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ACN stock down almost 20% premarket today after earnings report. I am not an investor in this company but been eyeing it as it has been dropping past year and valuation looked tempting. I am glad I didn't pull the trigger.
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This stock, a large cap tech stock, is down >60% YTD and at today's price, almost a decade worth of stock gains got wiped out. PE ratio before today's crash was pathetic 13x and it's tanking 20% on top of that due to lackluster earnings report.
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And then we have the likes of MSFT, CRM, etc down 20-25% in just past 2 weeks with no noteworthy news at all. Another mag7, META, is down 15% YTD.
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Meanwhile, we have semi stocks trading near or over 100x PE and that space stock trading at mega cap market cap with 0 earnings, on IPO day.
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This stock market is K shaped one, and an exteme one at that. Sector that's in favor is going on euphoric, pre dot-com crash levels while everything else is treated as garbage.
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What I will say is be extremely careful in buying anything in this market... a "value" stock can lose 20% of its value instantly. Very risky to chase dips in stocks that have been in downtrend IMO.