Highlights:
We review four long recommendations that have struggled in recent weeks.
COHR has actually kept pace with the market since April, but with enormous volatility. Investors are swinging between cyclical concerns and secular optimism.
FTCH is now our worst pick ever — but we’re not yet willing to give up on a complicated story.
Accuray’s turnaround continues, but a big rally and a leveraged balance sheet suggest some caution from this point on.
We’re sticking with our March thesis on Charles Schwab, though the market’s reaction of late is worth respecting.