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Forbes
Forbes
4 Jul 2024


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.

TAIWAN-TECH-BUSINESS-SEMICONDUCTORS-AI-COMPUTEX

Intel is perhaps the most surprising stock market loser considering rival Nvidia and other silicon ... [+] chip companies are among the best-returning investments this year

AFP via Getty Images

The drug store chain Walgreens was the worst-performing company on the S&P 500, the benchmark which tracks the share prices of 500 of the largest U.S.-listed public companies, over the first six months of the year, as Walgreens’ share price halved and hit their lowest level since the mid-1990s, a dive coinciding with the company’s plans to shut up to a quarter of its locations as analysts forecast Walgreens’ worst annual profit since 2013.

Lululemon, the high-end athletic wear firm, is the second-worst-performing stock year-to-date on the S&P, as analysts expect the retailer to post its worst annual revenue growth since Lululemon went public in 2007, other than the fiscal year ending Jan. 2021 weighed down by the COVID-19 pandemic.

Intel, the third-worst performer on the S&P, is perhaps the most surprising loser considering rival Nvidia and other silicon chip companies are among the best-returning investments this year during the AI fever, with Intel shares largely a victim of an extended decline in the company’s business as competition swelled, with some analysts going so far as to declare Intel a “broken company.”

Intel’s $1.8 billion first-quarter earnings before interest, taxes, depreciation and amortization mark its second-worst Q1 figure dating back to at least 2000, an improvement from last year’s $962 million EBITDA but an 82% decline from Q1 2020’s $10.3 billion; for reference, Nvidia’s spring quarter net earnings grew from $1.1 billion to $17.3 billion from 2020 to 2024.

Boeing, the S&P’s 10th-lowest returner, is certainly not a shocking faller: Its stock market woes came as the aerospace firm grappled with a big public relations nightmare after several of its commercial aircrafts malfunctioned, launching a Justice Department probe, a congressional hearing focused on its struggles and its worst quarterly revenues in eight quarters this spring, all frustrating investors with Boeing on a five-year streak of negative profits.

It’s been far from a picture-perfect 2024 for shares of entertainment giants Warner Bros. Discovery and Paramount Global, the fifth- and 12th-biggest losers on the S&P, respectively, as both HBO parent WBD and CBS parent Paramount contended with shaky balance sheets— WBD and Paramount reported $966 million and $563 million respective net losses during Q1—far worse than Wall Street’s Hollywood favorite Netflix’s $2.2 billion net income.

Negative headlines similar drove down the entertainment conglomerates, and WBD’s expected loss of NBA rights caused a 10% single-day selloff April 30, while Paramount’s stock plunged 8% on June 11 after it ended talks of a sale to Skydance Media, which is run by centibillionaire Larry Ellison’s son David Ellison.

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  1. Walgreens, down 52%
  2. Lululemon, down 42%
  3. Intel, down 38%
  4. EPAM Systems, down 37%
  5. Warner Bros. Discovery, down 35%
  6. Albemarle, down 33%
  7. Globe Life, down 32%
  8. MarketAxess, down 31%
  9. Paycom, down 31%
  10. 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.

The 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.