Top 25 stocks that are down big but have improving earnings
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Stock valuations are collapsing while earnings are improving, according to Credit Suisse.
"While the median company has seen their stock price fall -24.4% since its peak, the median P/E multiple fell -27.5%," strategist Jonathan Golub wrote in a note. "This difference is explained by a healthy 3.3% increase in projected EPS."
"On a median basis, all 11 sectors have experienced an improvement in their earnings prospects," Golub said. "This disparity is most extreme for Tech (XLK) shares where the median valuation has fallen -35.7%, while earnings prospects have improved by 8.0%."
Credit Suisse screened the S&P 500 (SP500) (SPY) for stocks with the greatest drawdown from the peak and improving earnings per share.
The stocks are:

Penn National Gaming (NASDAQ:PENN), drawdown -78.6%, EPS gain 11.8%, P/E change -80.9%
IPG Photonics (NASDAQ:IPGP), -62.9%, 11.8%, -64.1%
Ceridian (NYSE:CDAY), -58.8%, 9.5%, -62.4%
Generac (GNRC), -57.1%, 4.8%, -59.1%
DexCom (DXCM), -54.4%, 8.7%, -58%
Twitter (TWTR), -52.7%, 53.1%, -69.1%
Nvidia (NVDA), -51.9%, 19.2%, -59.6%
Paycom Software (PAYC), -51.4%, 11.4%, -56.4%
Charles River Labs (CRL), -50.8%, 10.1%, -55.3%
PVH (PVH), -50.6%, 0.7%, -50.9%
Disney (DIS), -50.2%, 46.3%, -66%
Skyworks Solutions (SWKS), -50%, 13.3%, -55.9%
VF (VFC), -49.8%, 13.7%, -55.8%
Salesforce (CRM), -49.7%, 9%, -53.8%
Signature Bank (SBNY), -48.8%, 36%, -53,8%
IDEXX Labs (IDXX), -48.8%, 1.7%, -49.6%
Qorvo (QRVO), -48.7%, 4.8%, -51.1%
Aptiv (APTV), -48.5%, 4%, -50.5%
Intuit (INTU), -48.3%, 8.7%, -52.4%
Tesla (TSLA), -47.9%, 76.3%, -70.4%
Autodesk (ADSK), -47.7%, 18.9%, -56%
Zebra Technologies (ZBRA), -47.5%, 3.7%, -49.4%
GM (GM), -47.1%, 1,6%, -47.9%
Expedia (EXPE), -45.5%, 4.1%, -47.6%
Garmin (GRMN), -45.2%, 2.6%, -46.6%

How the Fed views the market vs. how investors view the market.