3 Apparel Stocks See Sharp Drop In Momentum Rankings This Week

Stock market chaos

Three apparel stocks have exhibited marked deterioration in momentum this week, as reflected by their week-on-week momentum percentile changes.

What Does Momentum Ranking Mean?

The momentum percentile, as defined by Benzinga Stock Edge Rankings methodology, reflects a stock's relative strength based on price movement patterns and volatility compared to peers, offering an essential measure to track when evaluating shifts in investor sentiment and market trends.

3 Apparel Stocks With Weakening Momentum

Allbirds Inc. (NASDAQ:BIRD), Neo-Concept International Group Holdings Ltd. (NASDAQ:NCI), and Shoe Carnival Inc. (NASDAQ:SCVL) slipped in momentum rankings this week.

Allbirds

• BIRD saw its momentum percentile decline from 50.12 last week to 34.19 this week, representing a drop of 15.93 points.

• The stock has jumped by 92.37% year-to-date and 82.61% over a year.

• It maintains a weaker price trend over the short, medium, and long term, with a poor growth ranking. Additional performance details are available here.

See Also: 3 Gold Mining Stocks Sparkle With Momentum Gains As Yellow Metal Nears $4000 Per Ounce Mark, Experts Say They Remain Undervalued Despite Stellar Rally

Neo-Concept International Group Holdings

• NCI also faced a sharp deterioration in momentum, sliding from a percentile score of 14.63 to 10.34, a plunge of 4.29 points.

• The stock was lower by 36.50% YTD and 28.11% in a year.

• This stock maintained a stronger price trend over the short term but a weaker trend in the medium and long terms. Additional performance details are available here.

Shoe Carnival

• SCVL joined its cohort in the bottom percentile for momentum, with its score falling from 11.62 to 11.07—a decrease of 0.55 points week-on-week.

• Lower by 36.95% YTD, the stock was down 47.77% over the year.

• It had a weaker price trend in the short, medium, and long terms, with a moderate growth ranking. Additional performance details are available here.

Price Action

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell on Tuesday. The SPY was down 0.37% at $669.12, while the QQQ declined 0.53% to $604.51, according to Benzinga Pro data.

The futures of the S&P 500, Dow Jones, and Nasdaq 100 indices were trading higher on Wednesday.

Read Next:

• 3 Undervalued Energy Stocks Turning Into Hot Buys

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock