Wolf Richter: 438 Stocks on the NYSE Have Already Plunged 40%-94% from 52-Week Highs

By Wolf Richter, a San Francisco based executive, entrepreneur, start up specialist, and author, with extensive international work experience. Originally published at Wolf Street.

It’s barely a correction, technically speaking, with the S&P 500 down 9.9% from its all-time closing high, the Dow down 9.2%, the Nasdaq down 14%, and the Russell 2000 small-caps index down 15%. But beneath the surface, there has been some serious bloodletting for many stocks.

For example, 438 stocks among the 2,051 or so stocks traded on the New York Stock Exchange (NYSE) have plunged between 40% and 94% from their 52-week highs.

This does not include any stocks traded on the Nasdaq. They have their own blacklist.

Those 438 plungers on the NYSE include a bunch of foreign companies trading on the NYSE (some are trading as ADRs). They include lots of companies in the oil-and-gas sector, homebuilders, gold miners, retailers, aluminum and steel makers, a weed company (other NYSE-listed weed companies are only down 30% to 40% and didn’t make this blacklist), financial services firms and banks, including some of the biggest in the world.

Here is a brief rundown. Below is the complete list. Note that some of these stocks – such as GE, which is also on this blacklist – have plunged far more from their all-time highs established in prior years.

6 stocks have plunged 90% or more from their 52-week highs. This includes number 1, Parker Drilling down 93.6%.

11 stocks have plunged between 80% and 90% from their 52-week highs. This includes a bunch companies in the shale-oil space, retail-technology provider Diebold Nixdorf, and addiction rehab provider AAC.

26 stocks have plunged between 70% and 80% from their 52-week highs. This includes meal-kit highflier and former unicorn Blue Apron and 2-day-miracle super-duper unicorn Snapchat parent Snap that had soared to $30 billion in market cap on day two after its IPO (to $29.30 a share). It’s now at $6.35, down 78.3% from its all-time high and down 70.1% from its 52-week high. This category also sports former retail-icon now retail-zombie J.C. Penney.

54 stocks have plunged between 60% and 70% from their 52-week highs. This includes wannabe-blockchain-scam outfit Eastman Kodak, Och-Ziff Capital management, Tata Motors (ADR), Lumber Liquidators, homebuilders Hovnanian and William Lyon Homes, and Luby’s (Luby’s, Fuddruckers, Koo Koo Roo, Cheeseburger in Paradise).

122 stocks have plunged between 50% and 60% from their 52-week highs. This includes General Electric (at -59.7%, it barely missed the category above), crane maker Manitowoc, Winnebago Industries, Eldorado Gold, Rite Aid, teetering California utility PG&E (-56%, even after its regulator-induced 40% bounce over the past four trading days), Container Store, Deutsche Bank (-53.3%), homebuilder Beazer Homes, real estate focused Colony Capital, Dean Foods, Korean LCD manufacturer LG Display, Marriott’s former timeshare outfit Marriott Vacations Worldwide, and Aurora Cannabis.

219 stocks have plunged between 40% and 50% from their 52-week highs. This includes Owens Corning, Alcoa, US Steel, Grubhub, Lions Gate Entertainment, PittneyBowes, Abercrombie & Fitch, DuPont spin-off Chemours, Halliburton, Tenet Healthcare, chemicals maker Huntsman, Chesapeake Energy, formerly red-hot online-only furniture retailer Wayfair, Yelp, Del Monte, Manpower, Schlumberger, Michael Kors, GE’s partial acquisition Baker Hughes, homebuilders KB Home and Lennar, megadealer AutoNation, Credit Suisse, and Legg Mason.

Below is the complete list of the 438 stocks on the NYSE that have plunged between 40% and 94% from their 52-week highs to their closing price on November 21. You can search the list via the search box in your browser. If your smartphone (like mine) cuts off the table on the right side, hold your phone in landscape position (data via WSJ’s Market Data Center):

Name Symbol Close 52 Wk High off high
Parker Drilling PKD 1.39 21.60 -93.6%
Roadrunner Transportation RRTS 0.59 8.77 -93.3%
Link Motion ADR LKM 0.34 4.68 -92.7%
Renren Cl A ADR RENN 1.50 18.70 -92.0%
Jones Energy Cl A JONE 2.35 29.00 -91.9%
Amira Nature Foods ANFI 0.57 6.14 -90.7%
Babcock&Wilcox Enterprises BW 0.93 7.66 -87.9%
Netshoes (Cayman) NETS 1.30 9.94 -86.9%
Sanchez Energy SN 0.85 6.19 -86.3%
Horizon Global HZN 2.06 14.80 -86.1%
Weatherford International WFT 0.68 4.41 -84.6%
AAC Holdings AAC 2.00 12.96 -84.6%
Puxin ADR NEW 5.71 35.00 -83.7%
Diebold Nixdorf DBD 3.50 20.40 -82.8%
Cloud Peak Energy CLD 1.09 5.70 -80.9%
Lannett LCI 5.95 30.35 -80.4%
China Rapid Finance ADR XRF 1.96 9.40 -79.1%
Covia Holdings CVIA 6.42 30.00 -78.6%
Flotek Industries FTK 1.52 6.77 -77.5%
Southcross Energy Partners SXE 0.51 2.20 -76.8%
Blue Apron Holdings Cl A APRN 1.06 4.56 -76.8%
Venator Materials VNTR 5.70 24.31 -76.6%
Navios Maritime Midstream NAP 2.61 10.40 -74.9%
Maxar Technologies MAXR 16.94 67.30 -74.8%
Roan Resources ROAN 11.09 43.95 -74.8%
Valhi VHI 2.34 9.24 -74.7%
Pier 1 Imports PIR 1.51 5.92 -74.5%
Emerge Energy Services EMES 2.70 10.45 -74.2%
Pyxus International PYX 13.63 52.43 -74.0%
Basic Energy Services BAS 6.96 26.75 -74.0%
Grupo Supervielle ADR SUPV 9.12 33.85 -73.1%
Navios Maritime Holdings NM 0.40 1.48 -73.0%
China Green Agriculture CGA 0.58 2.11 -72.5%
Ampco-Pittsburgh AP 4.33 15.65 -72.3%
J.C. Penney JCP 1.32 4.75 -72.2%
RYB Education ADR RYB 7.95 28.08 -71.7%
Sunlands Online Education ADR STG 4.00 14.08 -71.6%
Adient ADNT 24.25 84.59 -71.3%
Vipshop Holdings ADR VIPS 5.55 19.14 -71.0%
Delphi Technologies DLPH 17.61 60.39 -70.8%
Fang Holdings ADR SFUN 1.69 5.69 -70.3%
ION Geophysical IO 9.67 32.45 -70.2%
Snap SNAP 6.35 21.22 -70.1%
LightInTheBox Holding ADR LITB 1.07 3.52 -69.6%
Oi ADR OIBRC 2.25 7.37 -69.5%
Eastman Kodak KODK 4.06 13.28 -69.4%
Qudian ADR QD 5.87 19.11 -69.3%
Ferrellgas Partners FGP 1.45 4.70 -69.1%
Invacare IVC 6.18 20.00 -69.1%
McDermott International MDR 8.42 27.21 -69.1%
NL Industries NL 5.01 16.05 -68.8%
Biglari Holdings Cl B BH 139.76 443.80 -68.5%
EP Energy Cl A EPE 1.12 3.50 -68.0%
Enzo Biochem ENZ 3.16 9.87 -68.0%
Halcon Resources HK 2.91 9.07 -67.9%
Navios Maritime Acquisition NNA 6.60 20.55 -67.9%
Harte-Hanks HHS 3.91 12.16 -67.8%
Bristow Group BRS 6.17 18.91 -67.4%
Och-Ziff Capital Management OZM 1.04 3.18 -67.3%
Daqo New Energy ADR DQ 23.96 72.50 -67.0%
Evoqua Water Technologies AQUA 8.39 25.36 -66.9%
Christopher&Banks CBK 0.49 1.47 -66.7%
JinkoSolar Holding ADR JKS 9.18 27.26 -66.3%
Jupai Holdings ADR JP 8.99 26.66 -66.3%
Yirendai ADR YRD 16.40 47.93 -65.8%
REV Group REVG 11.37 33.15 -65.7%
Superior Industries International SUP 7.97 22.95 -65.3%
American Midstream Partners AMID 5.30 15.25 -65.2%
Quantum QTM 2.28 6.56 -65.2%
HUYA ADR HUYA 17.69 50.82 -65.2%
500.com ADR WBAI 8.11 23.22 -65.1%
Lithium Americas LAC 3.86 10.95 -64.7%
Denbury Resources DNR 2.38 6.75 -64.7%
X Financial ADR XYF 7.19 20.30 -64.6%
Camping World Holdings Cl A CWH 17.43 47.62 -63.4%
Owens&Minor OMI 8.44 22.91 -63.2%
Dynagas LNG Partners DLNG 5.19 13.97 -62.8%
William Lyon Homes WLH 12.36 32.95 -62.5%
Crescent Point Energy CPG 3.48 9.25 -62.4%
Tata Motors ADR TTM 13.02 34.40 -62.2%
Gabelli Global Utility&Income Trust Rt GLU$ 0.36 0.95 -62.1%
Banco Macro ADR BMA 46.34 121.90 -62.0%
Hovnanian Enterprises Cl A HOV 1.30 3.41 -61.9%
Ra Medical Systems RMED 8.40 22.00 -61.8%
Lumber Liquidators Holdings LL 12.46 32.63 -61.8%
Baytex Energy BTE 1.87 4.85 -61.4%
Bloom Energy BE 14.67 38.00 -61.4%
U.S. Silica Holdings SLCA 15.05 38.70 -61.1%
Sequans Communications ADR SQNS 1.02 2.61 -60.9%
HC2 Holdings HCHC 3.05 7.79 -60.8%
Manning&Napier MN 1.71 4.35 -60.7%
Luby’s LUB 1.26 3.20 -60.6%
Loma Negra Compania Industrial Argentina ADR LOMA 10.60 26.89 -60.6%
Tronox Cl A TROX 11.08 28.07 -60.5%
Obsidian Energy OBE 0.57 1.44 -60.4%
Sogou ADR SOGO 6.15 15.50 -60.3%
Teekay TK 4.34 10.90 -60.2%
Quorum Health QHC 4.01 10.00 -59.9%
ReneSola ADR SOL 1.52 3.79 -59.9%
Elevate Credit ELVT 4.52 11.27 -59.9%
CARBO Ceramics CRR 5.09 12.69 -59.9%
Four Seasons Education (Cayman) ADR FEDU 4.20 10.45 -59.8%
General Electric GE 7.81 19.39 -59.7%
Triple-S Management Cl B GTS 17.75 44.01 -59.7%
Key Energy Services KEG 7.43 18.40 -59.6%
BEST ADR BSTI 5.47 13.54 -59.6%
Coty Cl A COTY 8.77 21.68 -59.5%
Koppers Holdings KOP 20.98 51.65 -59.4%
CSS Industries CSS 11.96 29.34 -59.2%
Lydall LDL 23.10 56.60 -59.2%
Hi-Crush Partners HCLP 6.80 16.65 -59.2%
Eclipse Resources ECR 1.14 2.79 -59.1%
Zymeworks ZYME 11.85 29.00 -59.1%
Dana DAN 14.46 35.27 -59.0%
Switch Cl A SWCH 7.66 18.57 -58.8%
Kingsway Financial Services KFS 2.46 5.95 -58.7%
Despegar.com DESP 15.14 36.56 -58.6%
Summit Materials Cl A SUM 14.12 34.06 -58.5%
IRSA-Inversiones y Representaciones GDR IRS 12.99 31.27 -58.5%
Thor Industries THO 67.24 161.48 -58.4%
Empresa Distribuidora y Comercializadora Norte ADR EDN 26.37 63.29 -58.3%
Castlight Health Cl B CSLT 2.49 5.95 -58.2%
Nevro NVRO 39.57 94.34 -58.1%
Bellatrix Exploration BXE 0.86 2.05 -58.0%
Spectrum Brands Holdings SPB 50.12 119.00 -57.9%
Textainer Group Holdings TGH 11.17 26.50 -57.8%
Forum Energy Technologies FET 7.57 17.95 -57.8%
CURO Group Holdings CURO 13.58 32.20 -57.8%
BRF ADR BRFS 5.45 12.86 -57.6%
JELD-WEN Holding JELD 18.01 42.27 -57.4%
Manitowoc MTW 18.76 44.03 -57.4%
Entravision Communications EVC 3.37 7.90 -57.3%
Civeo CVEO 1.98 4.64 -57.3%
Telecom Argentina ADR TEO 17.16 40.19 -57.3%
Eldorado Gold EGO 0.63 1.47 -57.1%
Bright Scholar Education Holdings ADR BEDU 10.29 23.99 -57.1%
Rite Aid RAD 1.10 2.55 -56.9%
Winnebago Industries WGO 25.34 58.65 -56.8%
GMS GMS 17.28 39.98 -56.8%
Phoenix New Media Cl A ADR FENG 3.38 7.80 -56.7%
U.S. Xpress Enterprises Cl A USX 7.35 16.94 -56.6%
Genco Shipping&Trading GNK 8.71 20.07 -56.6%
SandRidge Mississippian Trust SDT 1.00 2.30 -56.5%
Bluegreen Vacations BXG 11.40 26.22 -56.5%
Laredo Petroleum LPI 5.09 11.68 -56.4%
Startek SRT 6.22 14.27 -56.4%
PG&E PCG 24.30 55.35 -56.1%
Pioneer Energy Services PES 2.79 6.35 -56.1%
Mohawk Industries MHK 126.35 286.85 -56.0%
Kronos Worldwide KRO 13.03 29.49 -55.8%
BBVA Banco Frances ADR BFR 12.13 27.45 -55.8%
Alexander&Baldwin ALEX 20.15 45.47 -55.7%
Aphria APHA 8.83 19.87 -55.6%
Corporacion America Airports CAAP 8.01 17.99 -55.5%
Kadmon Holdings KDMN 2.61 5.86 -55.5%
Orion Group Holdings ORN 4.38 9.83 -55.4%
Titan International TWI 6.48 14.53 -55.4%
Midstates Petroleum MPO 8.51 19.04 -55.3%
Danaos DAC 1.12 2.50 -55.2%
Ultrapar Participacoes ADR UGP 11.87 26.48 -55.2%
CBL&Associates Properties CBL 2.82 6.26 -55.0%
SandRidge Energy SD 9.92 21.90 -54.7%
ASE Technology Holding ADR ASX 3.63 8.00 -54.6%
Navios Maritime Partners NMM 1.19 2.62 -54.6%
Nabors Industries NBR 4.05 8.87 -54.3%
Pampa Energia ADR PAM 33.68 72.98 -53.9%
voxeljet ADR VJET 2.60 5.63 -53.8%
Installed Building Products IBP 36.67 79.40 -53.8%
Container Store Group TCS 5.75 12.42 -53.7%
LAIX ADR LAIX 7.65 16.50 -53.6%
OneSmart International Education Group ADR ONE 7.42 16.00 -53.6%
FTS International FTSI 10.51 22.60 -53.5%
L Brands LB 29.37 63.10 -53.5%
GNC Holdings Cl A GNC 2.97 6.38 -53.4%
Deutsche Bank DB 9.44 20.23 -53.3%
Zuora ZUO 17.66 37.78 -53.3%
Beazer Homes USA BZH 10.44 22.30 -53.2%
Emerald Expositions Events EEX 11.49 24.45 -53.0%
Vaalco Energy EGY 1.59 3.38 -53.0%
Kenon Holdings KEN 15.69 33.22 -52.8%
Kraton KRA 25.50 53.99 -52.8%
China Southern Airlines ADR ZNH 33.31 70.52 -52.8%
Stage Stores SSI 1.54 3.25 -52.6%
Colony Capital CLNY 5.96 12.54 -52.5%
Bitauto Holdings ADR BITA 18.80 39.54 -52.5%
Aluminum Corp. of China ADR ACH 9.23 19.41 -52.4%
Jianpu Technology ADR JT 4.53 9.49 -52.3%
Dean Foods DF 5.79 12.09 -52.1%
NCI Building Systems NCS 11.19 23.35 -52.1%
Ocwen Financial OCN 2.32 4.84 -52.1%
Hudbay Minerals HBM 4.94 10.25 -51.8%
Safe Bulkers SB 1.93 4.00 -51.8%
Herc Holdings HRI 35.22 72.99 -51.7%
British American Tobacco ADR BTI 34.59 71.44 -51.6%
C&J Energy Services CJ 17.71 36.57 -51.6%
MFC Bancorp MFCB 4.41 9.08 -51.4%
Select Energy Services Cl A WTTR 10.68 21.96 -51.4%
Coeur Mining CDE 4.35 8.94 -51.3%
Capital Senior Living CSU 8.14 16.72 -51.3%
Turkcell Iletisim Hizmetleri ADR TKC 5.50 11.29 -51.3%
LG Display ADR LPL 7.74 15.88 -51.3%
Talos Energy TALO 19.62 40.14 -51.1%
Blue Capital Reinsurance Holdings BCRH 6.50 13.28 -51.1%
GTT Communications GTT 30.69 62.32 -50.8%
Scorpio Tankers STNG 1.70 3.45 -50.7%
Nordic American Offshore NAO 0.70 1.42 -50.7%
Genesis Healthcare GEN 1.41 2.86 -50.7%
Vince Holding VNCE 11.95 24.19 -50.6%
Tetra Technologies TTI 2.53 5.11 -50.5%
Quad/Graphics QUAD 15.52 31.29 -50.4%
Sibanye-Stillwater ADR SBGL 2.70 5.44 -50.4%
Marriott Vacations Worldwide VAC 76.58 154.14 -50.3%
Hill International HIL 3.04 6.11 -50.2%
Tenneco TEN 32.67 65.59 -50.2%
GP Strategies GPX 13.35 26.80 -50.2%
California Resources CRC 25.10 50.34 -50.1%
Aurora Cannabis ACB 6.25 12.53 -50.1%
Greentree Hospitality Group ADR GHG 12.55 25.10 -50.0%
Five Point Holdings FPH 7.52 15.04 -50.0%
CooTek (Cayman) ADR CTK 5.80 11.58 -49.9%
Triumph Group TGI 15.98 31.90 -49.9%
New Oriental Education&Technology Group ADR EDU 54.54 108.40 -49.7%
Affiliated Managers Group AMG 109.37 217.00 -49.6%
CorePoint Lodging CPLG 14.27 28.30 -49.6%
SandRidge Mississippian Trust II SDR 1.01 2.00 -49.5%
Atento ATTO 5.28 10.45 -49.5%
Cooper-Standard Holdings CPS 74.23 146.78 -49.4%
Central Puerto ADR CEPU 9.71 19.20 -49.4%
China Yuchai International CYD 14.19 27.98 -49.3%
Cloudera CLDR 11.40 22.43 -49.2%
Alamos Gold AGI 3.58 7.04 -49.1%
LSC Communications LKSD 9.50 18.64 -49.0%
Semiconductor Manufacturing International ADR SMI 4.44 8.70 -49.0%
IAMGOLD IAG 3.34 6.52 -48.8%
Dycom Industries DY 63.55 123.99 -48.7%
Guangshen Railway ADR GSH 19.19 37.43 -48.7%
Vedanta ADR VEDL 11.29 21.99 -48.7%
Cheetah Mobile ADR CMCM 9.36 18.18 -48.5%
Lions Gate Entertainment Cl B LGFB 17.73 34.41 -48.5%
WageWorks WAGE 33.92 65.75 -48.4%
Encana ECA 7.39 14.31 -48.4%
Superior Energy Services SPN 6.57 12.72 -48.3%
Griffon GFF 12.41 23.95 -48.2%
Modine Manufacturing MOD 13.35 25.75 -48.2%
BlueLinx Holdings BXC 24.10 46.42 -48.1%
Entercom Communications Cl A ETM 6.46 12.43 -48.0%
MagnaChip Semiconductor MX 6.94 13.35 -48.0%
Aquantia AQ 9.62 18.49 -48.0%
RPC RES 14.09 27.07 -47.9%
AK Steel Holding AKS 3.54 6.80 -47.9%
Diplomat Pharmacy DPLO 14.97 28.74 -47.9%
International Game Technology IGT 16.15 31.00 -47.9%
HighPoint Resources HPR 3.96 7.60 -47.9%
Mechel ADR MTL 2.92 5.60 -47.9%
Micro Focus International ADR MFGP 18.79 36.02 -47.8%
e.l.f. Beauty ELF 12.45 23.85 -47.8%
Avianca Holdings ADR AVH 5.10 9.76 -47.7%
Avalara AVLR 31.06 59.40 -47.7%
BrightView Holdings BV 12.25 23.42 -47.7%
Arlo Technologies ARLO 12.45 23.77 -47.6%
INVESCO IVZ 20.13 38.43 -47.6%
Overseas Shipholding Group Cl A OSG 2.18 4.16 -47.6%
Owens Corning OC 50.64 96.52 -47.5%
Whiting Petroleum WLL 29.63 56.47 -47.5%
KB Home KBH 20.38 38.80 -47.5%
Xinyuan Real Estate ADR XIN 4.36 8.29 -47.4%
Alcoa AA 32.80 62.35 -47.4%
DHI Group DHX 1.71 3.25 -47.4%
GrubHub GRUB 78.59 149.35 -47.4%
Lions Gate Entertainment Cl A LGFA 19.21 36.48 -47.3%
Arcus Biosciences RCUS 11.66 22.10 -47.2%
Newfield Exploration NFX 18.58 35.20 -47.2%
EQGP Holdings EQGP 16.23 30.73 -47.2%
SYNNEX SNX 75.33 141.94 -46.9%
Oasis Petroleum OAS 7.74 14.57 -46.9%
WPP ADR WPP 55.06 103.53 -46.8%
Glatfelter GLT 12.70 23.85 -46.8%
STMicroelectronics STM 14.09 26.43 -46.7%
Pitney Bowes PBI 7.91 14.80 -46.6%
Olin OLN 20.81 38.84 -46.4%
Trecora Resources TREC 8.37 15.60 -46.3%
Natuzzi ADR NTZ 1.02 1.90 -46.3%
Abercrombie&Fitch ANF 15.96 29.69 -46.2%
Global Cord Blood CO 6.59 12.25 -46.2%
Buckeye Partners BPL 30.81 57.19 -46.1%
LCI Industries LCII 71.60 132.72 -46.1%
Chemours CC 29.48 54.62 -46.0%
Veoneer VNE 31.33 57.93 -45.9%
Chaparral Energy CHAP 13.99 25.85 -45.9%
EQT EQT 17.79 32.85 -45.8%
RE/MAX Holdings Cl A RMAX 33.24 61.27 -45.7%
Meritor MTOR 16.09 29.54 -45.5%
NGL Energy Partners NGL 9.63 17.65 -45.4%
Turquoise Hill Resources TRQ 1.96 3.59 -45.4%
Semgroup Cl A SEMG 16.90 30.95 -45.4%
StoneMor Partners STON 3.94 7.20 -45.3%
Hornbeck Offshore Services HOS 3.36 6.14 -45.3%
San Juan Basin Royalty Trust SJT 5.77 10.54 -45.3%
Copa Holdings Cl A CPA 77.41 141.34 -45.2%
Teekay Offshore Partners TOO 1.71 3.12 -45.2%
PagSeguro Digital PAGS 21.91 39.97 -45.2%
Jumei International Holding ADR JMEI 2.21 4.03 -45.2%
Summit Midstream Partners SMLP 12.59 22.95 -45.1%
Cincinnati Bell CBB 12.18 22.20 -45.1%
Constellium Cl A CSTM 7.74 14.10 -45.1%
Telecom Italia ADR TIA 5.27 9.60 -45.1%
GAIN Capital Holdings GCAP 7.28 13.26 -45.1%
TC PipeLines TCP 31.36 57.08 -45.1%
Telecom Italia ADR TI 6.20 11.28 -45.0%
Cemex ADR CX 4.68 8.51 -45.0%
Dominion Energy Midstream Partners DM 18.16 32.95 -44.9%
Briggs&Stratton BGG 15.08 27.34 -44.8%
Halliburton HAL 31.93 57.86 -44.8%
Vitamin Shoppe VSI 7.70 13.95 -44.8%
United States Steel X 26.30 47.64 -44.8%
ACCO Brands ACCO 8.09 14.63 -44.7%
3D Systems DDD 12.05 21.78 -44.7%
Teekay Tankers TNK 1.08 1.95 -44.6%
China Online Education Group ADR COE 7.97 14.39 -44.6%
Westwood Holdings Group WHG 39.18 70.71 -44.6%
Garrett Motion GTX 12.20 22.00 -44.5%
Gafisa ADR GFA 7.22 12.99 -44.4%
ELLIE MAE ELLI 65.07 116.90 -44.3%
Solaris Oilfield Infrastructure Cl A SOI 13.36 23.98 -44.3%
Luxoft Holding LXFT 32.90 59.05 -44.3%
Boise Cascade BCC 27.48 49.30 -44.3%
SeaDrill SDRL 14.91 26.72 -44.2%
Westlake Chemical WLK 69.39 124.30 -44.2%
Clearwater Paper CLW 28.25 50.60 -44.2%
NIO ADR NIO 7.71 13.80 -44.1%
Welbilt WBT 13.34 23.85 -44.1%
Hecla Mining HL 2.59 4.63 -44.1%
Studio City International Holdings ADR MSC 16.00 28.59 -44.0%
TimkenSteel TMST 11.33 20.24 -44.0%
Permianville Royalty Trust PVL 2.47 4.41 -44.0%
L.S. Starrett Cl A SCX 5.12 9.14 -44.0%
United Microelectronics ADR UMC 1.76 3.14 -43.9%
New Home NWHM 7.60 13.55 -43.9%
Floor&Decor Holdings Cl A FND 32.73 58.28 -43.8%
Pivotal Software PVTL 17.58 31.24 -43.7%
Kinross Gold KGC 2.69 4.78 -43.7%
Tupperware Brands TUP 37.29 66.26 -43.7%
Freeport-McMoRan FCX 11.41 20.25 -43.7%
Box Cl A BOX 16.80 29.79 -43.6%
LATAM Airlines Group ADR LTM 9.81 17.39 -43.6%
Telaria TLRA 2.99 5.30 -43.6%
Cedar Realty Trust CDR 3.55 6.29 -43.6%
Century Communities CCS 20.33 36.00 -43.5%
Trinseo TSE 48.20 85.35 -43.5%
Acorn International ADR ATV 21.95 38.86 -43.5%
Janus Henderson Group JHG 23.57 41.64 -43.4%
Carriage Services CSV 16.41 28.96 -43.3%
Tenet Healthcare THC 22.55 39.74 -43.3%
J.Jill JILL 5.46 9.62 -43.2%
YPF ADR YPF 15.19 26.70 -43.1%
Canopy Growth CGC 33.74 59.25 -43.1%
Huntsman HUN 20.58 36.09 -43.0%
Conduent CNDT 13.35 23.39 -42.9%
Enova International ENVA 22.27 39.00 -42.9%
Systemax SYX 27.27 47.75 -42.9%
Eagle Materials EXP 69.97 122.49 -42.9%
SunCoke Energy Partners SXCP 12.56 21.95 -42.8%
PPDAI Group ADR PPDF 6.19 10.81 -42.7%
Bridgepoint Education BPI 7.81 13.63 -42.7%
Ambev ADR ABEV 4.26 7.43 -42.7%
Yamana Gold AUY 2.18 3.80 -42.6%
Carvana Cl A CVNA 41.68 72.59 -42.6%
Rudolph Technologies RTEC 19.84 34.55 -42.6%
Medifast MED 150.83 260.98 -42.2%
Charah Solutions CHRA 6.94 12.00 -42.2%
Nexa Resources NEXA 12.50 21.61 -42.2%
Fortuna Silver Mines FSM 3.52 6.08 -42.1%
Macquarie Infrastructure MIC 39.28 67.84 -42.1%
Quintana Energy Services QES 6.18 10.67 -42.1%
CVR Refining CVRR 15.06 26.00 -42.1%
Keane Group FRAC 11.49 19.83 -42.1%
Ashford Hospitality Trust AHT 5.02 8.66 -42.0%
W&T Offshore WTI 5.73 9.88 -42.0%
Boyd Gaming BYD 23.46 40.44 -42.0%
Pure Storage Cl A PSTG 16.91 29.14 -42.0%
Teekay LNG Partners TGP 12.57 21.65 -41.9%
TopBuild BLD 50.68 87.21 -41.9%
James Hardie Industries ADR JHX 10.92 18.79 -41.9%
Veritiv VRTV 29.66 51.00 -41.8%
Community Health Systems CYH 3.70 6.36 -41.8%
Banco Bilbao Vizcaya Argentaria ADR BBVA 5.55 9.54 -41.8%
Chesapeake Energy CHK 3.26 5.60 -41.8%
Aspen Aerogels ASPN 3.25 5.58 -41.8%
Wayfair Cl A W 88.16 151.20 -41.7%
Diamond Offshore Drilling DO 12.79 21.92 -41.7%
Oil States International OIS 22.73 38.95 -41.6%
Wabash National WNC 15.49 26.54 -41.6%
LINE ADR LN 27.91 47.81 -41.6%
Banco Latinoamericano de Comercio Exterior Cl E BLX 17.81 30.50 -41.6%
EnLink Midstream ENLC 11.68 20.00 -41.6%
Yelp YELP 30.67 52.50 -41.6%
ADT ADT 7.61 13.02 -41.6%
Ardagh Group Cl A ARD 12.76 21.82 -41.5%
Fresh Del Monte Produce FDP 30.73 52.43 -41.4%
Taylor Morrison Home TMHC 16.66 28.42 -41.4%
Colfax CFX 24.68 42.08 -41.3%
Vectrus VEC 24.33 41.48 -41.3%
ManpowerGroup MAN 80.32 136.93 -41.3%
Eros International EROS 8.81 15.00 -41.3%
Biglari Holdings Cl A BHA 755.00 1,285.00 -41.2%
Fortune Brands Home&Security FBHS 43.29 73.62 -41.2%
Azure Power Global AZRE 10.65 18.10 -41.2%
Red Lion Hotels RLH 8.68 14.75 -41.2%
Oi Rt Wi OIBR$@ 0.59 1.00 -41.0%
IDT Cl B IDT 8.22 13.93 -41.0%
Aerohive Networks HIVE 3.84 6.50 -40.9%
Independence Contract Drilling ICD 3.24 5.48 -40.9%
Noble NE 4.40 7.44 -40.9%
Ryder System R 53.43 90.26 -40.8%
Moelis MC 40.05 67.65 -40.8%
United Rentals URI 113.00 190.74 -40.8%
Lennar Cl A LEN 42.78 72.17 -40.7%
ING Groep ADR ING 12.20 20.58 -40.7%
Safeguard Scientifics SFE 8.27 13.95 -40.7%
Schlumberger SLB 47.64 80.35 -40.7%
TAL Education Group ADR TAL 28.26 47.63 -40.7%
GrafTech International EAF 14.46 24.36 -40.6%
Foundation Building Materials FBM 9.75 16.40 -40.5%
American Axle&Manufacturing Holdings AXL 11.68 19.63 -40.5%
New Senior Investment Group SNR 5.29 8.89 -40.5%
Forestar Group FOR 15.73 26.39 -40.4%
Michael Kors Holdings KORS 45.30 75.96 -40.4%
Baker Hughes a GE BHGE 22.52 37.76 -40.4%
Lennar Cl B LENB 34.98 58.65 -40.4%
AutoNation AN 37.09 62.02 -40.2%
Controladora Vuela Compania de Aviacion ADR VLRS 6.00 10.03 -40.2%
MedEquities Realty Trust MRT 7.18 12.00 -40.2%
BWX Technologies BWXT 43.19 72.18 -40.2%
Credit Suisse Group ADR CS 11.96 19.98 -40.1%
China Life Insurance ADR LFC 10.56 17.64 -40.1%
Kosmos Energy KOS 5.84 9.75 -40.1%
Third Point Reinsurance TPRE 10.23 17.05 -40.0%
Legg Mason LM 28.28 47.13 -40.0%

No one knows what the total leverage in the stock market is. But we know comes in many forms and has surged over the years. The only form of stock market leverage that is reported monthly is the amount individual and institutional investors borrow from their brokers against their portfolios. This “margin debt” is subject to well-rehearsed margin calls. And apparently, they have kicked off. Read… Stock-Market Margin Debt Plunges Most Since Lehman Moment

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About Lambert Strether

Readers, I have had a correspondent characterize my views as realistic cynical. Let me briefly explain them. I believe in universal programs that provide concrete material benefits, especially to the working class. Medicare for All is the prime example, but tuition-free college and a Post Office Bank also fall under this heading. So do a Jobs Guarantee and a Debt Jubilee. Clearly, neither liberal Democrats nor conservative Republicans can deliver on such programs, because the two are different flavors of neoliberalism (“Because markets”). I don’t much care about the “ism” that delivers the benefits, although whichever one does have to put common humanity first, as opposed to markets. Could be a second FDR saving capitalism, democratic socialism leashing and collaring it, or communism razing it. I don’t much care, as long as the benefits are delivered. To me, the key issue — and this is why Medicare for All is always first with me — is the tens of thousands of excess “deaths from despair,” as described by the Case-Deaton study, and other recent studies. That enormous body count makes Medicare for All, at the very least, a moral and strategic imperative. And that level of suffering and organic damage makes the concerns of identity politics — even the worthy fight to help the refugees Bush, Obama, and Clinton’s wars created — bright shiny objects by comparison. Hence my frustration with the news flow — currently in my view the swirling intersection of two, separate Shock Doctrine campaigns, one by the Administration, and the other by out-of-power liberals and their allies in the State and in the press — a news flow that constantly forces me to focus on matters that I regard as of secondary importance to the excess deaths. What kind of political economy is it that halts or even reverses the increases in life expectancy that civilized societies have achieved? I am also very hopeful that the continuing destruction of both party establishments will open the space for voices supporting programs similar to those I have listed; let’s call such voices “the left.” Volatility creates opportunity, especially if the Democrat establishment, which puts markets first and opposes all such programs, isn’t allowed to get back into the saddle. Eyes on the prize! I love the tactical level, and secretly love even the horse race, since I’ve been blogging about it daily for fourteen years, but everything I write has this perspective at the back of it.

23 comments

  1. vidimi

    re the weed companies, i am a believer that this market remains a long-term buy and, indeed, after last week’s crash, bought some more shares. the main reasoning is that as more and more places make the product legal, existing companies will be well positioned to capitalise on those new markets. i am also bullish on vegan meat alternative companies as that is another market that is growing year over year.

    war companies unfortunately also have a bright future though that’s something i wouldn’t touch.

    Reply
  2. The Rev Kev

    A purging of excess liquidity in the markets? Maybe a realization that after recent international conferences, that the World Trade Wars are about to begin with Trump still in power? Must not be a good time to be a trader this Thanksgiving. Maybe with all the companies being shot down in flames, that this time around that it will go down in history as the Great Turkey Shoot of 2018.

    Reply
    1. flora

      Barely into correction territory. Wonder if this almost-correction will knock some sense into the CalPERS loons who think PE investments always go up and only up. Probably not; the idea that a correction-level loss should be a wakeup-call is undermined by the idea that corrections are something to ride out and not a signal to change market assumptions.

      The problemo with short term thinking, imo, is it ignores the larger underlying forces. It takes underlying forces for granted as guaranteed for both now and future times. For example, the baby boomers who have been pushing the stock market prices via purchases for retirement (401Ks, etc,) income are starting to retire, and the following generations have been screwed (imo) out of the decent wages required to continue purchasing stocks in volumes and at values to continue the stock price rise. This is without regard to inflation values (real or otherwise) showing an increase in stock values.

      The stock market viewed as the future makes me wonder if CalPERS and other PE suckers are being burdened with past-sell-by-date dogs instead of future comers. The stock market is only a market, after all. I’m not out of the market but I look to the future. I fear CalPERS and other PE nebbishes are being stuck with outdated sales pitches. I suppose Blackrock has to unload their dreck someswhere….

      Hope everyone had a pleasant Thanksgiving.

      Reply
  3. Not From Here

    Well then, something must have gone up, a lot, if the market’s only dropped roughly 10%?

    MIC? Certainly not Goldman Sac-of-shit or JP Morgan House-of-fraud.

    Reply
    1. DHG

      You need to remember the DOW Industrials (a basket of only 30) is the number all see not a number of ALL Stocks on the NYSE.

      Reply
      1. Not From Here

        It’s barely a correction, technically speaking, with the S&P 500 down 9.9% from its all-time closing high, the Dow down 9.2%, the Nasdaq down 14%, and the Russell 2000 small-caps index down 15%.

        >10% then…

        Reply
  4. divadab

    Return to reality. Informative to see the GE house of cards collapse – it’s been a company run by looters for some time. Note that the Fukushima reactor was built by GE. from wikipedia:

    “The reactor’s emergency diesel generators and DC batteries, crucial components in helping keep the reactors cool in the event of a power loss, were located in the basements of the reactor turbine buildings. The reactor design plans provided by General Electric specified placing the generators and batteries in that location, but mid-level engineers working on the construction of the plant were concerned that this made the backup power systems vulnerable to flooding. TEPCO elected to strictly follow General Electric’s design in the construction of the reactors.”

    Reply
    1. pretzelattack

      ge was also responsible for polluting the hudson river (iirc) . they’ve done a lot of damage over the years.

      Reply
    2. Doug Hillman

      GM is another creative-finance giant that’s likely to implode, as it did in 09 when it became Government Motors (w/out public ownership of course). The obvious solution will be to raid worker (not exec) pensions and further pervert the workers’ union to reach wage parity with Mexico…in the interest of fairness. The heat-tolerance of the American frog is astonishing.

      All of this will soon require a return to ZIRP — free money — the proven wealth-effect path to prosperity.

      Reply
  5. MoneyMoneyMoney

    Except for Pension Funds, does this have any impact on the real economy?
    Have a hard time to cry for stock speculators.

    Reply
    1. Grumpy Engineer

      Does this have an impact on the real economy? Unfortunately, it can. Not directly, but instead when major stockholders freak out and scream at management, “DO SOMETHING!!”. And then management turns around and starts laying off employees to reduce short-term costs.

      I too have little sympathy for stock market speculators. Indeed, I feel that the stock market has far more importance in our economy than it should. But given how many times I’ve seen companies start laying off employees in response to sharp stock price downturns, I’ve learned to be leery of major stock market crashes. My preference would be for slow price declines that reduce the stock market’s importance and attractiveness to speculators, but alas, the stock market doesn’t take my wishes into account.

      Reply
    2. McGardner

      There is no ‘except for pension funds’ unfortunately, since you can’t just grab your house and go. Taxing authorities are going to make up any pension shortfalls from stock market weakness by increasing property taxes. Even if you’re a renter, your monthly vig is going up one way or another.
      Could it be argued that a rising stock market is actually net positive for all ships(?) since property taxes affect the lower income quotient more on a percentage basis?

      Reply
  6. albert

    @Not From Here,
    “…Well then, something must have gone up, a lot, if the market’s only dropped roughly 10%?…”

    Well, no, not necessarily. Those stocks represent about 20% of the total number of stocks studied. In valuation (current price), only 6 exceed $100, and the only stock that exceeds $200 is at $755. I don’t have the value of all the stocks, otherwise I could demonstrate what would happen if all of these stocks went to $0. It would be interesting.

    Reply
  7. Jeremy Grimm

    It appears to me this market decline resulted from a general feeling of malaise without trigger by any one particular event. What will happen when one of the many threats hanging over the markets finally does strike?

    Reply
  8. Chauncey Gardiner

    Lengthy list. Given the lack of broad organic economic growth, perhaps this will lead to some reflection on policies and to some constructive legislation as the neoliberal-Wall Street version of capitalism is again being discredited in the only way its proponents seemingly understand. Moving up the chain of proximate cause, such policy measures might include overturning the Supreme Court’s Citizens United decision that would in turn enable the redirecting of federal deficit spending into productive purposes domestically to end secular stagnation and bubblenomics, restoring the Glass-Steagall Act, anti-trust breakups of large transnational corporations, laws restricting corporate stock buybacks funded with debt and private equity firms’ debt-leveraged buyouts that pick companies clean of their cash and income and bury them in debt in order to give big cash payouts to their looters, and improving consumer protection from financial predators. Believe such measures could contribute to sustainable productive investment, improved national economic performance, and social stability along with civil discourse.

    Reply
    1. Hayek's Heelbiter

      A very simple change in the tax laws. Return to the pre-Clinton law that all executive salaries and bonuses over $1m must come from PROFITS rather than pre-tax.

      A few words in the tax code would solve innumerable problems.

      Reply
  9. skippy

    I also love the crashnicks or shorter brigade [usual suspects] talking about all the wealth or money destroyed before any price was taken or its just notional in terms of FRN or FX.

    Reply
  10. John

    It looks like a lot of this was the unwinding of speculation. Blue Apron, Snap and some others were just hopeful valuations. Others like LG may be cyclical, that is, there business prospects soar and crash depending on recent, large orders. GE seems to be on a long term decline. It reminds me of General Motors. They used to make good cars and acquired companies that made good cars, then they got taken over by the finance guys and sacrificed quality and innovation for short term profits. Why does GE even exist? What synergy do they get out of making jet engines and refrigerators?

    Stock prices are very strange. It is not like entire companies are being bought and sold for the daily quoted price. A small fraction of shares are sold daily and that is the price that makes news.

    Reply
  11. Joe Well (JW)

    What synergy do they get out of making jet engines and refrigerators?

    From Google:

    GE Appliances is an appliance company headquartered in Louisville, Kentucky. It is owned by Haier, a Chinese conglomerate.

    They’re just licensing the brand.

    Reply
  12. Manqueman

    FAANG-mania was a lot of the markets’ rise for awhile now. Now that we’re not so blinded by those five, it’s pretty clear just how weak the market is, even with gratuitous buybacks.
    And another clue: Barrons’ weekly insider transactions have sales ~8x purchases.

    Reply
  13. Savonarola

    My lord, that is a who’s who of the remaining heavy industry in this country. A lot of froth and crap in there too of course, but I’m talking about companies that still actually MAKE something. So much for the manufacturing renaissance.

    Reply

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