January 5, 2023
2022 was a tough year. Most people pay attention to the Dow Jones Industrial Average, the NASDAQ and the S&P 500 – because this is what we see and hear on TV, radio and online. It is important to remember that when the market is down as a whole, it does not mean that every investment is down. It certainly does not mean that every investment will continue to be down forever—although you may disagree with me after opening your statements every quarter and witnessing a steady decline in value...
Keep in mind that for nearly 10 years, we saw a sizeable amount of historic growth. We don’t typically see that many good years in a row, so it was to be expected that we would have a poor year at some point. Either way, we’ve all made it through the year and are eager (or weary) to see how the markets perform in 2023.
|
Company |
Ticker Symbol |
2022 Performance
|
|
Constellation Brands |
STZ |
-8.33% |
|
L3 Harris |
LHX |
-1.59% |
|
Avangrid (RG&E) |
AGR |
-13.42% |
|
Xerox |
XRX |
-35.85% |
|
Transcat |
TRNS |
-22.05% |
|
Paychex |
PAYX |
-14.09 % |
|
Seneca Foods |
SENEA |
26.45% |
|
Monro Inc |
MNRO |
-22.68% |
|
Bausch Health Companies |
BHC |
-77.04% |
|
Bausch + Lomb |
BLCO |
-22.45% |
|
Vuzix |
VUZI |
-59.60% |
|
Kodak |
KODK |
-37.63% |
|
Frontier Communications Parent Inc |
FYBR |
-12.71% |
|
Thermo Fisher Scientific |
TMO |
-14.61% |
|
Corning |
GLW |
-14.12% |
|
Cooper Companies (CooperVision) |
COO |
-21.57% |
I’d like to highlight some of our local companies who we know, and who have been part of our Greater Rochester Area Community for years. The chart above outlines our local companies and their 2022 performance.
You may notice two lines for Bausch—Bausch Health Companies AND Bausch + Lomb. Bausch + Lomb spun off from Bausch Health in May of this year, and now operates as a separate legal entity. For those unfamiliar, Bausch + Lomb is the 4th largest vision care company in the US. According to the Wall Street Journal, roughly 87% of companies who went public this year are trading 49% below their offering price as of September 26th. Based on this statistic, it looks like Bausch + Lomb is doing slightly better than the average company who went public this year.
Recently, there has been an increasing prevalence of myopia—nearsightedness. This combined with an aging population suggests that Bausch + Lomb may stand to benefit soon. Bausch + Lomb is also the leading vision care company in both India and China.
While most companies on the table above are in the red, there are a couple unsung heroes that stand out from the rest. It is important to note that part of their success stems from their respective industry and how they generally perform during a volatile market.
- L3 Harris - the 6th largest defense contractor in the US
- Seneca Foods - a food processing, and packaging company
The landscape of public companies in our area has certainly changed, and I am excited to see how they each perform this year. If you’re interested in learning how to best incorporate individual companies into your investment strategy, let’s have a conversation today!
Patrick Cicchetti
Financial Advisor
E-Mail: pcicchetti@brightonsecurities.com
Direct: 585.340.2241