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.
Company |
Nov. 16 |
Weekly Loss |
My Watchlist |
---|---|---|---|
Trina Solar (NYSE: TSL) |
$2.32 |
(36%) |
|
Star Scientific (NASDAQ: STSI) |
$1.76 |
(31%) |
|
DryShips (DRYS) |
$1.70 |
(23%) |
|
McEwen Mining (MUX -3.77%) |
$3.46 |
(22%) |
|
Molycorp (NYSE: MCP) |
$6.13 |
(18%) |
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.