In theory, individual stocks could fall to 52-week lows while the S&P 500 (SPY) rises to new highs. Nvidia (NVDA) and other mega-cap technology stocks account for much of the index’s gains. This will mask the seven S&P 500 stocks that will start Wednesday’s opening at 52-week lows.
Bristol-Myers (BMY) posted an unexpected loss, causing an accelerated selling panic. BMY stock closed at $40.49, despite licensing a second compound from Prothena (PRTA) for $80 million. Prothena may earn another $617.5 million if it means various milestones.
Gilead Sciences (GILD) joined BMY stock on the 52-week low list. The firm entered a cancer therapy discovery collaboration with Cartography Biosciences.
CVS Health (CVS) and Walgreens (WBA) are in freefall. Markets are panic selling the two drugstores. High theft rates at their stores, risks of penalties related to the opioid crisis, and investors booking losses are some of the reasons for the decline.
EPAM Systems (EPAM) closed at $177.27, a new low. Investors are not impressed with the firm’s -0.4% Y/Y non-GAAP diluted EPS of $2.46.
In the clothing sector, Lululemon (LULU) stock closed at $295.25. Risks are high that growth will slow in its core markets. Consider LULU stock at $250.
Molson Coors Beverage (TAP) faded to $52.96. The firm is selling EUR 800 million in senior notes at a 3.80% interest rate.
