People stand outside an exchange office in landmark Taksim Square, in Istanbul, Monday, Oct. 26, 2020. The Turkish currency continued its slide to reach an all time low on Monday, after President Recep Tayyip Erdogan challenged the United States to slap sanctions over his government's decision to test its Russian-made air defense system. (AP Photo)
ANKARA, Turkey (AP) — The Turkish currency slid further Monday to an all-time low against the U.S. dollar after President Recep Tayyip Erdogan challenged the United States to slap sanctions over his government’s decision to test its Russian-made air defense system.
The lira dropped another 1.3% to 8.06 against the dollar, a day after Erdogan dared Washington to impose sanctions after the NATO-member country tested the S-400 air defense system it purchased from Russia.
The purchase has already seen Turkey kicked off the U.S. F-35 stealth fighter program.
NATO has said that the Russian system poses a threat to the military alliance and particularly endangers the technical secrets of the F-35.
For months, the U.S. warned Ankara that it risked sanctions under the Countering America’s Adversaries Through Sanctions Act if the S-400 system was activated. President Donald Trump, however, has held back on implementing the sanctions amid hopes Erdogan will not go ahead with activating the missiles.
The lira has lost around 25% of its value this year as the coronavirus pandemic continues to batter the economy and amid concerns over Turkey’s troubled relations with the United States and several European nations.
10 Great Cheap Stocks to Buy Now for Under $10
As the P/E ratios of most S&P 500 companies look very expensive and the stock market continues to regularly hit new all-time highs, it's very difficult for investors to find cheap stocks to buy now.
This goes for both share price, since most stocks are trading higher on a per-share basis, and valuation relative to earnings. Right now, the typical S&P 500 company is trading at about 25 times forward-looking earnings. Historically, S&P 500 companies have traded at about 15 times earnings in more normal markets.
While the S&P 500 as a whole is expensive, there are still a handful undervalued stocks that are trading at less than $10.00 per share. Value investing opportunities for value exist if you know where to look. Putting together a list of cheap stocks to buy now requires looking into some smaller, riskier, unloved or undiscovered parts of the market. These low-priced stocks might not look especially attractive today, but long-term investors stand to profit if they are willing to be patient and hold onto shares of these companies through multiple market cycles.
Some of these companies are great investing ideas because they're too small and too risky to attract the interest of most mutual funds and Wall Street money managers. Others have been beaten up by the market after a period of slowing earnings and profits, but are now trying to turn around and bounce back.
In this list, you might find marijuana stocks, dividend-paying stocks, large-cap stocks, growth stocks, small-cap stocks, and even some bitcoin stocks. While these low-priced stocks have a lot of differences, these 10 stock picks all share a common characteristic, a super-low share price of $10.00 or less.
View the "10 Great Cheap Stocks to Buy Now for Under $10".