The past month has been tough for many stock market bulls, but the past week added massive stress and losses to many stock market pros. Regardless of what you want to blame, the trading history has been ugly almost across the board. Almost, that is.
With the Dow and the S&P 500 both having now pulled back over 10% from their highs, the stock market went into official correction territory. This is also the first formal 10% pullback in about four years. What is amazing is that even though the stock market has tanked on fears out of China in recent days and over the past month, some stocks have almost managed to completely ignore the selling.
24/7 Wall St. wanted to review the companies that have ignored the stock market selling in the past week and month. We did not have an absolute market cap limit, but we prefer companies over $1 billion. We also did not include companies that were just recently announced takeover targets in order to avoid the noise that does not explain the big picture.
Included is a description, if needed, a reasonable explanation of why each company has avoided the carnage, and what the prospects are ahead. Also included are basic share price data, how much these have moved over the past month, and basic trading and valuation data.
Best Buy Co. Inc. (NYSE: BBY) has a chart that is honestly more dependent on recent post-earnings gains rather than a steady rise over the past month. This may skew the formal strength, but the new chart would now indicate that support should be in place shortly under the current prices. Ahead of Wednesday, Best Buy shares were up 1.6% over the past week and up about 3% in the past month, thanks to a 12% gain after earnings.
Best Buy shares were last seen up 2.2% at $33.66, with a $12 billion market cap. The stock has a consensus analyst price target of $41.00 and a 52-week trading range of $28.32 to $42.00.
Caesars Entertainment Corp. (NASDAQ: CZR) had been a big dog with fleas up until summer. It seems that the sell-off in this stock, which was way ahead of the stock market sell-off, may have become too extreme. Ahead of Wednesday, Caesars was up 15% over the past week and was up a whopping 72% over the past month. Still, it is not even quite half way back to its 52-week high. Caesars recently recovered handily due to a restructuring agreement its lenders.
Shares of Caesars were up 0.4% at $8.50, and the market cap is$1.2 billion. The stock has a consensus price target of $9.75 and a 52-week trading range of $3.30 to $17.39.