5 of Last Week's Biggest Losers

These five stocks suffered double-digit percentage declines last week.

Jul 6, 2014 at 7:00AM

There's never a shortage of stocks going the wrong way in any given chunk of time. No stock goes straight up, and sometimes fundamentals can get a bit wobbly. Let's take a closer look at five of this past week's biggest sinkers.

Company

July 3

Weekly Loss

NQ Mobile (NYSE:NQ)

$4.58

25%

STAAR Surgical (NASDAQ:STAA)

$14.15

15%

Acuity Brands (NYSE:AYI)

$118.88

13%

Synageva BioPharma (NASDAQ:GEVA)

$89.91

13%

Energy Recovery (NASDAQ:ERII)

$4.91

10%

Source: Barron's.

Let's start with NQ Mobile. The Chinese provider of mobile Internet services shed a quarter of its value after falling by 17% the week before. NQ Mobile's pain this week came after its independent auditors decided to expand their audit of its questionable finances. Making matters worse, NQ Mobile's head of its audit committee announced over the weekend that she will step down. If there was a lack of faith in NQ Mobile before it's a gaping void now.

STAAR Surgical slumped after receiving a warning letter from the FDA. The agency is concerned about the maker of implantable lenses and delivery systems for the eye's facility in California, alleging inadequate procedures for documenting design, complaints, and required records. William Blair rushed to STAAR's defense, feeling that the unintentional disorganization is an easy fix and that it should not affect STAAR's operations in the future. 

Shares of Acuity Brands dimmed after posting uninspiring quarterly results. Sales climbed 12% to $603.9 million and adjusted earnings inched higher to $1 a share. However, analysts were holding out for a profit of $1.13 a share on $609 million. Acuity Brands used to be a consistent market beater, but now it has posted back-to-back quarters of falling short on the bottom line.

It seemed initially to be a "sell on the news" event after Synageva BioPharma sold off after announcing that its drug candidate met primary goals in a late-stage clinical trial for the treatment of lysosomal acid lipase deficiency. However, analysts then chimed in with responses that were less than enthusiastic. Citigroup initiated coverage with a ho-hum "neutral" rating. Leerink stuck to its "market perform" rating, concerned about the small market for the treatment. 

Finally we have Energy Recovery losing steam after the departure of its CFO. Energy Recovery is a specialist in capturing reusable energy from industrial fluid flows and pressure cycles. It clearly didn't help matters that Barron's covered the executive shuffle with the "Energy Recovery May Not Make It" headline. CFOs leave. It happens. However, it does create uncertainty.

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Rick Munarriz has no position in any stocks mentioned. The Motley Fool owns shares of Citigroup. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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