5 Companies That Narrowly Escaped Disaster
With the low point of the Financial Crisis now more than six years in the rear-view mirror, 24/7 Wall Street recently compiled a list of five of the biggest turnaround stories since the market crash. These five companies teetered on the brink of disaster, but they have since made major comebacks.
1. Best Buy Co Inc (NYSE: BBY)
Unlike other names on this list. Best Buy’s comeback has occurred more recently than 2009. But Best Buy shares traded as low as $10.51 in late 2012. Over the past few years, Best Buy has worked to re-define its business and make strides to compete with lower-priced rivals such as Amazon.com, Inc. (NASDAQ: AMZN). Shares are now up 226 percent from their 2012 low.
2. T-Mobile US Inc (NYSE: TMUS)
T-Mobile’s future seemed far from certain when the stock hit $7.26 per share in 2009, but T-Mobile found a way to hang on and continue to compete for market share with Sprint Corp (NYSE: S), Verizon Communications Inc. (NYSE: VZ) and AT&T Inc. (NYSE: T). T-Mobile shares are now up more than 405 percent from 2009 lows.
3. Micron Technology, Inc. (NASDAQ: MU)
Micron shares dipped as low as $1.59 in late 2008. At the time, it looked like the company might not make it through the market downturn. However, the stock has since recovered to $27.33, a nearly 1,620 percent gain.
4. Rite Aid Corporation (NYSE: RAD)
Rite Aid shares dipped as low as $0.20 in March of 2009. The stock is now trading at more than $8.50 per share, a 4,180 percent gain. Despite the comeback, Rite Aid shares are still a far cry from their all-time highs of over $40 per share in the late 1990s.
5. Sirius XM Holdings Inc. (NASDAQ: SIRI)
Sirius was likely a matter of days from going under during the Financial Crisis, but last-minute rescue financing from John Malone saved the company. Incredibly, Sirius’s stock dipped as low as $0.052 per share in early 2009. While it remains under $4.00 to this day, the stock has gained 7,419 percent from its low point.
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