Not An Everything Rally: 2024’s Worst S&P 500 Stocks So Far From Boeing To Intel
Several notable companies glumly watched the historic stock market run to open 2024 from the sidelines, with returns on investments looking relatively grim for a neighborhood staple, the world's most valuable yoga pant hawker, the oldest name in semiconductor chips and the U.S.' largest plane manufacturer.
Key Facts
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Worst-Performing Stocks This Year- Walgreens, down 52%
- Lululemon, down 42%
- Intel, down 38%
- EPAM Systems, down 37%
- Warner Bros. Discovery, down 35%
- Albemarle, down 33%
- Globe Life, down 32%
- MarketAxess, down 31%
- Paycom, down 31%
- Boeing, down 30%
$170 billion. That's about how much market value Tesla lost in the first half, by far the most of any S&P company. Shares of the Elon Musk-led electric vehicle maker fell more than 20% as the company reported its third consecutive quarter of negative earnings growth, with consensus analyst data predicting another 35% year-over-year decline in 2024's second quarter.
Surprising FactThe worst-performing stock on the Russell 3000, which casts a wider net than the S&P and covers 3,000 of the largest U.S.-listed companies, is drugmaker Aerovate Therapeutics, whose market cap went from over $600 million to below $50 million this year due to a "worst-case scenario" in which its only product, a blood pressure treatment, was pulled from testing. The Russell 3000's worst performers with market values over $10 billion are fellow electric vehicle maker Rivian, which reported its 11th consecutive quarter of more than $1 billion worth of cash burning.
Less than 40% of S&P constituent stocks declined during 2024's first half as the index shot up to an all-time high.
