The article examines three S&P 500 stocks down more than 80% from their all-time highs: Nike (NKE), PayPal (PYPL) and PG&E (PCG). Nike is down about 81% from its peak, including 45% in 2026 alone, after fiscal first-quarter 2027 revenue fell 4% to $11.2 billion and full-year sales are expected to decline at a high-single-digit rate; the author would avoid it. PayPal, down about 82%, still grew transaction revenue 5% year over year in the June quarter, holds around 45% of the online payments market, and trades at nine times estimated future earnings, which the author suggests may make it worth buying on weakness. PG&E, also down about 82%, has struggled since its 2017 sell-off over reports linking its equipment to wildfires and the lawsuits that followed, though it has risen 28% over five years; at seven times expected earnings, the author avoids it due to uncertainty over state wildfire liability protection.
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