By admin
One day after U.S. stocks got a reprieve as the Federal Reserve lifted its target range for short-term interest rates by 0.75 percentage point, inflation fears built a new wall of worry to send U.S. stocks plunging on June 16.
The S&P 500
SPX,
-3.25%
ended with a 3.3% decline after hitting a new 52-week intraday low, with 97% of its components down for the day. More than a third of the stocks slumped at 5%. The benchmark U.S. index has now fallen 23.1% for 2022.
The day’s worst performers
These 16 stocks in the S&P 500 skidded at least 9% on June 16:
Company
Ticker
Industry
Price change – June 16
Price change – 2022
Decline from 52-week intraday high
Date of 52-week intraday high
Norwegian Cruise Line Holdings Ltd.
Cruise Lines
-12%
-50%
-68%
06/17/2021
Royal Caribbean Group
Cruise Lines
-11%
-54%
-64%
11/08/2021
Carnival Corp.
Cruise Lines
-11%
-57%
-71%
06/17/2021
Penn National Gaming Inc.
Casinos/ Gaming
-11%
-48%
-69%
09/08/2021
Enphase Energy Inc.
Semiconductors
-10%
-7%
-40%
11/22/2021
Generac Holdings Inc.
Electrical Products
-10%
-36%
-57%
11/02/2021
Aptiv PLC
Auto Parts: OEM
-10%
-48%
-52%
11/04/2021
Etsy Inc.
Internet Retail
-9%
-68%
-78%
11/26/2021
Ralph Lauren Corp. Class A
Apparel/ Footwear Retail
-9%
-27%
-36%
02/22/2022
IPG Photonics Corp.
Semiconductors
-9%
-51%
-62%
08/02/2021
Caesars Entertainment Inc.
Casinos/ Gaming
-9%
-60%
-69%
10/01/2021
Diamondback Energy Inc.
Oil & Gas Production
-9%
24%
-18%
06/08/2022
MGM Resorts International
Casinos/ Gaming
-9%
-39%
-46%
11/08/2021
American Airlines Group Inc.
Airlines
-9%
-32%
-47%
06/17/2021
Marathon Oil Corp.
Oil & Gas Production
-9%
56%
-23%
05/31/2022
Tesla Inc.
Motor Vehicles
-9%
-40%
-49%
11/04/2021
Source: FactSet
Tesla
TSLA,
-8.54%
made the list of the day’s worst-performing stocks, after the company raised prices for its electric vehicles.
With so many double-digit losses on the list for 2022, many analysts working for brokerage firms expect these stocks to roar back over the next year. Here’s a summary of ratings and consensus price targets for the group:
Company
Ticker
Share “buy” ratings
Share neutral ratings
Share “sell” ratings
Closing price – June 16
Consensus price target
Implied 12-month upside potential
Norwegian Cruise Line Holdings Ltd.
47%
53%
0%
$10.38
$21.38
106%
Royal Caribbean Group
47%
41%
12%
$35.16
$80.17
128%
Carnival Corp.
31%
52%
17%
$8.75
$20.39
133%
Penn National Gaming Inc.
75%
25%
0%
$26.91
$56.56
110%
Enphase Energy Inc.
70%
27%
3%
$169.60
$231.00
36%
Generac Holdings Inc.
91%
9%
0%
$223.99
$390.44
74%
Aptiv PLC
75%
18%
7%
$86.16
$146.25
70%
Etsy Inc.
68%
32%
0%
$69.00
$138.42
101%
Ralph Lauren Corp. Class A
47%
48%
5%
$87.14
$118.18
36%
IPG Photonics Corp.
46%
39%
15%
$83.99
$150.25
79%
Caesars Entertainment Inc.
94%
6%
0%
$37.67
$106.43
183%
Diamondback Energy Inc.
88%
12%
0%
$133.68
$183.50
37%
MGM Resorts International
55%
45%
0%
$27.39
$53.48
95%
American Airlines Group Inc.
17%
66%
17%
$12.16
$19.65
62%
Marathon Oil Corp.
61%
32%
7%
$25.66
$35.00
36%
Tesla Inc.
61%
28%
11%
$639.30
$968.60
52%
Source: FactSet
There are majority “buy” ratings for 10 of the stocks, among analysts polled by FactSet.
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