It's been a tough year for the market, with the S&P 500 down more than 20% in 2022. Still, there are always pockets of strength, all these stocks are in positive territory on the year, and it's not time to take gains just yet. Oil equipment and services company Baker Hughes (NASDAQ: BKR), insecticide and herbicide manufacturer FMC (NYSE: FMC), and automation company Emerson Electric (NYSE: EMR) have plenty of upside potential in 2023. 

Despite the stock's 21% rise in 2022, there's a feeling that it could have done better -- peers Schlumberger and Halliburton both rose over 70%. The underperformance was due to a confluence of factors, including component shortages, raw material inflation, and a significant charge due to the suspension of its activities in Russia.

In addition, the restructuring of the company in 2022 is de facto an admission that Baker Hughes hasn't executed as well as it could. The restructuring involves incorporating oilfield services and equipment into one business segment, while the turbomachinery and process solutions, and digital solutions businesses will also be combined. The aim is to cut annual costs by $150 million and reduce the executive management team by 25%. 

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Source Fool.com