Fallen Angels
These are real companies that got hit hard for a specific reason — an accounting scare, a one-time earnings miss, a narrative shift, a product setback — but the underlying business is still profitable and intact. The market oversold them, IV is elevated because fear is still priced in, and that's exactly when the wheel shines: you collect fat premium at strikes that already price in even more downside. If assigned, your cost basis is well below a price that's already been beaten down, and you collect covered call premium while the stock recovers. The key distinction from a value trap: these dropped on an event, not a structural trend. The business is still generating real cash.
Selection Criteria
- Down 30%+ from the 52-week high — the selloff has already happened
- Up 20%+ from the 52-week low — the selling has stopped and a base has formed
- Profitable — positive TTM EPS, real revenue, no bankruptcy risk
- Solid or Fortress safety tier — not structurally impaired
- Assignment Quality 60+ — you'd be comfortable owning the shares
- Liquid options with IV 30%+ — the fear must still be in the premium
Who This List Is For
Wheelers who want elevated premium on names that have already absorbed the damage and are building a base.
Open this list in the ScreenerCurrent picks (30)
| Symbol | Name | Price | Chg | Score | IV | IV Rank | Yield | Cap | Sector |
|---|---|---|---|---|---|---|---|---|---|
| BIRK | Birkenstock Holding plc | $34.55 | -2.99% | 93 | 47% | 7% | — | $5.71B | Consumer Cyclical |
| BABA | Alibaba Group Holding Limited American Depositary Shares, each represents eight Ordinary Shares | $130.53 | +1.09% | 89 | 53% | 79% | 0.06% | $312.86B | Consumer Cyclical |
| GFS | GlobalFoundries Inc. Ordinary Shares | $47.33 | -2.49% | 88 | 59% | 6% | 0.00% | $25.97B | Technology |
| VFC | V.F. Corporation | $13.95 | -2.57% | 88 | 41% | 13% | 0.13% | $5.48B | Consumer Cyclical |
| CRM | Salesforce, Inc. | $205.43 | -0.21% | 88 | 56% | 79% | 0.01% | $N/A | Technology |
| CTSH | Cognizant Technology Solutions | $60.92 | -0.02% | 87 | 44% | 57% | 0.02% | $27.44B | Technology |
| HII | Huntington Ingalls Industries, Inc. | $301.40 | -3.68% | 86 | 31% | 38% | 0.02% | $11.88B | Industrials |
| ACN | Accenture PLC | $181.35 | -0.99% | 86 | 46% | 58% | 0.04% | $110.98B | Technology |
| SOFI | SoFi Technologies, Inc. Common Stock | $17.92 | -2.71% | 85 | 46% | 6% | — | $23.14B | Financial Services |
| RH | RH | $156.41 | -7.78% | 85 | 66% | 45% | — | $2.96B | Consumer Cyclical |
| CVNA | Carvana Co. | $71.52 | +1.45% | 85 | 58% | 13% | — | $106.43B | Consumer Cyclical |
| ADBE | Adobe Inc. | $272.22 | -0.35% | 84 | 50% | 59% | — | $108.21B | Technology |
| HOOD | Robinhood Markets, Inc. Class A Common Stock | $95.10 | -0.52% | 83 | 58% | 30% | — | $85.50B | Financial Services |
| AA | Alcoa Corporation | $50.55 | -1.80% | 83 | 50% | 20% | 0.01% | $13.34B | Basic Materials |
| SFM | Sprouts Farmers Market, Inc. | $78.38 | -1.20% | 83 | 39% | 12% | — | $7.31B | Consumer Defensive |
| AMKR | Amkor Technology Inc | $50.86 | -0.06% | 82 | 71% | 30% | 0.01% | $12.64B | Technology |
| GDDY | GoDaddy Inc | $98.19 | +1.39% | 82 | 46% | 44% | — | $12.44B | Technology |
| QCOM | Qualcomm Inc | $160.74 | -0.71% | 80 | 44% | 30% | 0.02% | $168.81B | Technology |
| KLAC | KLA Corporation Common Stock | $185.86 | -0.62% | 79 | 58% | 21% | 0.00% | $242.83B | Technology |
| BAH | Booz Allen Hamilton Holding Corporation | $76.36 | -3.15% | 78 | 36% | 34% | 0.03% | $9.18B | Industrials |
| VEEV | Veeva Systems Inc. | $250.53 | -0.19% | 77 | 53% | 51% | — | $40.70B | Healthcare |
| PYPL | PayPal Holdings, Inc. Common Stock | $62.30 | +1.53% | 77 | 30% | 10% | 0.01% | $53.30B | Financial Services |
| LRCX | Lam Research Corp | $310.53 | +1.21% | 77 | 61% | 32% | 0.00% | $388.57B | Technology |
| LW | Lamb Weston Holdings, Inc. | $53.47 | -0.59% | 75 | 36% | 36% | 0.03% | $7.35B | Consumer Defensive |
| NXPI | NXP Semiconductors N.V. | $222.97 | -1.65% | 74 | 43% | 40% | 0.02% | $56.23B | Technology |
| DOCU | DocuSign, Inc. Common Stock | $62.28 | -0.18% | 74 | 64% | 59% | — | $11.89B | Technology |
| LYFT | Lyft, Inc. Class A Common Stock | $17.40 | -0.34% | 71 | 43% | 6% | — | $6.59B | Technology |
| CHTR | Charter Comm Inc Del CL A New | $147.76 | -3.09% | 70 | 56% | 40% | — | $19.91B | Communication Services |
| BBWI | Bath & Body Works, Inc. | $19.64 | -0.15% | 64 | 80% | 91% | 0.04% | $3.96B | Consumer Cyclical |
| TMDX | TransMedics Group, Inc. Common Stock | $90.85 | -3.16% | 55 | 51% | 7% | — | $3.15B | Healthcare |
Live prices and scores are refreshed hourly. Click any symbol to open it in the screener with the full Tier 2 analysis.
Frequently Asked Questions
How is this different from the regular wheel lists?
The Wheel Kings lists are screened for ongoing stability. Fallen Angels are specifically companies that have already absorbed a big drop — IV is higher, premiums are fatter, and the thesis is recovery, not steady income. Higher reward, slightly higher risk.
What if the company keeps falling?
That's the assignment risk in this list — it's real. The 20%-above-the-52-week-low test is what guards against catching a falling knife: a stock still making new lows never qualifies, and one that breaks back down to its low is removed. But no screen is perfect, and a stock can base for months before rolling over again. Size these positions smaller than your standard wheel names and have a recovery thesis before you enter.
How often is this list updated?
Every night, in both directions. A stock joins once it is 30%+ below its 52-week high AND 20%+ above its 52-week low — the second test matters as much as the first, because a stock still sitting on its low hasn't finished falling. It comes off when it recovers to within 15% of its high, when the base breaks and it returns to within 5% of its low, or when it stops being the kind of company the list is for: negative earnings, a safety downgrade, poor assignment quality, or premium that has drained away. The add and remove thresholds are deliberately set apart, so a stock drifting between them is left alone instead of being churned on and off week after week.
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