February 27, 2012
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.
|GTx (Nasdaq: GTXI )
|US Airways (NYSE: LCC )
|Celldex (Nasdaq: CLDX )
|Yingli Green Energy (NYSE: YGE )
|GrafTech Int'l (NYSE: GTI )
GTx was last week's biggest loser, shedding 41% of its value after regulators suspended studies of its once-promising treatment for advanced prostate cancer. GTx clearly had a lot riding on Capesaris.
US Airways led its peers the wrong way down the runway. Investors sold off air carriers as oil prices hit a nine-month high.
Celldex shares took a hit after the biotech upstart completed a secondary offering. Celldex sold 10.5 million shares at $3.85 apiece. That was a healthy discount to where the stock was when the offering was announced, though it happens to be exactly where it closed out the week.
It was a bad week for solar energy stocks, and Yingli Green Energy was one of the many companies in this volatile specialty to post a double-digit percentage decline.
GrafTech slipped after posting uninspiring quarterly results. The electrode maker's revenue of $348 million clocked in well short of the $363 million that Wall Street was targeting. GrafTech's hoping to raise prices to offset declining sales volume, but that's a risky strategy.
Ready for a bounce
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