June 11, 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.
|Tempur-Pedic (NYSE: TPX )
|Patriot Coal (NYSE: PCX )
|Central European Dist. (Nasdaq: CEDC )
|Men's Wearhouse (NYSE: MW )
|Complete Genomics (Nasdaq: GNOM )
Tempur-Pedic was last week's biggest loser, shedding 41% of its value after the premium mattress maker hosed down its guidance. Tempur-Pedic now sees an 8% decline in sales for the second quarter, and its profit guidance of $2.70 a share for the year is well short of the $3.93 a share that Wall Street was targeting.
Patriot Coal was already having a bad week of trading before heading lower after a rival announced that it would be closing four mines that are uneconomical to keep running. Falling coal prices and consumption have hurt the industry to the point where a competitor pulling back is seen more as foreshadowing than an opportunity.
Central European Distribution took a spill after the Polish vodka maker revealed that it will be restating the past couple of years of financials after failing to estimate some rebates correctly.
Suit retailer Men's Wearhouse missed a button. The stock took a hit after the company missed analyst profit estimates, and that's a rare sight for the typically consistent performer.
Complete Genomics has now had back-to-back weeks of double-digit percentage losses. The damage this time around was a restructuring announcement done to preserve the company's cash as its seeks out strategic alternatives.
Ready for a bounce
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