Average Declines From 52-Week Highs
While the S&P 500 is less than 12% off of its intraday high from October, individual stocks are faring far worse. As the chart to the right indicates, the average stock in the S&P 1500 is now over 30% off of its 52-week high. Grouping stocks by their market cap shows that while large caps have been holding up better than average, small caps have been decimated.
On a sector basis, while financials are what led the market lower, it is consumer stocks that have been hit the hardest, with an average decline from highs of 43.4%. Perhaps the most surprising sector is technology. While tech stocks led the market higher in 2007, the recent declines have put the average stock in that sector 33.6% below its 52-week high. So much for follow through.
This implies the biggest market cap names are holding up best.
What is the decline for megacap names (say over $50 billion)?
That must be much less. Love to see it.
Posted by: Greg Feirman | January 11, 2008 at 04:31 PM