These Tech and Consumer Stocks Have Largely Underperformed the Market — ICYMI [TheStreet.com]
Meta Platforms, Inc. - Class A (FB)
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Source: TheStreet.com
Some tech and many consumer discretionary stocks have badly underperformed an already horrid market in 2020, as consumer spending has fallen off a cliff, causing advertiser spending to do the same. Estimate revisions downwards have been drastic in the advent of the coronavirus.Below is a list of stocks that have gotten crushed beyond belief, as sales fall and fixed costs pressure margins. Some companies have also cut back on stock buybacks.The S&P 500 is down about 13% YTD and 18% since February 19, bouncing back from late March lows and looking past 2020 troubles.We’ll start with tech.The coverage universe at man Sachs’ tech analyst team has seen an average stock drop of 25% since February 19 to date, an EBITDA estimate decline of 17% and an enterprise value-to-EBITDA multiple contraction to 14.1 times forward one-year estimates from 15 times. That’s according to a note from man’s tech team.Sales revisions range from -10% for Facebook and Alphabet, all the way to -24% for Lyft.Here’s
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