As the S&P 500 recently hit new highs, not every component in the large cap index made it up to the top. The five listed here actually went the other way: that is, they managed to break down enough to establish new lows. Each one has its reasons but the point is: not everything is wonderfully bullish right now.
These 5 S&P 500 Stocks Hit New Lows.
Borr Drilling.
The stock this week broke below the late April/early May support level and kept going lower. You can see how the crossover of the 200-day moving average by the 50-day moving average in September provided a warning of sorts.
Borr is a Bermuda-based oil and gas drilling company with a price-earnings ratio of 17 and a forward p/e, based on analysts’ expectations for future earnings, of 5.31. The company offers an estimated dividend yield of 7.13%. Market cap is $1.18 billion.
Centene.
I’ve red-circled this week’s drop below the July low. The stock’s been volatile this year with a trading range of a high of $80 just a few weeks ago to a low now near $60. Centene is a managed care and healthcare company with corporate headquarters in St. Louis.
The price-earnings ratio is 11 and it trades at 1.16 times its book value. This year’s earnings are up by 2% and up over the past five years by 17%. Market capitalization is $31.86 billion.
Genuine Parts.
This week’s sudden drop takes the stock well below the previous area of support a $130 from July. This is another chart where a warning signal showed up in mid-July when the 50-day moving average crossed below the 200-day moving average. The latest earnings report came in at less than expected.
The Atlanta-based company is in the business of automotive and industrial replacements. The price-earnings ratio is 14.93. Market cap is $16.17 billion. This year’s earnings are down by 9% and up over the past 5 years by 11%. Genuine Parts pays a 3.43% dividend.
Molina Health Care.
This week the stock dropped to just below the July low, not that much but it still counts as a new low. The 50-day moving average had crossed below the 200-day moving average in late May/early June. In March, Bank of America Securities had downgraded Molina from “neutral” to “underperform.”
Market capitalization for the company is $16.56 billion. The stock trades with a price-earnings ratio of 15.47. This year’s earnings are up by 12.60% and up over the past five years by 12.22%. Molina does not pay a dividend.
Sasol.
The South African-based specialty chemicals and energy company this week took out its early June support level and kept going lower. You can see on the chart that it’s been trading below its 200-day moving average all year.
The stock can be purchased at 49% of its book value. Since there are no recent earnings, Sasol has no price-earnings ratio. The forward p/e is 2.02. The company is expected to pay a 4.92% dividend.
No artificial intelligence was used in the writing of this piece.
More analysis and commentary at johnnavin.substack.com.