Asian shares were on the defensive on Tuesday as a COVID-19 resurgence in China increased concerns that Beijing may reimpose strict pandemic curbs and that further restrictions could cause supply chain disruptions.
Even with Thanksgiving approaching, it's sometimes challenging to actually give thanks. Between high consumer prices and tight supplies of essential products - not to mention a volatile stock market - an attitude of gratitude is easier said than done. However, it's easier to digest market volatility with your turkey and mashed potatoes if you're a value investor with some dry powder in your account. So, consider
these five hard-hit stocks — ZM, TSLA, AAP, RBLX, and D — not as holiday hangovers but as gifts from the market - and maybe soon, these turkeys will fly like eagles.
Zoom Video Communications (
NASDAQ: ZM)
Teleconferencing facilitator Zoom Video Communications was a COVID-19 pandemic darling that lost its mojo during the recovery. The share price zoomed too high, but the comedown means that investors can get in while Zoom's trailing 12-month price-to-earnings (P/E) ratio is quite reasonable at 25.2x.
ZM stock took a hit after the company
reported its third-quarter 2022 earnings, but the market's initial response may be irrational. After all, the company raised its full-year 2022 adjusted per-share profit forecast from a range of $3.66 to $3.69 to a higher range of $3.91 to $3.94. Speaking of revenue, Zoom generated $1.1 billion of it in Q3 2022, up 5% year-over-year (YOY). Thus, investors should be thankful that market traders are irrationally selling shares of this potential comeback story in the making.
What is the Price Target for ZM Stock?
ZM has a Hold consensus rating based on six Buys, 17 Holds, and two Sell ratings assigned in the past three months. The average Zoom Video Communications stock price target of $98.10 implies 22.2% upside potential.
Tesla (
NASDAQ: TSLA)
Electric vehicle manufacturer Tesla could use a recharge right about now, as TSLA stock looks like it might end 2022 at half-price compared to where it started the year. Financial traders should ask themselves, though: Is Tesla out of favor because the company is failing somehow or because of the antics of CEO
Elon Musk?
Sure, Musk is a controversial figure, but that doesn't necessarily mean Tesla isn't worth investing in for the long run. Tesla is still a mammoth-sized electric-vehicle pioneer with a $530 billion market cap. Yes, Tesla had some
vehicle recalls recently, but all of America's automotive giants have recalls. Just be grateful that you actually get to buy TSLA stock below $200 per share - a window of opportunity that won't likely persist through 2023.
What is the Price Target for TSLA Stock?
TSLA has a Moderate Buy consensus rating based on 19 Buys, seven Holds, and three Sell ratings assigned in the past three months. The average Tesla stock price target of $308.94 implies 84% upside potential.
Advance Auto Parts (
NYSE: AAP)
Retail automotive component seller Advance Auto Parts looks like a great value for investors if there ever was one.
The P/E ratio of 19x makes AAP stock attractive, while the company's 4.07% forward annual dividend yield should entice income-oriented investors.
It was
Advance Auto Parts' third-quarter 2022 earnings report that brought the share price down, but the results weren't really all that bad. The company's net sales grew 0.8% year-over-year, while Advance Auto Parts reiterated its full-year 2022 adjusted operating income margin guidance, implying 20 to 40 basis points of expansion. So, be thankful that Advance Auto Parts can help you get the auto components you need - and that AAP stock is down but not out.
What is the Price Target for AAP Stock?
AAP has a Moderate Buy consensus rating based on eight Buys and 10 Hold ratings assigned in the past three months. The average Advance Auto Parts stock price target of $181.76 implies 22.6% upside potential.
Roblox (
NYSE: RBLX)
Roblox provides a video game platform that is popular among kids. Yet, Roblox is now targeting a more mature audience, and the company claims that its fastest age demographic for year-over-year daily active user growth is 17 to 24. If that trend continues, Roblox could rake in huge revenue as older users undoubtedly have greater access to spendable income than children do.
As for the shares,
RBLX stock has collapsed from about $100 at the beginning of 2022 to around $30 recently. This could be an overdone sell-off as
Roblox actually grew its revenue by 2% year-over-year during the third quarter. Therefore, RBLX stock could be the building blocks to powerful gaming-market returns.
What is the Price Target for RBLX Stock?
RBLX has a Hold consensus rating based on seven Buys, six Holds, and four Sell ratings assigned in the past three months. The average Roblox stock price target of $38.59 implies 25.4% upside potential.
Dominion Energy (
NYSE: D)
The ticker symbol "D" stands for American utilities giant Dominion Energy, but it might as well also stand for "Dividends" as the company is a yield-bearing stand-by for investors of all stripes. With a 4.51% annual dividend and a P/E ratio of 27.8x, Dominion Energy stock can give investors dominion over their safety- and income-focused portfolios in the coming year.
It's rather shocking that this electric company's shares are as low as they are, considering Dominion Energy beat Wall Street's top- and bottom-line third-quarter forecasts. The company ambitiously guided for current-quarter operating earnings of $0.98 to $1.13 per share, so there doesn't appear to be any significant dividend-cutting risk - another thing that investors ought to be thankful for.
What is the Price Target for Dominion Energy Stock?
D stock has a Hold consensus rating based on three Buys, 10 Holds, and one Sell rating assigned in the past three months. The average Dominion Energy stock price target of $72.82 implies 22.8% upside potential.
Conclusion: When Stock Prices Drop, be Grateful, Not Hateful
Now, you have five possible picks to add to your November shopping list - no need to wait for Black Friday when there are so many sales going on now. Sure, it can be scary and frustrating when stocks representing solid businesses fall fast, but that's the time to give thanks for the bargains and, if you're ready, start buying what other investors are selling.
Disclosure
Activist investor Carl Icahn has a sizeable short position in video game retailer GameStop Corp, Bloomberg News reported on Monday, citing sources familiar with the matter.
Wall Street's main indexes ended Monday roughly down on fears that China could resume stricter measures to fight COVID-19 after it said it faces its most severe test of the pandemic.
Wall Street's main indexes ended Monday roughly down on fears that China could resume stricter measures to fight COVID-19 after it said it faces its most severe test of the pandemic.
What happened
Tesla (NASDAQ: TSLA) shares continued a recent slide, hitting a two-year low Monday. As of 2:25 p.m. ET, the stock was down 6.8% to about $168 per share. That's the lowest level since November 2020.
Wall Street's main indexes started the week roughly lower on China saying it faced its most severe test of the coronavirus pandemic, but trimmed losses after the San Francisco Federal Reserve President Mary Daly commented that officials need to be careful to avoid a "painful downturn."
Wall Street's main indexes started the week lower due to a rise in COVID-19 cases in China and declines in energy stocks following a report of a likely increase in oil output, while gains in Disney helped ease pressure on the Dow and S&P 500.
Investors haven't been happy with the performance of the Nasdaq Composite (NASDAQINDEX: ^IXIC) so far in 2022, with the index firmly in bear market territory despite having seen a significant bounce in recent weeks. The Nasdaq didn't get off to a particularly good start to the ne
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