Wall Street was sharply mixed on Wednesday, reflecting a rotation among investors from one part of the stock market to another. High-growth tech stocks were particularly hard hit during the day's trading, but areas like financials and industrials fared much better, balancing the performance of the broader market. As the ebb and flow of progress in Washington over tax reform continued, some companies had to deal with difficult news that sent their shares lower. NVIDIA (NASDAQ:NVDA), Autodesk (NASDAQ:ADSK), and Wesco Aircraft Holdings (NYSE:WAIR) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.

NVIDIA leads chip stocks lower

Shares of NVIDIA fell 7% as the maker of graphics chips traded in line with several other players in the semiconductor space. The environment for chip stocks has been extremely favorable in recent years, with many companies taking advantage of cyclical upswings in prices for items like memory chips. NVIDIA has also gotten a particular boost from the rise of cryptocurrencies, because its chips are especially well-suited for cryptomining activities. Yet market participants apparently now believe that stocks like NVIDIA have seen gains come too quickly. Most dismissed the decline today as a natural pullback, and NVIDIA shares are still up more than 100% over the past year.

NVIDIA chip on a circuit board in a CD drive.

Image source: NVIDIA.

Autodesk deals with disappointment

Autodesk stock plunged 16% after the company reported third-quarter financial results. The architectural and engineering software specialist said that revenue was greater than expected and its net loss was smaller than investors had feared, but it guided investors toward the lower end of its previous range for new subscriber additions. Like many software companies, Autodesk has tried to shift away from one-time sales toward a recurring-revenue subscription-based business model, and that has forced the company to deal with some disruptions. Autodesk plans to cut about 1,150 jobs as a result of the move, and shareholders want to see how those efforts go before they're ready to feel entirely confident about its prospects for the long run.

Wesco hits the skids

Finally, shares of Wesco Aircraft Holdings lost 6%. The aerospace supply chain management specialist reported fiscal fourth-quarter results that included a 1% drop in revenue and sluggish bottom-line results. CEO Todd Renehan said that the company was "clearly not satisfied" with the results, and despite seeing some signs of improvement in the future, he believes that "it's taking too long to deliver better financial results." Going forward, Wesco will turn to a business consulting firm for assistance, but shareholders seem skeptical that an outside review will do much to get Wesco back on track for faster future growth.

Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Nvidia. The Motley Fool has a disclosure policy.