128 Stocks Are At Least 30% Off Their 1-Year HighMay 06, 2014
We commented yesterday here that we are seeing fewer and fewer stocks making new highs even as the headline MSCI World Index makes all-time highs. In that vein, today we highlight that 128 stocks or 8% of all stocks are off by at least 30% from their 1-year high. If we include stocks that are off their 1-year high by at least 20% or more than this number moves up to 371 companies or 23% of the MSCI World Index. So nearly a quarter of all stocks are actually in a bear market over the past year. An underappreciated fact missed by many market participants in our opinion.
By percentage of companies, Materials have been the hardest hit with 24% of all companies trading at least 20% below their 1-year high. Information Technology and Consumer Discretionary are both just slightly behind Materials. Overall, there are 57 Material stocks, 52 Consumer Discretionary stocks, and 49 Information Technology stocks that are all trading at least 20% below their 1-year high in the MSCI World Index.