Nine Nasdaq-100 Stocks Drop 15% or More in October

In October, nine stocks within the Nasdaq-100 experienced a significant drop of 15% or more. Among the hardest-hit stocks were Tesla and Lucid Group, with a surprising plunge of 25% from Align Technology. Tesla’s stock fell by 18% since the end of September, while Lucid Group saw an even greater decline. This article provides an overview of the individual stock performances, shedding light on the factors contributing to their drops and the implications for the overall market.

Nine Nasdaq-100 Stocks Drop 15% or More in October

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Introduction

In the month of October, nine stocks within the Nasdaq-100 index have experienced significant declines of 15% or more. This article aims to provide an overview of the hardest-hit stocks, analyze the correction observed in the Nasdaq Composite Index, delve into the Nasdaq-100 Index, and provide detailed information on the individual stocks that have experienced substantial drops.

Hardest-hit Stocks

The following stocks have experienced significant declines of 15% or more during the month of October: Tesla Inc. (TSLA) -18%, Lucid Group Inc. (LCID) -27%, Align Technology Inc. (ALGN) -25%, Moderna Inc. (MRNA) -26%, Enphase Energy Inc. (ENPH) -20%, Illumina Inc. (ILMN) -18%, Airbnb Inc. Class A (ABNB) -16%, Trade Desk Inc. Class A (TTD) -15%, and Zoom Video Communications Inc. Class A (ZM) -15%.

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Nasdaq Composite Index Correction

The Nasdaq Composite Index, which encompasses a wide range of companies within the technology sector, has undergone a correction in October. Specifically, 20 stocks within the Nasdaq-100 subset have experienced declines of 10% or more in just one week. The index itself fell into a correction on Wednesday, with a decline of over 10% from its peak in July. Despite this correction, the Nasdaq Composite Index is still up 20.3% for the year 2023, following a decline of 33.1% in 2022. Since the end of 2021, the Nasdaq Composite Index has decreased by 18%.

Nasdaq-100 Index Overview

The Nasdaq-100 Index is composed of the 100 largest nonfinancial companies within the Nasdaq, weighted by market capitalization. It is tracked by the Invesco QQQ Trust ETF (QQQ). This index experienced a decline of 1.9% on Thursday, primarily driven by the sharp drop in Align Technology Inc. (ALGN) stock. Apple Inc. (AAPL) and Microsoft Corp. (MSFT) make up a significant portion of the index’s weighting, accounting for approximately 21%. Apple has seen a 28% increase in its stock price this year, while Microsoft has risen by 37%. The performance of these two tech giants has heavily influenced the Nasdaq-100’s overall performance. Despite the recent correction, the index has experienced a partial recovery, with a 29% increase in the year 2023. However, it is still down 11.9% from the end of 2021.

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Stocks That Have Dropped 15% or More

The following stocks within the Nasdaq-100 have experienced a drop of 15% or more in October: Align Technology Inc., Lucid Group Inc., Moderna Inc., Enphase Energy Inc., Illumina Inc., Tesla Inc., Airbnb Inc. Class A, Trade Desk Inc. Class A, and Zoom Video Communications Inc. This section will provide more detailed information on each of these stocks, including their price changes since September 29th, October 26th, 2023 performance, price change since the end of 2021, forward price-to-earnings ratios (P/E), and forward P/E at the end of 2021.

Align Technology Inc.

Align Technology Inc. (ALGN) has experienced a significant decline of -37.6% since September 29th, with an additional -24.9% drop on October 26th. The stock has seen a 10% decrease in its price in 2023 and a substantial 71% decrease since the end of 2021. The forward P/E ratio is currently 20.7, compared to 48.7 at the end of 2021.

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Lucid Group Inc.

Lucid Group Inc. (LCID) has seen a -27.2% decline since September 29th, with a -2.4% drop on October 26th. In 2023, the stock has experienced a 40% decrease and a significant 89% decrease since the end of 2021. The forward P/E ratio is not available at this time.

Moderna Inc.

Moderna Inc. (MRNA) has witnessed a -26.4% drop since September 29th, with a -1.0% drop on October 26th. The stock has seen a 58% decrease in 2023 and a 70% decrease since the end of 2021. The forward P/E ratio is not available at this time.

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Enphase Energy Inc.

Enphase Energy Inc. (ENPH) has experienced a -20.0% decline since September 29th, with a 1.9% increase on October 26th. The stock has seen a 64% decrease in 2023 and a 47% decrease since the end of 2021. The forward P/E ratio is currently 16.3, compared to 60.1 at the end of 2021.

Illumina Inc.

Illumina Inc. (ILMN) has witnessed an -18.7% decline since September 29th, with a -2.0% drop on October 26th. In 2023, the stock has experienced a 45% decrease and a significant 71% decrease since the end of 2021. The forward P/E ratio is currently 57.5, compared to 90.2 at the end of 2021.

Tesla Inc.

Tesla Inc. (TSLA) has seen a -17.8% drop since September 29th, with a -3.1% drop on October 26th. The stock has experienced a 67% increase in 2023 but a -42% decrease since the end of 2021. The forward P/E ratio is currently 54.0, compared to 120.3 at the end of 2021.

Airbnb Inc. Class A

Airbnb Inc. Class A (ABNB) has experienced a -15.8% decline since September 29th, with a -2.6% drop on October 26th. The stock has seen a 35% increase in 2023, but a -31% decrease since the end of 2021. The forward P/E ratio is currently 27.0, compared to 166.7 at the end of 2021.

Trade Desk Inc. Class A

Trade Desk Inc. Class A (TTD) has witnessed a -15.3% decline since September 29th, with a -7.6% drop on October 26th. The stock has experienced a 48% increase in 2023 but a -28% decrease since the end of 2021. The forward P/E ratio is currently 46.9, compared to 100.3 at the end of 2021.

Zoom Video Communications Inc.

Zoom Video Communications Inc. Class A (ZM) has seen a -14.9% drop since September 29th, with a -1.4% drop on October 26th. The stock has experienced a 12% decrease in 2023 and a significant 68% decrease since the end of 2021. The forward P/E ratio is currently 13.0, compared to 41.7 at the end of 2021.

In conclusion, the month of October has brought significant declines for nine stocks within the Nasdaq-100 index. Investors should closely monitor these stocks as they continue to experience price fluctuations and evaluate their potential for future recovery.

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