Tesla might be considered one of the S&P 500's Magnificent Seven stocks, but it's not acting magnificently this year.
Shares of the electric-vehicle maker's stock have lost $66.6 billion in value in 2024 so far, says an Investor's Business Daily analysis of data from S&P Global Market Intelligence and MarketSurge. That puts Tesla in the dubious company of the 10 S&P 500 stocks that have lost the most value this year.
Telsa is alongside some of the year's biggest dogs like Intel — a chipmaker at risk of getting kicked out of the Dow Jones Industrial Average — and quality-nightmare plane maker Boeing.
Looking At S&P 500's Biggest Losers
Huge winners like Nvidia get all the attention, but there's plenty of pain in the S&P 500, too.
Each of the top 10 largest market-value losers this year have shed more than $20 billion. And as a group they've lost a sum of $454 billion. That's enough to shave off 6% from the S&P 500's gains this year.
Intel is the largest culprit. Despite fairly new management, a lack of vision in a highly competitive field is start to sting. The stock is down nearly 60% this year. That erases $125.3 billion in value — a larger loss than any other S&P 500 stock. It sports an RS Rating of just 5.
And the outlook at Intel doesn't look good. Analysts think its earnings this year will fall 73%. And it already has a low EPS Rating of 29.
Tesla isn't looking much better.
Tesla And Boeing At The Bottom Of S&P 500
Boeing is having a rough year, too. And Tesla is right with it from a value perspective.
Shares of Boeing are down more than 40% this year. That's enough to erase $64.6 billion in market value. Boeing's RS Rating is down to just 13.
But from a market-loss perspective, Tesla is down even more than that: $66.6 billion. The stock is off just 8.3% this year, but due to its size that translates into a sizable market-value loss.
Tesla still has a Boeing-beating RS Rating of 79, but analysts see its profit falling 28% in 2024, following its 23% drop in 2023.
So "magnificent" probably isn't the right word to describe Tesla this year.
Biggest S&P 500 Value Losers
In 2024 so far
| Company | Ticker | YTD change | Market value lost (billions) |
|---|---|---|---|
| Intel | INTC | -58.4% | -$125.5 |
| Tesla | TSLA | -8.7% | -$69.4 |
| Boeing | BA | -40.3% | -$64.8 |
| Nike | NKE | -26.5% | -$43.1 |
| Adobe | ADBE | -12.6% | -$33.3 |
| Lululemon Athletica | LULU | -48.1% | -$30.2 |
| CVS Health | CVS | -26.1% | -$25.9 |
| United Parcel Service | UPS | -18.0% | -$24.3 |
| Estee Lauder | EL | -41.8% | -$21.9 |
| Dexcom | DXCM | -43.5% | -$21.6 |
