The Worst Performing Stocks As The Market Tanks (C, IVR, JDSU, CIS, GENT, NTAP, APKT, RVBD, TYH, MGM, EMC, BAC, ORCL)

Print Email

No money was injured while filming

At about mid-day, the Dow is off nearly -4%, the Nasdaq is off nearly -4.5%, and the S&P 500 is down just over -4%. It’s not a good day, and things are really looking nasty for several stocks. Here’s a look at some of today’s biggest losers so far.

NetApp Inc. (NASDAQ: NTAP) is down about -19% and has posted a new 52-week intra-day low of $33.32 following a poor earnings report, a weak forecast, and a downgrade from FBN. The stock is setting the pace for tech weakness after it pointed out that NetApp is expecting a “dramatic slowdown” in sales.

JDS Uniphase Corp. (NASDAQ: JDSU) is off -10.5%, at $10.47, within a 52-week range of $9.09-$29.12. The company managed to dodge a downgrade, but yesterday’s earnings and guidance combined with NetApp’s warning have clobbered the stock.

Invesco Mortgage Capital Inc. (NYSE: IVR) is off more than -8.5%, at $17.63, in a 52-week range of $16.48-$24.07. The company has announced a secondary offering of 20 million shares at $18.37/share, $0.92/share lower than yesterday’s closing price. Shareholders hate that sort of thing.

Citigroup Inc. (NYSE: C) shares are off around -7%, at $27.90, in a 52-week range of $26.25-$51.50. There’s no specific news that would lead to this drop, just the usual worries on European debt, home sales, and any of a number of economic concerns.

Camelot Information Systems Inc. (NYSE: CIS) is down more than -31%, at $5.87, having already posted a new 52-week low this morning of $4.90. That’s down nearly -80% from its 52-week high of $28.18. The company missed both profit and revenue estimates. There have also been some questions recently about the company’s truthfulness in reporting.

Gentium SpA (NASDAQ: GENT) is off more than -30%, at $6.12, within a 52-week range of $4.53-$13.69. The Italian drug maker has withdrawn a marketing application for an experimental treatment for complications resulting from stem cell transplants.

Acme Packet, Inc. (NASDAQ: APKT) is down nearly -18%, at $41.25, in a 52-week range of $30.70-$84.50. The communications equipment maker’s stock was downgraded by Pacific Crest, and is wallowing in the NetApp disaster.

Riverbed Technology Inc. (NASDAQ: RVBD) is down nearly -16%, at $20.53, in a 52-week range of $17.36-$44.70. Another communications equipment vendor and another downgrade at Pacific Crest.

The Direxion Daily Technology Bull 3X Shares (NYSE: TYH) is down nearly -16%, at $29.00, in a 52-week range of $23.66-$57.23. The triple-leveraged ETF is getting pulverized on its long technology bet.

MGM Resorts International (NYSE: MGM) is off -12%, at $10.15, in a 52-week range of $8.92-$16.94. Investor Kirk Kerkorian’s Tracinda Corp. reported yesterday that he has shed 20 million MGM shares. Tracinda is still the largest shareholder in MGM with nearly a stake of nearly 27% .

EMC Corp. (NYSE: EMC) is off more than -10%, at $20.22, in a 52-week range of $17.90-$28.73. The company is down about -24% in the past month, and today is following the downward spiral created by NetApp.

Bank of America Corp. (NYSE: BAC) is among the volume leaders with the largest share price downturns today. Shares are down nearly -7%, at $6.96, in a 52-week range of $6.31-$15.31. Worries about bank stocks are growing as reports on the global economy get gloomier.

Oracle Corp. (NASDAQ: ORCL) has already traded more shares than its daily average of more than 34 million. Shares are off nearly -8%, at $25.35, within a 52-week range of $21.66-$36.50. No particular news except the general disillusionment with tech stocks following NetApp’s pronouncement.

Paul Ausick

RSS Facebook Twitter