As Market Plunges, Major Stocks Fall Under $10 (Part 2) (LTD, OMTR, RSH, RGS, SCOR, LUV, SBUX, WFMI)
November 12, 2008 by Douglas A. McIntyre
It has been almost impossible for most stocks to avoid the carnageand mayhem of late. It is interesting just how many widely held stocks have broken under the $10.00 share price level today. This can screw up optionstrading and begins to genuinely worry investors who were alreadyworried. Shares never dip under $10.00 because things are great.
Limited Brands (NYSE: LTD) broke $10.00 Monday, and it keeps looking farther and farther away at $8.80. Candles, body products, and undies… not recession-proof.
Omniture (NASDAQ: OMTR) re-broke the $10.00 barrier this week. Business optimization must not be good when the recession is there whether you optimize or not.
Radio Shack (NYSE: RSH), same boat as Best Buy sales even if CircuitCity died. Consumer electronics aren’t doing so hot, and PC’s under$500 just can’t be that profitable.
Regis Corp. (NYSE: RGS) broker under $10.00 today for the first timethis entire decade. Hair hasn’t stopped growing but in a financialpinch maybe less costly cuts and less product buying is being used.
comsScore Inc. (NASDAQ: SCOR) broke under $10.00 today for the firsttime since its IPO in late-2006. Paying for web metrics in a recessionmay be used, but the answer to the survey is the same as elsewhere:"The numbers suck, big time!"
Southwest Air (NYSE: LUV) just broke under 410.00 today, prior 52-weeklow of $10.26. The best fuel hedger in the world, now in the same boatas other carriers.
Starbucks (NASDAQ: SBUX) broke the $10.00 barrier briefly ahead ofearnings on Monday. I did my part to support it this morning andyesterday by buying its coffee, but shares are around $9.50 now.This is basically a decade-low.
Whole Foods (NASDAQ: WFMI) traded under $10.00 last week ahead of andafter earnings, but now "Whole Paycheck" is well under $10.00 at$9.15. The new acronym for the stock is now officially what tradersabbreviate the ticker as: "Whiff Me!"…
The only good news in this is that our weekly "10 Stocks Under $10"newsletter is getting more and more widely held stocks as candidates tobe covered.
Here is a link for the first list of major stocks breaking under $10.00 today or this week.
Jon C. Ogg
November 12, 2008
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