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3 Stocks to Sell Before They Become Obsolete in 2024 - Stock Market Latest

Source: chanpipat / Shutterstock.com

It’s one thing to make an investment that doesn’t work out. No one gets every call right. It’s another thing to keep holding on or doubling down as a company spirals toward irrelevancy. In the stock market, there is no virtue to hanging onto shares of a company that’s a lost cause.

The following three stocks to sell all had promising futures at one point. But through a combination of poor management decisions, a shifting macroeconomic environment and changing consumer preferences, all three of these struggling firms appear heading toward obsolescence in the months and years to come.

AMC Entertainment (AMC)

Many travel, entertainment and hospitality companies have seen their businesses fully recover from the pandemic. Others, however, have not.

AMC Entertainment (NYSE:AMC), for example, continues to flounder amid weak box office numbers and poor financial results. That’s not just bears saying it, either.

In fact, AMC CEO Adam Aron wrote on X, the social platform formerly known as Twitter, that: “So painful: 4 years after Covid the industrywide box office is still ludicrously anemic.” Several factors were at work here, including inflation, the lackluster quality of new movie releases and the continuing rise of streaming as a share of the total marketplace.

In any case, AMC stock keeps plumbing new lows as the reality of its financial situation sets in. There is a reason AMC has engaged in financial maneuvering to issue more stock and raise capital; the business simply isn’t making money. Indeed, analysts expect the company to lose money again in both 2024 and 2025. All the meme stock energy in the world can’t change the fact that movie theaters appear to be a declining industry, and AMC’s balance sheet is in tatters.

Nio (NIO)

Around five years ago, Nio (NYSE:NIO) was a hot EV startup aiming to dethrone Tesla (NASDAQ:TSLA) in the upscale segment of the vehicle market. NIO stock enjoyed a tremendous run at one point as investors liked the looks of both Nio’s vehicles and business plan.

Alas, things failed to come together. Nio was unable to make much of its purported first-moved advantage. The Chinese EV market is now flooded with all manner of competition. And the industry saw its fortunes plummet in 2023 amid a weak local Chinese economy.

Tesla just reported lackluster earnings this week. And other EV makers are following suit. Nio, with its large operating losses and struggling business model, does not appear to be one of the long-term winners in this industry.

NIO stock may have seemed like a great idea many years ago, but its time has long since passed. Incredibly enough, Nio lost $664 million from operations last quarter alone. At this rate, Nio investors should question whether the company can stay in business long enough to even try to turn things around.

Peloton Interactive (PTON)

Back in 2020, Peloton Interactive (NASDAQ:PTON) seemed like a surefire winner.

The smart fitness company was made for the moment. People were stuck at home. With gyms closed down for the pandemic, Peloton’s bikes and engaging virtual classes were a great exercise option.

However, Peloton sought to expand way too quickly, going into other products, such as treadmills, that didn’t garner the same level of customer excitement. Then, as the world started to reopen, the Peloton trend lost steam, and the business’ metrics went into reverse.

The company’s revenues peaked at $4.0 billion in fiscal year 2021. Analysts expect it to generate less than $2.8 billion this year. Meanwhile, Peloton is running large operating losses and the balance sheet is worsening. It seems only a matter of time until PTON shares slide deep into penny stock territory.

On the date of publication, Ian Bezek did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Bezek has written more than 1,000 articles for InvestorPlace.com and Seeking Alpha. He also worked as a Junior Analyst for Kerrisdale Capital, a $300 million New York City-based hedge fund. You can reach him on Twitter at @irbezek.

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