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The market has enjoyed a fantastic run in 2024, building nicely on last year’s gains. Up approximately 8% year-to-date, the S&P 500’s strong performance has been aided significantly by large-cap technology, with others also joining the party.

However, the performance has been weighed down by a few S&P 500 members, including Tesla (TSLA - Free Report), Humana (HUM - Free Report), and Boeing (BA - Free Report). All three of these stocks have negatively impacted performance, with shares of each in the red in 2024.

This brings to mind some questions, such as: is this a buying opportunity, or is there more weakness ahead? Let’s take a closer look at each stock.

Tesla

Down 34% in 2024, Tesla shares have had a bumpy road, with the latest set of quarterly results causing selling pressure post-earnings. Lower margins, hybrid momentum, and competition in China have all been thorns in the company's side.

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Analysts’ earnings estimate revisions have reflected the headwinds faced, as shown below.

Image Source: Zacks Investment Research

Tesla’s growth is forecasted to stall slightly in its current year (FY24), with consensus estimates alluding to -2.0% lower earnings on +15% higher sales. Growth resumes in FY25, as expectations presently suggest a +31% pop in earnings on +18.6% higher revenues.

The stock remains a prime consideration for those bullish on the long-term EV picture, but analysts’ recent revisions reflect a cloudy near-term outlook.

Humana

Down 24% year-to-date, Humana shares also saw selling pressure following its latest set of quarterly results. Concerning headline figures in the release, Humana fell short of the Zacks Consensus EPS estimate by 57% and posted a modest 1.4% revenue beat.

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The profitability picture throughout the period was hampered by an additional increase in Medicare Advantage medical cost trends, causing the company to give ‘soft’ initial guidance for its FY24. Analysts have slashed their earnings estimates, landing the stock into an unfavorable Zacks Rank #5 (Strong Sell).

Until the company’s earnings picture begins shifting favorably, investors seeking exposure should target stocks in the same industry with favorable Zacks Ranks, such as Cigna Group (CI - Free Report). Cigna is currently a Zacks Rank #2 (Buy). 

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Boeing

Down around 30%, Boeing shares have been impacted negatively by consistent news of maintenance issues found within the company's aircrafts in 2024. Just on Monday, it was reported that one of its planes suddenly plunged mid-flight due to an issue in the cockpit.

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Analysts have fully taken note of the issues, cutting their earnings expectations significantly across the board. The safety issues are expected to impact the company in a big way, with it grounding the 737 Max model in January.

Image Source: Zacks Investment Research

The stock is currently a Zacks Rank #4 (Sell). For those seeking exposure to the Zacks Aerospace & Defense industry, Textron (TXT - Free Report), a current Zacks Rank #1 (Strong Buy), could be a wiser option for the near-term.  

Bottom Line

All three of the companies discussed above – Tesla (TSLA - Free Report), Humana (HUM - Free Report), and Boeing (BA - Free Report) – have weighed heavily on the S&P 500’s performance in 2024. 

But is this a buying opportunity? Concerning Tesla, the stock remains a great long-term pick for EV exposure, but near-term revisions remain cloudy. The story is primarily the same regarding Humana and Boeing, with each suffering from negative earnings estimate revisions and carrying unfavorable Zacks Ranks.

A better idea would be to target stocks with a Zacks Rank #1 (Strong Buy) or Zacks Rank #2 (Buy), as these stocks have the positive revisions needed to climb higher.

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