October 3, 2011
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.
|Eastman Kodak (NYSE: EK )
|Imperial Holdings (NYSE: IFT )
|iSoftStone Holdings (NYSE: ISS )
|Tudou (Nasdaq: TUDO )
|Micron Technology (Nasdaq: MU )
If a picture is worth a thousand words, is it also worth 11 chapters in bankruptcy court? Kodak got pounded on Friday on fears that it would be filing for bankruptcy. The photofinishing pioneer had tapped a credit line earlier in the week.
Imperial Holdings tanked after its office was raided by the FBI. Imperial deals in the secondary market for life insurance policies and structured legal settlements.
iSoftStone Holdings was one of the market's biggest winners three weeks ago, but the Chinese provider of IT took its lumps this time around. There was no material news out of iSoftStone specifically, though investors generally soured on Chinese equities after it was revealed that the Justice Department was starting to probe accounting fraud allegations in U.S.-listed Chinese companies.
Chinese video-sharing website Tudou took a hit after social networking speedster Renren (NYSE: RENN ) acquired Tudou rival 56.com. Renren's ownership should boost 56.com's exposure, threatening Tudou's market leadership position.
Finally, Micron Technology slipped after posting disappointing quarterly results. Weakness in the traditional desktop and laptop markets is crushing the chip behemoth. It posted a loss in its latest quarter, surprising analysts that were targeting a profit.
It was a rough week for these five stocks. Let's see if they bounce back.