Beaten-down large caps
Query: US large-cap stocks above 10 billion dollars trading at least 25% below their 52-week high with positive free cash flow and revenue growth · data as of 2026-10-09
Built a large-cap "beaten-down but still cash-generative" screen: US stocks over $10B market cap trading ≥25% below their 52-week high with positive trailing free cash flow and positive YoY revenue growth. 136 names qualified; the 45 most beaten-down are rendered (sorted by % from 52-week high) with market cap, FCF, FCF margin, FCF yield, revenue growth, trailing/forward P/E, 1M/6M/1Y returns, % from 150D SMA and momentum potential, plus per-name qualitative commentary and a market-context narrative.
Large-cap US stocks ($10B+) trading at least 25% below their 52-week high while still generating positive trailing free cash flow and growing revenue year over year. 136 names screened through; the 45 most beaten-down are shown, sorted by distance from the 52-week high.
Large-Cap Beaten-Down FCF Growers
| Symbol | Security Name | Sector | Industry | Market Cap ($B) | % from 52W High | Price ($) | FCF ($B) | FCF Margin | FCF Yield | Revenue Growth YoY | P/E (TTM) | Forward P/E | 1M Return | 6M Return | 1Y Return | % from 150D SMA | Momentum Potential | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FLUT | Flutter Entertainment plc | Consumer Discretionary | Gambling | 13.845 | -68.38% | 79.78 | 1.079 | 6.59% | 7.62% | 16.62% | — | 10.57 | -19.15% | -22.07% | -67.57% | -20.67% | 7.4 | DraftKings' larger rival; the sportsbook complex (FanDuel, BetMGM) is in a promotional arms race that has compressed unit economics even as US legalization broadens the addressable market. Heavy exposure to new-state rollouts and tax-rate risk — the upside case rests on cost discipline and international scale rather than topline. |
| FIG | Figma, Inc. | Information Technology | Software - Application | 11.9927 | -66.88% | 22.5 | 0.2462 | 23.32% | 2.04% | 40.96% | — | 62.82 | 1.63% | 23.90% | -68.35% | 0.83% | 82.8 | Freshly public design-software firm that came out of the gate at an extreme valuation; the derating reflects the market repricing seat-based SaaS comps rather than a broken product cycle. Cash generation is real and margins are class-leading, so the debate is purely about growth durability against AI-native design tools. |
| RBLX | Roblox Corporation Class A Common Stock | Communication Services | Electronic Gaming & Multimedia | 34.3543 | -65.29% | 48.09 | 1.3554 | 27.71% | 4.17% | 35.77% | — | — | 7.15% | -13.49% | -61.82% | -0.82% | 10 | Bookings-backed model makes reported revenue lumpy, which amplifies the drawdown optics; engagement trends and daily-active-user monetization are the swing factor. Still reinvesting aggressively, so FCF conversion trails accounting growth. |
| FISV | Fiserv, Inc. | Information Technology | Information Technology Services | 24.2645 | -63.94% | 45.63 | 4.299 | 20.28% | 17.60% | 3.60% | 8.74 | 5.58 | -6.74% | -18.65% | -63.98% | -14.74% | 8.6 | Merchant-processing and core-banking franchise trading at a rare discount as the market worries about fintech disintermediation and Clover growth durability. The FCF profile here is among the strongest in the screen — the crux is whether pricing pressure on legacy processing stabilizes. |
| FICO | Fair Isaac Corporation | Information Technology | Software - Application | 14.4182 | -63.82% | 667.58 | 0.7699 | 38.67% | 5.04% | 15.91% | 19.35 | 12.59 | -30.51% | -27.62% | -60.61% | -38.75% | 45.5 | Analytics and scoring monopoly with pricing power, but the mortgage-origination cycle and lender demand for its software stack have gone cold. Regulatory scrutiny of its score pricing and the health of the credit-bureau ecosystem are the key swing factors. |
| IESC | IES Holdings, Inc. - Common Stock | Industrials | Engineering & Construction | 12.6163 | -62.53% | 297.52 | 0.2815 | 8.35% | 2.21% | 16.89% | 19.81 | — | -6.89% | 11.07% | 50.39% | -5.47% | 96.7 | Electrical and infrastructure contractor levered to data-center and utility buildout; backlog is strong but the stock trades with the cyclical-construction complex. Execution risk on fixed-price projects and labor availability matter more than end-market demand. |
| APP | Applovin Corporation | Communication Services | Advertising Agencies | 93.0687 | -62.24% | 277.04 | 3.9663 | 72.37% | 4.21% | 69.99% | 21.31 | 13.19 | -11.91% | -29.21% | -56.00% | -33.95% | 86.4 | Mobile-ad platform whose model-driven targeting drove exceptional growth; the drawdown reflects ad-budget cyclicality and platform-policy risk rather than a demand collapse. Growth remains among the fastest in the screen, so the debate is sustainability of take rates. |
| CSGP | CoStar Group, Inc. | Real Estate | Real Estate Services | 12.0222 | -62.07% | 29.67 | 0.123 | 3.79% | 1.02% | 18.68% | 164.83 | 17.2 | 0.61% | -18.67% | -62.44% | -10.70% | 1.8 | Commercial real-estate data provider facing softening listing volumes in a weak property market; its moat is the subscription data set, but near-term bookings are tied to broker budgets. High multiple on depressed earnings makes it sensitive to any reacceleration in transaction activity. |
| QXO | QXO, Inc. | Industrials | Industrial Distribution | 11.2153 | -60.07% | 10.81 | 0.2613 | 3.82% | 2.26% | 11924.96% | — | 16.76 | -12.04% | -50.71% | -45.68% | -34.01% | 79.8 | Roll-up in building-products distribution pursuing an acquisition-driven consolidation strategy; the revenue growth figure is distorted by deal accounting rather than organic demand. Leverage and integration risk are the primary considerations. |
| BSX | Boston Scientific Corporation | Health Care | Medical Devices | 61.9256 | -59.30% | 42.73 | 3.658 | 18.22% | 6.00% | 19.87% | 17.3 | 12.43 | -0.86% | -30.85% | -55.85% | -17.83% | 19.4 | Medtech bellwether hit alongside the broader device complex on procedure-volume and reimbursement uncertainty; electrophysiology and structural-heart franchises remain structurally sound. Valuation reset on a still-growing base makes it a quality-on-sale candidate if procedure volumes hold. |
| MNST | Monster Beverage Corporation | Consumer Staples | Beverages - Non-Alcoholic | 85.493 | -56.33% | 43.64 | 1.9659 | 23.70% | 2.30% | 10.70% | 40.41 | 33.37 | 1.28% | 14.56% | 28.07% | 0.77% | 80.1 | Energy-drink brand with exceptional margins; the drawdown reflects slowing category growth and competitive launches rather than share loss. Pricing power and international runway are intact, making the de-rating more about multiple compression than fundamentals. |
| LULU | lululemon athletica inc. | Consumer Discretionary | Apparel Retail | 10.9456 | -56.23% | 94.5 | 0.9217 | 8.30% | 8.98% | 4.86% | 7.65 | 8.4 | -2.46% | -42.33% | -45.94% | -25.06% | 5.5 | Athletic apparel brand dealing with US demand softness, product-mix missteps and rising competitive intensity from upstarts; brand equity remains strong but the growth algorithm is under question. Inventory and markdown dynamics, plus China exposure, are the swing factors. |
| INTU | Intuit Inc. | Information Technology | Software - Application | 80.9057 | -55.70% | 302.75 | 6.123 | 32.52% | 7.54% | 15.63% | 18.46 | 11.1 | -2.75% | -12.95% | -53.24% | -10.76% | 44.9 | Accounting and tax software franchise sold off on concerns about AI disruption to its professional-tier workflows and a richer multiple; the small-business and Credit Karma segments provide diversified cash flow. Perceived as an AI-disruption victim, so sentiment repair requires evidence that attach rates hold. |
| HUBS | HubSpot, Inc. | Information Technology | Software - Application | 11.6868 | -53.84% | 228.3 | 0.7076 | 22.60% | 5.96% | 19.17% | 81.25 | 13.78 | 2.12% | 18.75% | -50.32% | 2.87% | 33.4 | CRM platform for SMBs; seat-based SaaS is being repriced market-wide on AI-agent fears. Net-revenue-retention trends and the shift to usage-based pricing will determine whether the growth premium re-rates or persists as a value multiple. |
| COIN | Coinbase Global, Inc. | Financials | Financial Data & Stock Exchanges | 47.3297 | -53.65% | 179.39 | 2.4234 | 33.75% | 5.34% | 9.40% | 40.31 | 59.44 | 4.13% | 6.88% | -53.68% | 1.27% | 67.6 | Crypto exchange whose earnings are highly levered to trading volumes and token prices; the drawdown tracks the crypto cycle rather than company-specific issues. Revenue mix toward subscription/services and stablecoin economics is the key structural story. |
| ALNY | Alnylam Pharmaceuticals, Inc. | Health Care | Biotechnology | 31.1347 | -52.63% | 232.68 | 0.4654 | 12.53% | 1.55% | 65.19% | 40.54 | 18.49 | -5.99% | -27.76% | -48.37% | -16.85% | 33.9 | RNAi platform with a growing rare-disease franchise; the selloff reflects pipeline read-through and gene-silencing competition rather than commercial disappointment. Label expansion and new indications are the catalysts, with binary clinical risk inherent to the space. |
| MTZ | MasTec, Inc. | Industrials | Engineering & Construction | 17.0768 | -51.40% | 212.65 | 0.474 | 3.31% | 2.72% | 16.22% | 33.92 | 17.03 | -8.42% | -41.13% | -2.86% | -34.15% | 21.5 | Infrastructure and energy contractor levered to pipeline, power-delivery and telecom buildout; backlog is at records but the market is discounting a capex slowdown. Margin execution on large fixed-price programs is the watch item. |
| CPNG | Coupang, Inc. | Consumer Discretionary | Internet Retail | 28.4366 | -51.28% | 15.82 | 0.522 | 1.51% | 1.88% | 14.09% | 143.82 | 58.78 | 7.84% | -19.94% | -50.79% | -7.68% | 10.3 | Korean e-commerce and logistics platform investing heavily in quick commerce and membership; the drawdown reflects margin dilution from fulfillment investment rather than slowing demand. Path to profitability in the newer segments is the crux of the story. |
| ROL | Rollins, Inc. | Consumer Discretionary | Personal Services | 15.387 | -51.25% | 31.98 | 0.65 | 17.28% | 4.19% | 10.99% | 29.07 | 24.52 | -7.47% | -40.54% | -44.18% | -28.19% | 19 | Pest-control compounder whose defensive growth usually commands a premium multiple; the drawdown is sentiment-driven, tied to consumer discretionary-adjacent spending and M&A integration. Structurally resilient recurring revenue makes it a classic quality-compounder de-rating. |
| SYM | Symbotic Inc. | Industrials | Specialty Industrial Machinery | 25.8067 | -51.17% | 42.63 | 0.8247 | 36.70% | 3.24% | 25.65% | — | 55.03 | 3.72% | -20.81% | -38.06% | -9.01% | 68.4 | Warehouse-automation systems integrator tied to the Walmart supply-chain modernization cycle; customer concentration and project-timing risk drive the volatility. Backlog and the pace of new large-system orders are the swing factors. |
| TCOM | Trip.com Group Limited | Consumer Discretionary | Travel Services | 24.8293 | -50.73% | 38.9 | 1.945 | 21.79% | 7.83% | 22.23% | 5.8 | 9.19 | 0.52% | -24.20% | -45.63% | -16.34% | 30.5 | Chinese travel platform with strong outbound-travel recovery; the discount reflects China ADR risk and macro-consumption softness rather than execution. Extremely cheap on forward earnings, but regulatory and geopolitical headline risk caps the multiple. |
| FIS | Fidelity National Information S | Information Technology | Information Technology Services | 17.5546 | -50.36% | 34.04 | 4.181 | 39.16% | 23.61% | 5.43% | 5.23 | 5.09 | -10.61% | -19.70% | -48.13% | -18.28% | 16.3 | Banking and payments processing vendor facing real disintermediation risk as modern fintechs and real-time payment rails erode legacy switch economics; the screen's highest FCF yield reflects deep pessimism about terminal value. Stabilizing new bookings is the key evidence to watch. |
| NKE | Nike, Inc. | Consumer Discretionary | Footwear & Accessories | 51.5551 | -50.19% | 34.71 | 2.184 | 4.71% | 4.23% | 0.19% | 16.53 | 15.11 | -5.22% | -16.96% | -48.10% | -18.26% | 5.6 | Global footwear brand in a multi-year turnaround under new leadership; clearance of legacy inventory and wholesale reset weigh on near-term margins. The drawdown embeds skepticism about whether brand heat can be rebuilt against faster-growing competitors. |
| AA | Alcoa Corporation | Materials | Aluminum | 11.137 | -49.64% | 42.2 | 0.567 | 4.42% | 5.02% | 7.87% | 8.77 | 7.28 | -12.63% | -42.01% | 14.77% | -25.80% | 31.7 | Aluminum producer levered to global metal prices, energy costs and Chinese supply dynamics; the drawdown correlates with commodity-cycle softness rather than operational issues. Tariff policy and smelter restarts are the swing variables. |
| SE | Sea Limited | Consumer Discretionary | Internet Retail | 58.3391 | -49.34% | 95.25 | 4.5107 | 19.66% | 7.93% | 36.38% | 36.78 | 18.53 | -11.55% | 10.86% | -50.57% | -1.84% | 89.2 | Southeast Asian e-commerce and fintech platform with improving profitability in Shopee and a fast-growing digital-banking arm; the drawdown reflects the broader EM-internet and gaming de-rating. Margin inflection in e-commerce is the core thesis. |
| ZTS | Zoetis Inc. | Health Care | Drug Manufacturers - Specialty & Generic | 30.9133 | -49.29% | 74.81 | 2.283 | 24.12% | 7.56% | 2.28% | 12.2 | 11.25 | 2.68% | -35.81% | -46.86% | -13.95% | 3.4 | Animal-health leader derated on softer pet-owner spending and competition in key parasiticides; the franchise is highly recurring and cash-generative. New-product launches versus generic erosion in the dermatology portfolio is the watch item. |
| STRL | Sterling Infrastructure, Inc. | Industrials | Engineering & Construction | 15.6919 | -48.38% | 513 | 0.3627 | 14.57% | 2.29% | 17.69% | 36.99 | 20.29 | 5.80% | 14.93% | 39.79% | -14.80% | 46.3 | Infrastructure services contractor with strong data-center and transportation end-market exposure; despite the drawdown the business has been compounding. The valuation reset looks sentiment-driven relative to its backlog trajectory. |
| LVS | Las Vegas Sands Corp. | Consumer Discretionary | Resorts & Casinos | 23.4274 | -47.95% | 36.17 | 1.855 | 14.25% | 7.93% | 15.22% | 14.02 | 10.27 | -15.09% | -31.50% | -30.63% | -24.55% | 7 | Macau and Singapore casino operator with best-in-class balance sheet; the drawdown reflects China macro softness and slower-than-hoped Macau gaming recovery. Capital-return potential and Singapore ramp are the offsets. |
| AMKR | Amkor Technology, Inc. | Information Technology | Semiconductor Equipment & Materials | 12.204 | -47.49% | 49.12 | 0.191 | 2.85% | 1.51% | 6.18% | 22.03 | 17.41 | -0.83% | -15.00% | 61.59% | -19.05% | 7.1 | OSAT provider exposed to the smartphone and auto semis cycle; the drawdown tracks the packaging-demand cycle rather than structural share loss. Advanced-packaging capacity adds secular leverage if demand inflects. |
| WDC | Western Digital Corporation | Information Technology | Computer Hardware | 148.7112 | -46.76% | 397.28 | 1.279 | 13.43% | 0.87% | 50.70% | 14.75 | 12.51 | -13.81% | 15.75% | 228.45% | -13.60% | 92.5 | Storage-hardware maker riding the data-center and nearline-HDD upcycle; despite the steep pullback from its high, this is one of the strongest fundamental momentum names on the list. HDD supply discipline versus NAND pricing is the swing factor. |
| HL | Hecla Mining Company | Materials | Other Precious Metals & Mining | 10.7046 | -46.34% | 17.07 | 0.3102 | 21.80% | 2.90% | 53.03% | 20.57 | 16.05 | -14.74% | -12.24% | 28.08% | -3.52% | 92.2 | Silver and gold miner whose cash generation is levered to precious-metal prices; the drawdown follows the recent precious-metals pullback. Operating leverage is high, so the equity amplifies any metal-price recovery. |
| AMRZ | Amrize Ltd | Materials | Building Materials | 19.7987 | -45.03% | 36.2 | 1.42 | 12.02% | 7.11% | 0.95% | 16.23 | 11.91 | -10.48% | -31.92% | -24.78% | -27.43% | 7.8 | Building-materials producer spun out of a global industrial; the de-rating reflects soft construction demand and a still-unproven standalone strategy. Pricing discipline and infrastructure spend are the offsets. |
| NXT | Nextpower Inc. | Information Technology | Solar | 13.2298 | -44.94% | 86.11 | 0.5136 | 14.43% | 3.92% | 20.28% | 22.25 | 14.9 | 5.85% | -27.01% | 9.69% | -20.50% | 49 | Solar-inverter and power-electronics supplier tied to utility-scale and data-center power demand; the drawdown reflects the broader solar-complex selloff and policy uncertainty around tax credits. Strong revenue growth contrasts sharply with the price action. |
| OWL | Blue Owl Capital Inc. | Financials | Asset Management | 14.8723 | -44.73% | 9.49 | 1.1983 | 41.75% | 8.25% | 25.04% | 79.08 | 9.6 | -9.01% | 20.29% | -37.94% | -1.86% | 78.7 | Alternative-asset manager with rapidly growing fee-earning AUM; the drawdown reflects concerns around private-credit marks and retail-fund redemption risk. Its forward multiple is a fraction of trailing earnings, implying the market expects meaningfully lower credit-cycle earnings. |
| AXON | Axon Enterprise, Inc. | Industrials | Aerospace & Defense | 34.3545 | -44.32% | 422.89 | 0.0751 | 2.70% | 0.22% | 33.47% | 174.75 | 40.05 | -11.69% | 22.24% | -41.86% | -11.49% | 29.7 | Taser and body-camera franchise with exceptional SaaS attach; despite rapid growth its premium multiple has to withstand demand-timing risk from large agency orders. Valuation is the primary risk even after the drawdown. |
| FSLR | First Solar, Inc. | Information Technology | Solar | 19.1103 | -44.13% | 177.82 | 1.1872 | 22.75% | 6.18% | 24.09% | 18.16 | 7.7 | -14.17% | -12.61% | -23.14% | -18.25% | 59.3 | US solar manufacturer with tariff-protected domestic capacity and a strong backlog; the drawdown tracks policy uncertainty around tax credits and the solar complex selloff. Bookings visibility is the key differentiator versus peers. |
| CRCL | Circle Internet Group, Inc. | Financials | Capital Markets | 21.4551 | -43.84% | 84.51 | 0.5297 | 19.29% | 2.58% | 63.86% | 16.94 | 53.09 | -6.43% | -4.01% | -43.83% | -5.93% | 57.1 | Stablecoin issuer whose economics hinge on reserve income (i.e. rates) and circulation growth; the drawdown reflects rate-cut expectations and competitive-stablecoin threats. Distribution deals and new revenue lines are the offsets to reserve-income sensitivity. |
| NFLX | Netflix, Inc. | Communication Services | Entertainment | 292.725 | -43.37% | 70.3 | 9.4611 | 20.94% | 3.17% | 15.85% | 22.11 | 18.39 | -7.51% | -31.75% | -42.10% | -14.63% | 61.4 | Streaming leader sold off on ad-tier monetization and content-spend concerns; despite the drawdown the subscriber and pricing engine remains dominant. Free-cash-flow inflection gives it more resilience than the price action implies. |
| DKS | Dick's Sporting Goods Inc | Consumer Discretionary | Specialty Retail | 13.4637 | -42.86% | 136.65 | 0.4002 | 2.32% | 3.02% | 28.06% | 13.31 | 8.36 | 3.61% | -34.71% | -38.18% | -28.97% | 15.4 | Sporting-goods retailer lapping exceptional prior-year comparisons with softer discretionary demand; the drawdown tracks consumer-spending caution and margin pressure from promotions. House-of-sport expansion is the strategic bet. |
| NVMI | Nova Ltd. | Information Technology | Semiconductor Equipment & Materials | 11.2276 | -41.72% | 353 | 0.2179 | 24.75% | 1.93% | 30.96% | 44.07 | 25.84 | -3.56% | -28.84% | 9.80% | -21.71% | 64.7 | Semiconductor metrology supplier to leading-edge fabs; the drawdown reflects WFE cyclicality and export-control noise rather than lost share. Advanced-node investment runway makes it a levered recovery candidate. |
| HII | Huntington Ingalls Industries, | Industrials | Aerospace & Defense | 10.4343 | -41.64% | 264.8 | 0.794 | 6.36% | 7.60% | 8.23% | 15.76 | 12.71 | -5.99% | -32.26% | -7.44% | -17.04% | 25.8 | Defense shipbuilder with a visible multi-year Navy backlog; the drawdown reflects execution issues on fixed-price programs and cost inflation. Backlog visibility contrasts with near-term margin risk. |
| NRG | NRG Energy, Inc. | Utilities | Utilities - Independent Power Producers | 22.6964 | -41.33% | 107.97 | 0.766 | 2.49% | 3.43% | 9.18% | 28.12 | 9.64 | -3.30% | -33.76% | -34.75% | -18.46% | 9.1 | Independent power producer benefiting from data-center electricity demand; the drawdown tracks the recent utilities/rate-sensitive de-rating. Power-purchase agreements tied to AI load growth are the structural upside. |
| PDD | PDD Holdings Inc. | Consumer Discretionary | Internet Retail | 115.7933 | -41.11% | 81.35 | 15.2854 | 24.75% | 13.72% | 14.45% | 8.51 | 6.64 | 4.51% | -18.79% | -39.19% | -8.77% | 71.2 | China e-commerce value player with a deep discount to global peers; the drawdown reflects tariff/de-minimis changes and China macro softness. Massive net cash and buyback capacity underpin the valuation floor, but ADR headline risk persists. |
| MKSI | MKS Inc. | Information Technology | Scientific & Technical Instruments | 17.8848 | -40.54% | 264.5 | 0.497 | 12.64% | 2.82% | 9.62% | 42.12 | 15.11 | 1.02% | -1.42% | 99.75% | -9.88% | 46.5 | Semiconductor process-control and photonics supplier with exposure to advanced packaging and leading-edge nodes; the drawdown tracks the WFE cycle rather than structural concerns. Highly cyclical, so timing of a fab-equipment order recovery is the swing factor. |
| CPRT | Copart, Inc. | Industrials | Specialty Business Services | 25.3073 | -40.30% | 27.32 | 1.2308 | 26.49% | 4.83% | 9.68% | 16.97 | 16.23 | -11.15% | -16.61% | -39.19% | -12.55% | 17.9 | Online vehicle-auction monopoly with exceptional margins and low capital intensity; the drawdown is multiple compression on softer used-car volumes rather than share loss. Its structural moat makes the de-rating a rare entry point if volumes stabilize. |
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What This Screen Is
A hunt for large, cash-generative businesses that the market has repriced sharply lower without the fundamentals breaking. Every name here has a market cap above $10B, sits at least 25% below its 52-week high, converts positive free cash flow, and is still growing revenue year over year. That combination filters out the genuinely impaired (no-FCF story stocks, pre-profit biotech) and isolates names where the price de-rated faster than the business.
The Dominant Pattern: Multiple De-Rating, Not Demand Collapse
The list is heavily weighted toward three clusters:
- Seat-based SaaS and software (Figma, Intuit, HubSpot, FICO, CoStar, Fiserv, FIS). These are the market's designated "AI-disruption" candidates — the fear is that agentic AI compresses per-seat pricing and makes legacy workflow software obsolete. Most still post double-digit revenue growth and 20%+ FCF margins, so the debate is terminal multiple, not current cash flow.
- Rate- and cycle-sensitive value (Alcoa, Amrize, Nike, Lululemon, Dick's, Las Vegas Sands, Blue Owl, FIS/FISV). Domestic spending caution plus a firm dollar and 4.6% 10-year have punished the balance-sheet-light consumer and credit complex.
- Secular hardware and infrastructure (Western Digital, Amkor, MKS, Nova, Symbotic, Axon, Sterling, NRG, First Solar). These are capex-cycle names where backlog or end-market demand is intact but the market is discounting a peak.
What to Watch
This is a watchlist, not a buy list. The screen deliberately includes falling knives, and a depressed multiple can always compress further. The quality signal to separate them: names with high FCF yield plus sustained revenue growth (Fiserv, FIS, PDD, Trip.com, Western Digital, First Solar) are earning their way out of the drawdown, while names in the deep-apparel and value-retail bucket (Lululemon, Nike, Dick's) carry genuine demand risk that must be confirmed by a turn in comparable sales before the discount is truly an opportunity. With Q3 earnings imminent and the market rewarding AI adopters over AI-adjacent builders, expect the software cohort's guidance — particularly on seat-based retention — to be the single biggest catalyst set for the group.
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