The week started out on a good note, after Federal Reserve Chairman Ben Bernanke cheered the market with his assurance that the Fed will continue to pump easy money into the U.S. economy. The optimism waned quickly, though, and the major U.S. indexes spent the next three days giving back some of Monday's gains. Why? Perhaps investors realized that Bernanke's assurance that the weak economy necessitated accommodative monetary policy underscored the fact that, well, we have a weak economy.
By the time the dust had settled on Friday, the Dow Jones Industrial Average
The week's big losers
To outside observers, it certainly looks like it was a rough week for Kaydon investors -- after all, the stock finished last week at around $35 and closed out this week closer to $26. But if anything, shareholders are probably feeling richer this week, as the hefty drop in Kaydon's stock was due to a $10.50 special dividend the company paid during the week. Add that back to the current stock price, and investors are actually ahead for the week. And even better, they now have a good chunk of that value in cold, hard cash -- or, at least, cold, hard cash-representing digits in their online brokerage account.
On the other hand, the big drop in Swisher Hygiene's
The 3 Worst-Performing Russell 3000 Companies
Weekly Price Change
Source: S&P Capital IQ. Weekly price change is March 23-March 30. Includes only companies with market caps of $250 million or more.
Also among the week's worst performers were McMoRan Exploration
McMoRan watched its shares get drilled after the Gulf of Mexico energy-exploration company told investorsthere had been an equipment malfunction while testing its Davy Jones No. 1 well. The Davy Jones field is a particularly exciting prospect for McMoRan, and so it's not all that surprising that a hiccup there would spook investors. The still-recent memory of the BP
For Neurocrine Biosciences, the weekly drop came as the company reported lackluster results from trials of its treatment for tardive dyskinesia. Since the promise of riches for small pharmaceutical-company investors typically lies in the eventual approval of the company's key drug, it makes sense that shareholders would get spooked by less-than-stunning trial results. There is a "but" here, though -- the company said that at one of the testing sites, the testing protocol was not followed properly, and if it had been, the results probably would have looked a lot better. This still isn't exactly the story that investors want to hear, but it may be enough to soothe their nerves a bit until the next round of results.
At week's end, McMoRan and Neurocrine had both shed close to 14%.
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