GPRO - 1 Growth Stock Down 96% to Buy Ahead of the Holiday Shopping Season
2023-11-18 05:45:00 ET
In the face of elevated inflation and rising interest rates, consumers have been forced to manage their money more carefully lately. It has led to a struggling retail sector, which is experiencing an inventory glut and falling prices almost across the board.
As a result, the S&P 500 Retail Select Industry Index -- a measure of retail sector performance -- has declined by 9% over the past year. By comparison, the benchmark S&P 500 index is up 13% over the same period.
That has been bad news for GoPro (NASDAQ: GPRO) because its action cameras are a discretionary product. Those tend to be the first things consumers slash from their budgets during tough times.
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1 Growth Stock Down 96% to Buy Ahead of the Holiday Shopping Season