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 |
May 17 |
Weekly Loss |
---|---|---|
Oncothyreon (NASDAQ: ONTY) |
$1.99 |
21% |
Cliffs Natural Resources (CLF -1.08%) |
$20.69 |
12% |
Molycorp (NYSE: MCP) |
$6.52 |
11% |
Taseko Mines (TGB -1.10%) |
$2.10 |
11% |
Velti (NASDAQ: VELT) |
$1.82 |
10% |
Let's start with Oncothyreon, which took a hit after offering uninspiring clinical data for Stimuvax. The biotech and its investors had big hopes for the experimental lung-cancer treatment, but its latest study didn't meet Oncothyreon's goal of materially improving the overall survival rate.
Cliffs Natural Resources saw its shares soar 18% a week earlier after receiving a timely FBR Capital analyst upgrade, but this week the iron ore miner resumed its losing ways. Fears of diminishing demand -- particularly as China's once smoking-hot economy slows -- are weighing on the shares. The stock has shed nearly half of its value in 2013.
Molycorp tumbled on a week that slammed most commodity stocks. The volatile rare-earth minerals miner had moved sharply higher earlier this month after delivering a much smaller quarterly deficit than analysts were expecting, but Molycorp joined other mineral miners on the way down this week.
Taseko Mines slipped earlier this month after posting a quarterly loss and announcing that its CFO was leaving. This week's slide was related to the continuing slump in metal prices, and a move on Friday to initiate a shareholder-rights plan did little to lift the shares of the Canadian copper miner.
Velti fell after the Dublin-based mobile marketing services provider posted disappointing quarterly results. Revenue fell 21% in the latest quarter. Wall Street knew it was going to be a bad quarter. Velti had let go a fifth of its staff earlier this year, bracing for a slowdown. However, Velti's guidance wasn't very encouraging.
Ready for a bounce
If you owned some of these losers, how about following the smart money into winners?