The market has never been this quiet. Ever.
Bespoke Investment Group sums it up nicely: “In the last six months the S&P 500 has traded in a range of a mere 4.4%, which is narrower than any other six month range in the history of the index.”
Market data shows that once market volatility returns, returns have been mixed over the three months that followed.
But this surface-level tranquility masks some underlying turbulence. In fact, 13 stocks in the Dow Jones Industrial Average are down 10% or more from their 52-week highs. And the majority of those could keep on falling.
Here are 10 Dow Jones stocks worth taking at least short-term bearish stances on for the moment.
Dow Jones Stocks in Correction: Apple (AAPL)
Apple (AAPL) shares have been under pressure since the company reported disappointing iPhone/China sales in late July.
AAPL stock is down 12.2% from its 52-week high and has dropped 2.9% below its 200-day moving average for the first time since 2012.
Edge Pro subscribers posted a 212% profit on AAPL July $125 puts traded between June 12 and July 8.
Dow Jones Stocks in Correction: Exxon Mobil (XOM)
Hit by the ongoing decay in energy prices, Exxon Mobil (XOM) shares have dropped roughly 20% below their 52-week highs and are trading nearly 10% below their 200-day moving average.
All told, the bleeding has gone on for a little more than a year now, with XOM peaking in July 2014 before falling into its current 25% slump.
Dow Jones Stocks in Correction: Walmart (WMT)
On Tuesday, Walmart (WMT) reported weaker-than-expected earnings of $1.08 per share (missing the consensus estimate by 4 cents) and guided its third quarter and fiscal 2016 below estimates. Walmart’s margins are under pressure as well.
WMT stock has broken down out of a three-month consolidation range and is now trading 22% below its 52-week high and is 11.7% below its 200-day moving average.
Dow Jones Stocks in Correction: Procter & Gamble (PG)
Procter & Gamble (PG) shares have been hit as management contends with tepid organic growth and efforts to streamline the company. In late July, P&G reported Street-beating earnings, but that came mostly on the power of cost cuts, and revenues declined for the sixth straight quarter.
PG shares are down 18% from their 52-week highs and are down more than 10% below their 200-day moving average.
Dow Jones Stocks in Correction: Walt Disney (DIS)
DIS stock is now trading 12.3% below their 52-week high but remain 3.4% above their 200-day moving average. While Disney is in the red for the quarter-to-date, investors will be pleased by their 16.5% year-to-date gain.
Dow Jones Stocks in Correction: Chevron (CVX)
Like Exxon Mobil, shares of Chevron (CVX) have been pummeled as its upstream business has been under pressure from falling crude oil prices.
Shares are down a whopping 35% from their 52-week highs (the worst performance in the Dow Jones) and are trading nearly 20% below their 200-day moving average.
Dow Jones Stocks in Correction: IBM (IBM)
Ongoing revenue problems at IBM (IBM) have put the shares in a funk since May, pushing the stock price down 17.6% from its 52-week high and 2.7% below its 200-day moving average.
Dow Jones Stocks in Correction: Intel (INTC)
Intel (INTC) has been weighed on by the persistent decline in PC sales demand as hopes dim the Windows 10 refresh cycle will meaningfully change that.
As a result, shares are down 22.1% from their 52-week highs and are trading 11.2% below their 200-day moving average.
Dow Jones Stocks in Correction: United Technologies (UTX)
Shares of United Technologies (UTX) were hit in late July by a series of analyst downgrades after reporting disappointing results. Argus highlighted less favorable trends and management stumbles in key markets like jet engines and elevators.
UTX stock is trading nearly 19% below its 52-week high and 11.5% below its 200-day moving average.
Dow Jones Stocks in Correction: DuPont (DD)
Shares of DuPont (DD) have been hit since the company reported top- and bottom-line misses on July 28 on continuing weakness in global agricultural markets due to weaker demand in global crop protection.
Shares are down nearly 29% from their 52-week high and are trading nearly 19% below their 200-day moving average.
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