Four Skidding Ideas

Catching up on COHR, FTCH, ARAY, and SCHW after recent declines

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.