The FTSE 100 has fallen over 600 points in just under two weeks, as uncertainty in the Middle East has spooked some investors. I think some UK shares look cheap right now, but it’s important to distinguish between companies that are genuinely struggling and those that aren’t. Here’s my take on two stocks currently getting a lot of coverage.

Several red flags

Wizz Air (LSE:WIZZ) is down 33% in the past month alone. It’s down 41% in the last year, showing how the bulk of this move has come in just the past few weeks.

This is understandable, as the Middle East conflict is disrupting routes and profits. In fact, last week the company warned it could cut full-year 2026 profit by about €50m. This is due to a mix of suspending some routes in the region and rising oil prices linked to the conflict, which are pushing jet-fuel costs higher and hitting operating margins hard.

Even though this is impacting the airline sector as a whole, Wizz is more exposed because it has been expanding aggressively in the Middle East.

I see two scenarios from here. Either the conflict in the region continues for some time, in which case it will compound Wizz Air’s existing problems. Or the tensions ease. However, I doubt many will be keen to jump on a plane to the impacted areas anytime soon. Therefore, neither situation represents a strong buying case in my view.

Some may disagree, and flag up that the stock could be undervalued, with a price-to-earnings ratio of 5.05. It’s true that in the long run it could represent good value, but I think there’s too much uncertainty right now to give me any confidence to justify buying the stock.

Dealing with volatile markets

On the flipside, I do think that Plus500 (LSE:PLUS) looks attractive. The stock is down 13.5% in the past month. Some of this move can be put down to general investor concern. However, the company isn’t really negatively impacted by the geopolitical tensions. In fact, the volatility we’re seeing in the stock and energy markets right now is likely to boost the company’s performance.

Plus500 makes a small commission when investors trade on the platform. With people trading oil, gold, and other commodities more actively, I believe revenue in the coming quarter should increase. The company could also experience an increase in account applications, as more people discover financial markets and take a view on the direction of stocks and other assets.

Over the past year, the stock is up 55%. Last month, preliminary 2025 annual results beat market expectations on both revenue and profit. I think the dip right now is just a short-term move that could quickly see people step in. Therefore, I think it’s a share to consider buying.

One risk was the news that the CEO, CFO, and CMO all sold some of their equity holdings in February. If more insider share sales happen, it’s not a great look for the company.