GPRO - 1 Stock Absolutely Crushing the Nasdaq in 2023 and 1 That's Underperforming
2023-03-26 08:04:00 ET
History is proof that buying a diverse portfolio of stocks is a great idea, because over the long term, the broader market tends to go up. But 2022 was one of the rare years the overall markets suffered a loss, with the Nasdaq-100 technology index leading the way by plunging 33%.
It's off to a better start in 2023 with a 17% gain so far, but the current environment is incredibly tricky to navigate. It's often referred to as a stock picker's market, which means only certain companies in specific industries are doing well. That's because economic factors like high inflation and rising interest rates are affecting companies in different ways.
Here's an example. Semiconductor service company Axcelis Technologies (NASDAQ: ACLS) has soared by 70% year to date, obliterating the return of the Nasdaq-100, while action camera company GoPro (NASDAQ: GPRO) is down 1%.
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1 Stock Absolutely Crushing the Nasdaq in 2023, and 1 That's Underperforming