As Market Plunges, Major Stocks Fall Under $10 (AEO, BCS, C, GLW, DRYS, IPAR, IPCS, LULU)
The market message has been the same for the entire last week. Carnage and mayhem. But what is interesting is how many household companies and how many widely held stocks have this week or today dipped under the $10.00 stock price. This is horrible because it screws up options trading and begins to genuinely worry investors who were already worried. Shares never dip under $10.00 because things are going so well.
American Eagle Outfitters Inc. (NYSE: AEO) broke under $10.00 early Monday and hasn’t been able to look back. After a same store sales drop of 12% last week, the coolness looks long gone. Maybe they could do a deal with Gap and really damage themselves.
Barclays plc (NYSE: BCS) hit $9.65 today, which is back to mid-1990’s levels. The number one position in ETF’s can’t keep the financial giant from ruin.
Citigroup (NYSE: C) has just broken under $10.00. Vikram Pandit must beeating PB&J these days. Amazingly enough, every bank is nowcopying their old model and the banking giant still can’t win. is that atwo-decade low now?
Corning Inc. (NYSE: GLW) traded briefly under $10.00 last week afterearnings made it come clean about a slowdown in LCD and flat panelglass. This company and sector is learning to love a song from theRolling Stones… “Shattered”
DryShips Inc. (NASDAQ: DRYS) went briefly under $10 yesterday, but now at $8.85 it is farther and farther away. China shipping and shipping in general is tough love right now.
Inter Parfums Inc. (NASDAQ: IPAR) broke $10.00 this Monday, and at$8.50 that is looking farther and farther away. They better not giveaway samples and testers if they want to sell perfume.
iPCS Inc. (NASDAQ: IPCS) broke $10.00. Reselling Sprint wireless muststink even if they possibly stand to collect hundreds of millions in acase against them. Speaking of Sprint, that dog is under $2.00.
lululemon athletica (NASDAQ: LULU) broke $10.00 yesterday and at$8.50. With all the stress investors are under, they need more yogaand yoga-wear even if they can’t afford it.
Well, the good news is that our weekly “10 Stocks Under $10” newsletteris getting more and more widely held stocks as candidates to becovered.
Here is a link for the second list of major stocks breaking under $10.00 today or this week.
Jon C. Ogg
November 12, 2008