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Today's Biggest Losers
Fearful of weakening demand, markets are avoiding electric vehicle stocks. Tesla (TSLA) closed at a fresh 52-week low. It is one of four S&P 500 (SPY) on the new lows list.
S&P 500 Stocks at 52-Week Low
Gilead Sciences (GILD) faded on the market since peaking in Jan. 2024. At $66.16, bears put the stock on the loser's list. In Feb., the firm agreed to acquire CymaBay Therapeutics (CBAY) for $32.50 a share, a 27% premium, and a price tag of $4.3 billion. Shareholders think Gilead overpaid.
Caesars Entertainment (CZR) closed below $38. The firm did not post anything new. Investors are anticipating record revenue at the casinos peaked after the Super Bowl on Feb. 11, 2024. Las Vegas Sands (LVS) posted Q1 results that disappointed investors. It said that the Cotai Arena and parts of the London Phase II property renovations hurt its adjusted EBITDA. LVS stock fell by 8.66% yesterday.
Biogen (BIIB) is the fourth S&P 500 stock at a new low. Investors do not believe the biotech giant's Alzeimer's therapy, Leqembi, will enjoy strong sales. It will cost the Medicare program $3.5 billion in 2025.
Your Takeaway
While stocks like Elvance Health (ELV) and Wells Fargo (WFC) are at 52-week highs, those at new lows are more compelling to trade. They may rebound if markets think they are oversold.
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