There's never a shortage of losers in the stock market.
Let's take a closer look at five of this past week's biggest sinkers.
|
Company
|
July 15 |
Weekly Loss |
My Watchlist |
| Stillwater Mining (NYSE: SWC ) |
$17.28 |
(27%) |
Add |
| Powerwave Technologies (Nasdaq: PWAV ) |
$2.21 |
(23%) |
Add |
| Fabrinet (NYSE: FN ) |
$18.68 |
(22%) |
Add |
| Investment Technology Group (NYSE: ITG ) |
$11.00 |
(20%) |
Add |
| ChinaCache (Nasdaq: CCIH ) |
$8.23 |
(18%) |
Add |
Source: Barron's.
Stillwater Mining was the New York Stock Exchange's biggest loser, shedding 27% of its value after the platinum and palladium producer announced its acquisition of Peregrine Metals, a Canadian miner with gold and copper interests in Argentina. There's nothing fundamentally wrong with broadening metal interests in general, but investors weren't happy with the $450 million price tag for a company that may be rich in future potential but poor in past financial results.
Powerwave fell victim to the undertow after hosing down its second-quarter outlook, undoing the rosier guidance that the provider of wireless solutions had provided just two months ago.
Fabrinet slid after being called out by its largest customer. Oclaro (Nasdaq: OCLR ) delivered notice to the optical and electronic components builder that it would be ending its supply relationship with Fabrinet. Is Oclaro really bolting or simply negotiating in public? Either way, Mr. Market doesn't like the uncertainty.
ITG continues to suffer from weakness in institutional equity trading volumes, leading to a disappointing quarterly report and announcing job cuts. Investors can go either way when a restructuring is announced, but at ITG the bigger concern is the waning demand regardless of its headcount.
Finally, we have ChinaCache. The Chinese provider of Web solutions had an uninspiring annual shareholder meeting in Hong Kong on Tuesday. Shareholders approved the proposed share incentive plan, but there's little confidence among investors for the busted IPO that went public at $13.90 in October.
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.
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