The stock market is soaring.

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The US bull market is chugging along for the 8th year in a row and while things are mostly good, not everyone has made it out a winner. Here’s what you need to know about the underdogs of 2017.

Fossil Group (NASDAQ: FOSL)

Retailers in general are having a tough time but Fossil Group is really feeling the pressure of an ever-increasingly competitive landscape. They have seen their market position in watch sales eroded by the appearance of the Apple Watch and they are also seeing double-digit declines in leathers, jewelry and a number of other product lines.

From a price of about $35 a share late last year, Fossil Group is now worth just about $6.50.

It’s hard to see where Fossil can turn it around. A big chunk of their sales, nearly half to be precise, comes from sales of licensed products. They have brands such as Armani Exchange, Diesel and Michael Kors but many of these brands are under fire.

Michael Kors is responsible for about a fifth of the group’s sales but has had to close down more than a hundred stores in 2017 as they try to dig themselves out of trouble.

Rite Aid (NYSE: RAD)

Rite Aid was never a high-flyer but they have seen their share price tumble from $8 all the way down to under $2 this year.

The pharmacy chain is in a struggling industry. Overall their space has seen a decline of 12% but clearly they have been hit harder than most. Their stock price took a nose dive when its merger with Walgreens got cancelled due to lack of signoff from the Federal Trade Commission.

Rite Aid has also been struggling to overcome below average pharmacy reimbursement rates. This means the company gets less money back and that eats into their bottom line. Their profits have been declining and as a result, the stock has followed.

Things could be looking up however, as a new deal has been agreed with Walgreens and the $4 billion cash injection could help pick themselves back up.

Allergan (NYSE: AGN)

Allergan looked like it was on the right track, reaching a high of nearly $260 a share back in the middle of the year but right they’re at $168 a share wondering what went wrong.

Investors are losing their patience with the pharmaceuticals company. The number of prescriptions written for their products are falling and while they have a lot of cash on hand, they don’t seem to be using it effectively.

The other problem is that they were dealt a loss in the courts. A Texas district court judge ruled against them in a case regarding their number one product, Restasis, a billion-dollar dry-eye medication. The ruling allowed a generic to enter the market before Allergan’s patent expired which means the moat they have worked hard to build is being eroded.

Investors pricing in the future know that replacing a rockstar drug is no easy feat and it remains to be seen if Allergan will continue the legal fight to try and protect their business or focus on research and development to try and groom a worthy successor. Either way it’s a distraction, and it means that the company could be adrift come the introduction of a generic competitor.

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