5 Stocks That Tanked In 2023
Last week we looked at the winning stocks of 2023. Today, we’re taking a look at some of the worst-performing stocks of the year so far. Most of them have their reasons, of course! After that, we’ll go over the top fundamental events you won’t want to miss this week.
Some of 2023’s worst-performing stocks (so far)
We’ll cover the first three in one go. Pfizer, Johnson & Johnson, and Moderna are three companies that have seen a lot of headlines over the last few years, for obvious reasons. What goes up, must come down, however.
Big pharma profited hugely from government protocols surrounding vaccines. The mighty success these companies and their stock prices had on the back of their covid-19 vaccines has halted and these companies now have reversed fortunes. Additionally, the companies have been hit with numerous vaccine damage lawsuits which may take the shine off profits in years to come.
#1 Pfizer
Price 01.01: 51.26 USD
Price 12.05: 37.25 USD
% change 2023: -27%
PFE stock price, 2023
Source: Google
Pfizer had hoped to offset its losses with increased sales of other new drugs, however, that has only slightly slowed the decline.
Sales of newly acquired products Nurtec and Oxbryta, treatments for migraines and sickle cell disease, have failed to live up to expectations.
#2 Johnson & Johnson
Price 01.01: 178.19 USD
Price 12.05: 160.78 USD
% change 2023: -10%
JNJ stock price, 2023
Source: Google
Things aren’t looking great for J&J. Not only have they seen a slump due to the decline in covid-19 vaccine sales, they’re also facing some serious problems related to talcum powder.
Tens of thousands of people claim that the company’s baby powder and other talc-based products cause cancer, and the company has proposed to pay almost $9bn to resolve the ensuing lawsuits. Ouch.
#3 Moderna
Price 01.01: 178.99 USD
Price 12.05: 129.30 USD
% change 2023: -28%
MRNA stock price, 2023
Source: Google
Like Pfizer, Moderna has been working hard to counter-balance the decline in covid vax sales with other drug releases. The company is pinning a lot of hope on the FDA approving its RSV virus treatment. Investors will be cheering that one to go through.
#4 Chevron
Price 01.01: 173.99 USD
Price 12.05: 156.62 USD
% change 2023: -10%
CVX stock price, 2023
Source: Google
CVX stock has been struggling quite a bit over the past year. The company has already shed 10% of its stock value this year alone.
That shaky situation has been further compounded over the last week as the world’s most successful investor, Warren Buffett, instructed his Berkshire Hathaway investment fund to ditch most of its Chevron stock.
Recession fears among US investors are actually dropping slightly, which is creating a confused outlook for oil producers. This uncertainty could see more money move away from oil, pushing down Chevron (and competitor) stock prices further still.
#5 Groupon
Price 01.01: 8.86 USD
Price 12.05: 3.28 USD
% change 2023: -63%
GRPN stock price, 2023
Source: Google
Groupon stock investors look away now. This isn’t pleasant reading. The company has had a nightmare of a year so far, and it’s worrying that the better-than-expected Q1 results did little to help the stock recover.
Groupon revenues saw a 9% growth year-over-year, however, the stock is down 63% since the turn of the year. The company is banking on expansion into new markets, but only time will tell if that pays off.
At the moment, it’s really not.
Help us out
Can you top our list? Who do you think is having a worse 2023 than this lot? We’d love to know! Tweet us at @_contentworks!
Top fundamental events this week
Here are all of the main events coming up this week!
Monday, May 15
Contentworks Agency celebrates it’s 6th birthday!
Tuesday, May 16
● USD — The Federal Reserve releases the minutes of its March meeting.
● GBP — The Bank of England releases the minutes of its May meeting.
Wednesday, May 17
● USD — The US Treasury Department releases the monthly budget report; the Conference Board releases the Consumer Confidence Index for May.
Thursday, May 18
● The Institute for Supply Management releases the Manufacturing PMI for May.
● The ADP releases the National Employment Report for May.
Friday, May 19
● USD — The US Department of Labor releases the Nonfarm Payrolls report for May; the US Department of Commerce releases the Consumer Price Index for April.
Saturday, May 20
● USD — The Federal Reserve releases the Beige Book, which summarizes economic conditions across the country.
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Speak soon!
The Contentworks team
