The Dow Jones Industrial Average (INDEX: ^DJI ) rose once again this week, up 0.3%. But some stocks surged more than others. These were the three biggest losers:
Weekly Price Change
|Procter & Gamble (NYSE: PG )||2.8%|
|Alcoa (NYSE: AA )||2.8%|
|Chevron (NYSE: CVX )||2.3%|
Procter & Gamble was up big on an announcement that it will lay off 5,700 non-manufacturing employees by the end of fiscal 2016, up from the 1,600 in cuts the company had already announced for this year. Cutting 10% of its non-manufacturing workforce will help P&G save $800 million as part of a new plan to save $10 billion over the next five years.
Alcoa rose on an announcement that it will enter a joint venture with China Power Investment to make high-end fabricated aluminum products for various industries in China. Terms weren't announced, but it could be a big deal based on the sheer variety of products they'll be making, from aerospace to transportation to packaging. Separately, the aluminum giant offered to double the salaries of 600 workers at an Australian plant that could close down if they move to a new smelter in Saudi Arabia.
Chevron announced that it's started to look for gas in China's shale. It's also beginning phase two of a gas processing plant in Sichuan and delaying a Nigerian gas processing plant. The oil giant did start pumping oil out of the Usan field, a joint project with ExxonMobil, Total (NYSE: TOT ) , Esso, and Nexen that's half a mile deep and 60 miles off the Nigerian shore. Total is operating the project, which is expected to produce up to 180,000 barrels of oil per day gross.
Procter & Gamble, Alcoa, and Chevron all beat the market this week, but it's important to remember that what happens to the market on a day-to-day or even week-to-week basis doesn't matter nearly as much as how our stocks perform over the long run. If you're interested in one stock that our chief investment officer picked to crush the market, check out our brand-new report, "The Motley Fool's Top Stock for 2012." It highlights a company that is revolutionizing commerce in Latin America. For a limited time, you can get instant access to the name of this company for free.