2 MN Stocks Among “New Year’s Biggest Disappointments”
Best Buy and Ameriprise Financial appeared on Bloomberg’s recent list of the “Biggest New-Year Stock Disappointments.” In fact, Best Buy topped the list.
Bloomberg looked at the difference in how companies’ stocks increased in 2013 versus how far they fell in January. In other words, only those with strong 2013 performances were considered.
Richfield-based electronics retailer Best Buy was number one on the list as its stock rocketed 244 percent throughout 2013 but dropped 43 percent in January. Minneapolis-based Ameriprise Financial’s stock climbed 88 percent in 2013 but fell 7.5 percent in January.
Following Best Buy on the list, respectively, was Dallas-based GameStop, whose stock saw a 102 percent gain last year versus a 28 percent loss last month; Tennessee-based Tractor Supply, whose stock gained 77 percent last year versus a 13 percent loss last month; California-based Yahoo!, whose stock saw a 103 percent gain last year versus a 13 percent loss last month; and Iowa-based Principal Financial Group, whose stock saw a 77 percent gain last year versus a 10 percent loss last month.
Other well-known companies to make the list included: Xerox, Chipotle Mexican Grill, Boeing, TripAdvisor, and Seagate Technology. To see the full list, click here.
Best Buy’s stock has been a roller-coaster ride the last couple of years, falling about 50 percent in 2012 to close at $11.85 per share, then emerging as one of the great turnaround stocks of 2013, climbing its way up to $39.89 per share by the end of 2013, only to drop to $22.72 by the end of January.
Its January fall can be attributed largely to a single 30-percent drop following news of its unexpectedly weak holiday sales, which were caused by a combination of low prices and low in-store traffic.
Shares of Best Buy’s stock were trading down about 2 percent at $23.07 per share Monday afternoon.
Ameriprise was on another of Bloomberg’s lists, the “Biggest Stock Recoveries in the Financial Sector,” at the end of 2013—ranking 13th. That list compared companies’ stock losses between 2007 and 2009 with gains between 2009 and the end of 2013. While Ameriprise fell 79 percent in the first two years, it gained 623 percent in the four following years. To see that list, click here.
Shares of Ameriprise Financial’s stock were trading down about 4 percent at $101.47 per share Monday afternoon.