LONDON -- What's worse than a falling FTSE 100? Owning shares that are falling faster than the FTSE!
Here are three blue-chip losers of the last seven days.
1. AMEC (LSE: AMEC.L )
AMEC has dropped 9.4% to 1,014 pence since this time last week.
The engineer and consultant's share-price fall may be due to a recent boardroom shake-up that saw the departure of chief operating officer Neil Bruce. According to the Financial Times, the reshuffle sparked rumors in the City about a strategy change and the chance of "some underlying operating issue." Still, AMEC's buyback program continues to take advantage of a lower share price, and cumulative purchases to date under the current scheme now amount to 280 million pounds.
Amec's next market update is scheduled for Nov. 14.
2. Shire (LSE: SHP.L )
The last seven days have seen the shares of Shire slide 7.9% to 1,720 pence.
This drop was seemingly caused by a statement released to shareholders on Oct. 25 announcing the retirement of long-standing chief executive Angus Russell. Russell is to step down at the end of the year after 13 years with the company and 32 years in the pharmaceutical sector. He will be succeeded by the current chief marketing officer at Bayer, Flemming Ornskov.
3. WPP (LSE: WPP.L )
Slipping 6.2% to 788 pence, WPP has been among the FTSE 100's main losers since this time last week.
On Oct. 25, the advertising group released a third-quarter trading update that showed revenue up 2% to 2.5 billion pounds. The firm also reported operating margins in line with budget and profits running ahead of last year's. However, WPP did say clients were becoming "increasingly cautious" due to four "grey swans": the fate of the eurozone, political concerns in the Middle East, a potential "hard landing" in China, and the health of the U.S. economy.
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