CrowdStrike Stock May Rebound After Recent Drop

On August 2, 2024, the tech-heavy Nasdaq index entered correction territory, experiencing a decline of over 10% from its record high set the previous month. This downturn has been attributed to a challenging start to August, with notable losses among key stocks. Despite a year-to-date drop of 15.5% for some companies, analysts maintain a bullish outlook, with many recommending "buy" or "strong buy" ratings. Moderna, a prominent player in the biotech sector, has faced setbacks, guiding for weaker-than-expected full-year sales due to declining European sales and increased competition in the U.S. respiratory vaccine market. Following a more than 7% drop in share price on Friday, the stock's 14-day Relative Strength Index (RSI) stands at a low 19.6. However, analysts project a potential rebound, estimating a 58.1% surge from Thursday's closing price. Athleisure brand Lululemon also finds itself on the oversold list, with an RSI around 28. The company's shares fell over 5% following a downgrade, contributing to a staggering 54% decline for the year and a 37% drop over the past 12 months. Despite these challenges, approximately two-thirds of Wall Street analysts continue to endorse Lululemon with buy or strong buy ratings. In contrast, Lockheed Martin boasts the highest RSI reading at 93.7 among the stocks analyzed. While 11 out of 24 analysts remain optimistic about Lockheed's prospects, the stock is currently trading 1.8% above its consensus price estimate, suggesting a potential pullback may be imminent.