Bespoke says seven S&P 500 stocks need gains of 200% or more
The list includes Nike and PayPal, whose results and business pressures illustrate the challenges behind the stocks’ distance from record highs.
Key takeaways
- Bespoke identified seven S&P 500 stocks that need gains of at least 200% to reach all-time highs.
- Nike reported declines in sales across its brand, online, Converse and China businesses in its recent quarter.
Seven S&P 500 companies with market values above $20 billion need to gain at least 200% to return to their all-time highs, according to Bespoke. The list includes PG&E, PayPal, Ford, Nike, Las Vegas Sands, Zoetis and Crown Castle.
Yahoo Finance’s Brian Sozzi pointed to weak financial results and waning investor confidence as common themes, highlighting Nike and PayPal. Nike’s recent quarter included sales declines of 4% for Nike Brand, 13% online, 28% at Converse and 26% in China.
Nike’s full-year earnings guidance was also well below analyst estimates, and CEO Elliott Hill suggested sportswear weakness could persist in the medium term, the article said. PayPal faces intense competition in payments. The company and CEO Enrique Lores reportedly turned down a buyout offer from Stripe and are focusing on cost cuts and improving branded checkout.
This article was produced with the help of AI technology. Source: Yahoo Finance
