of about $55 million to $60 million and add $40 million to $45 million to annual profits.

Shares slumped 38% following a surge in intraday trading volume to over 7.3 million from a daily average of about 2 million.

United Parcel Service ( UPS ) issued a downbeat full-year revenue outlook after posting Q4 topline below market estimates on Thursday.

The company also expects a cut of more than 50% in volumes from its largest customer next year.

Shares sank 14%, with intraday trading volume catapulting to 31.6 million versus the stock's daily average of about 4.2 million.

Price: 3.39, Change: -9.80, Percent Change: -74.30