Vornado Realty Trust (VNO · NYSE)

Vornado shares have fallen 17.5% over three months to $33.63, leaving the stock down 17.8% from its 52-week high and trading below its 20- and 50-day moving averages with an RSI of 29. Earnings swung sharply year over year — down 97.8% — despite 5.0% revenue growth to $1.88B TTM, and leverage remains elevated at 11.7x debt/EBITDA on $9.06B of total debt, though the company generated $43.4M in free cash flow last quarter against $675.4M in cash. The most recent quarter beat estimates ($0.67 reported vs. $0.57 expected), the third beat in the last four quarters, and revenue has climbed modestly for four straight quarters to $462.2M. Recent news flow has been negative, headlined by EVP Haim Chera's sale of 90,000 shares ($3.06M, a 45% reduction in his position) and analyst commentary citing rising-rate pressure on the stock.