First impressions aren't always lasting ones.
The market quickly overcame last Monday's beating to turn in a surprisingly positive week. The S&P 500 tacked on 2.5% during the final three trading days of the holiday-abridged week, gaining 1.3% on the week once you bake in Monday's tumble.
There are always losers to be found, though.
Let's take a closer look at five of this past week's biggest sinkers.
|
Company |
April 21 |
Weekly Loss |
My Watchlist |
|---|---|---|---|
|
China Shen Zhou |
$28.91 |
(29%) |
|
|
Gramercy Capital |
$2.84 |
(28%) |
|
|
KongZhong |
$8.28 |
(23%) |
|
|
Demand Media |
$15.23 |
(21%) |
|
|
HeartWare |
$69.79 |
(17%) |
Source: Barron's.
China Shen Zhou took a hit after its auditor slapped it with a "going concern qualification." In short, the company's third-party bean counters aren't sure if the company has enough in the tank to remain solvent. This is a better situation to be in than the whiffs of accounting irregularities that have sent other Chinese equities spiraling in recent weeks, but the Chinese miner will now need to prove itself fiscally worthy.
Speaking of going concerns, Gramercy was granted an extension by its creditors, but it comes at a stiff price. Gramercy's inability to pay its lenders will likely cost it its Gramercy Realty segment. They'll come for the kneecaps next.
The good news for KongZhong is that Standard & Poor's is bumping its target price on the stock from $6 to $7.50. The bad news is that the provider of premium mobile value-added services in China is still trading higher than that.
Demand Media conceded that traffic has taken a slight hit since Google's
HeartWare skipped a beat after data revealed that patients using its circulatory-support device were three times as likely to form blood clots than those using Thoratec's
It was a rough week for these five stocks. Let's see which ones bounce back this week.
Which of these five stocks do you think bottomed out last week? Share your thoughts in the comment box below.
