Tesla shares have slid roughly 25% this year on concerns about rising competition from electric vehicle makers in China and its second consecutive earnings miss reported in January. Many investors are skeptical that the Magnificent Seven will match their blockbuster gains from 2023, even if they continue their leadership this year. Jim Worden, chief investment officer at the Wealth Consulting Group, says he believes the group should consolidate to the “Fab Five,” which he classifies as the Magnificent Seven minus Tesla and Apple. Bank of America strategist Michael Hartnett coined the term “Magnificent Seven,” a nod to a 1960 film of the same name, in a research note last May. “There is a big leadership change underway in the Magnificent Seven stocks,” wrote Louis Navellier, chairman of Navellier & Associates, in a note on Tuesday.

Source: CNN February 08, 2024 18:12 UTC