Stocks Break Record: Bottom Stocks Include SIRI, ALB, WBD, And RIVN


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  • Canada Goose Stock Rises 15% On Strong Earnings Previous Articles Subscribe to Get Small Cap News & Alerts Chris Lau - Thursday, May 16, 2024

    Stocks Break Record: Bottom Stocks Include SIRI, ALB, WBD, and RIVN

    When stock markets trade at all-time highs, those that fall on the day are the investments to avoid.

    Sirius XM Holdings (SIRI) is stuck in a $3.00 holding pattern, losing 44.42% YTD. The firm benefited from consumers subscribing to its service when they bought an automobile. Now that consumers are cutting drastically back on buying EVs and gas-powered cars, Sirius does not have a growth catalyst.

    In Q1, Sirius earned $0.07 a share.

    Albemarle (ALB) lost 5.82% on Wednesday when the S&P 500 (SPY) closed at 5,308.15, a new high. Short-sellers hold a 12.24% short interest on the lithium miner. Falling EV sales hurt demand for batteries, which weakens lithium prices.

    In the fiercely competitive streaming media sector, Warner Bros Discovery (WBD) risks falling below $8.00 again. Famed investor Seth Klarman's Baupost group cut his holding in WBD stock from 25.24 million shares in Q4/2023 to 3.71 million shares. A Q1 loss of $0.40 on revenue of $9.96 billion (-6.9% Y/Y) also hurt WBD stock.

    Yesterday, Rivian (RIVN) joined the sell-off in EV stocks, losing 8.85%. China EV firms fell by just the same. Nio lost 7.94% while XPeng (XPEV) fell by 3.5%. The Biden Administration introduced punitive taxes against Chinese EV firms. This will disrupt the global EV balance, hurting demand and weakening prices.





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