By
Rick Aristotle Munarriz
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More Articles
November 19, 2012
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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.
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Company
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Nov. 16
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Weekly Loss
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My Watchlist
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Trina Solar (NYSE: TSL )
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$2.32
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(36%)
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Add
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Star Scientific (Nasdaq: STSI )
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$1.76
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(31%)
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Add
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DryShips (Nasdaq: DRYS )
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$1.70
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(23%)
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McEwen Mining (NYSE: MUX )
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$3.46
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(22%)
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Add
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Molycorp (NYSE: MCP )
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$6.13
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(18%)
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Add
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Source: Barron's.
Trina Solar went down like the sun after the Chinese solar-panel maker hosed down its guidance, blaming lower shipments on the ominous one-two punch of oversupply and lower prices.
Star Scientific got lit up after the smokeless-tobacco company revealed that it may run out of money by early next year after a drawn-out legal battle only awarded the company $5 million. The stock made up some of the ground it lost on Friday after its CEO and some shareholders invested $20 million in the company, but it wasn't enough to overcome the slide earlier in the week.
DryShips sank after posting a much wider deficit than Wall Street was expecting. The shipper's revenue may have risen a better-than-expected 8% during the quarter, but the news on the bottom line -- a loss of $0.13 a share -- was more red ink than the $0.02 per-share deficit the pros were targeting.
Despite starting off the week by announcing a settlement with TNR Gold that resolves all outstanding litigation involving a copper project in Argentina, McEwen Mining's stock still took a hit alongside many other metal miners.
Molycorp tumbled 21% two weeks ago after revealing a formal SEC investigation into the company's public disclosures. The news for the rare-earth minerals specialist didn't get any better last week, as Morgan Stanley downgraded the already battered stock on probe concerns.
Ready for a bounce
It was a rough week for these five stocks, but there are opportunities out there.
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