Industrials

5 Stocks That Tanked the Dow Last Week

Chris Lange

Published: September 10, 2017 10:05 am

Last Updated: January 12, 2020 8:21 am

The Dow Jones Industrial Average rose about 11% in the first eight months of 2017, a much better showing than the first half of 2016, when the index was down slightly. Despite this solid performance, the Dow just had its worst weekly drop since March.

Out of the 30 stocks included in the index, 19 have posted a gain year to date. The leading gainer was Boeing Co. (NYSE: BA), up 54%, trailed by Apple Inc. (NASDAQ: AAPL), up 41%.

Here’s a look at the stock brought the index down over this past week.

United Technologies Corp. (NYSE: UTX) was the biggest loser out of the group, dropping just over 7% in the past week. Practically all of this loss was attributed to the company announcing its acquisition of Rockwell Collins for $30 billion. Shares closed out the week at $109.55, with a consensus analyst price target of $126.72 and a 52-week trading range of $97.62 to $124.79.

General Electric Co. (NYSE: GE) was the second worst performing Dow stock this past week, with shares down 5.3%. The company pushed its 52-week low even lower a couple days ago to numbers not seen since 2015. This week, GE sold its remaining stake in Penske Truck Leasing, but a Morgan Stanley analyst reiterated an Underweight rating and a price target of $22 to cause most of the damage. Shares of GE closed Friday at $23.82, with a consensus price target of $29.31 and a 52-week range of $23.58 to $32.38.

Walt Disney Co. (NYSE: DIS) saw some fallout over the course of this past week after CEO Bob Iger commented on the company’s outlook for the year. Simply put, he noted that this hurricane season was causing tourists to cancel their plans to Disney theme parks and cruises. Also year-over-year numbers could be suspect as Disney’s “Rogue One: A Star Wars Story” did not measure up comparably with the blockbuster that was “Star Wars: The Force Awakens.” Overall the stock fell 4.4% this week following this news. Shares of the Mouse House recently closed at $97.07, with a consensus price target of $113.81 and a 52-week range of $90.32 to $116.10.

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Verizon Communications Inc. (NYSE: VZ) saw a steady and continuous fall over the course of the week, with shares down 3.8%. Although the company raised its dividend during the week, there were still media shocks after subscriber and earnings pressure were shown at the Bank of America Merrill Lynch 2017 Media, Communications & Entertainment Conference. This also weighed on Disney and AT&T as well. Shares of Verizon were last seen at $46.11, with a consensus price target of $49.59 and a 52-week range of $42.80 to $54.83.

Apple Inc. (NASDAQ: AAPL) shares were down 3.3% to close out the week, amid speculation about its upcoming iPhone release. Gene Munster says the company’s stock will dive after its releases its new iPhone. CNBC reports:

Apple’s next iPhone cycle is expected to be one of the biggest yet — but that doesn’t necessarily mean the stock will keep soaring, according to one of the company’s most well-known followers.

There could be a 10 percent pullback in Apple shares in the next one to three months, Gene Munster told CNBC’s “Power Lunch” on Tuesday.

“The trading history over the past four years is a little bit difficult to look at — just what happens when the product’s announced to three months after,” said Munster, who covered Apple for years as a Wall Street analyst before becoming a managing partner at venture capital firm Loup Ventures.

Shares of Apple ended the week at $158.63, with a consensus price target of $171.41 and a 52-week range of $102.53 to $164.94.