Though 2024 is shaping up to be a strong year for the S & P 500, some major underperformers restricted upside. The index is tracking to end the year about 23.8% higher, far outperforming the 11% advance seen in an average year between 2014 and 2023. However, those gains weren’t equally distributed: the top-performing sector of communication services has surged more than 40%; the biggest-laggard of materials has slid nearly 2%. Indeed, while the best-performing stock in the S & P 500 surged more than 300% this year, the biggest losers plummeted more than 60%. Here’s the top three worst performers: Walgreens Boots Alliance Walgreens Boots Alliance is the worst performer year to date, plunging more than 64%. The stock is on track to notch its biggest annual drop in its history and eighth losing year of the last nine. The stock has seen big swings at points this year as its retail pharmacy business struggled. Shares tumbled more than 20% in one session after its weak third-quarter earnings report in June. On the other hand, the stock popped by around the same amount one day earlier this month after a report that the pharmacy chain could sell itself to private-equity firm Sycamore. WBA YTD mountain Walgreens Boots Alliance, year to date Walgreens was replaced by Amazon in the Dow Jones Industrial Average in February. It was removed after six years, making it one of the shortest-lived members of the closely followed index. The average Wall Street analyst has a hold rating, according to LSEG. The stock’s average price target predicts shares can bounce by just around 5%. Intel Intel came next, on pace for a loss of more than 60% and its worst year on record. Intel was also removed from the Dow this year, with Nvidia — one of the S & P 500’s best performers of the year — selected as its replacement. Intel has been viewed as a struggling hardware name as it lost share to Advanced Micro Devices and made relatively little headway within artificial intelligence. CEO Pat Gelsinger was pushed out by the company’s board, officially retiring earlier this month. INTC YTD mountain Intel, year to date The majority of analysts polled by LSEG rate the stock a hold. However, its average price target suggests there’s potential for a turnaround ahead, with projected upside of more than 26%, as of Monday’s close. Moderna Moderna closely followed, also tumbling more than 60%. Like the other two, 2024 is slated to go down as Moderna’s worst on record. The stock has struggled as investor focus moved beyond the Covid vaccine to favor the makers of blockbuster weight-loss drugs. Moderna cut its full-year sales guidance earlier this year due to weakness in Europe and difficulties within the U.S. vaccine market, before announcing more than $1 billion in planned cost cuts. MRNA YTD mountain Moderna, year to date HSBC analyst Yifeng Liu also noted President-Elect Donald Trump’s selection of vaccine skeptic Robert F. Kennedy Jr., for Health and Human Services secretary as a reason for bearishness . However, while the majority of analysts polled by LSEG have hold ratings on the stock, the typical price target suggests shares can rebound about 87%.
