Investing

The Week's Biggest Market Losers (YHOO, BSX, C)

Douglas A. McIntyre

Boston Scientific (NYSE: BSX) lost ground after it disclosed that its short-term CEO, Ray Elliott, would leave. Elliott joined the firm two years ago to engineer a turnaround which never happened.

Yahoo! (NASDAQ: YHOO) fell after China internet company Alibaba sold a controlling interest in its Alipay online payment operations to the parent company’s founder. Yahoo! owns 43% of Alibaba and the market’s perception is that its position was devalued by the Ailipay transaction.

Citigroup (NYSE: C) finally reverse split its stock 10-for-1. The market was not fooled by the new “higher” stock price and punished shares because the transaction reminded Wall St. that the split did nothing to help the bank’s weak position among large global financial firms.

Goldman Sachs was downgraded by renegade bank analyst Richard Bove of Rochdale downgraded the stock

Two home builders, Pulte and Lennar, sold off as news about the American housing market worsened.

S&P 500 WEEK: BOTTOM 10

(6 MAY – 12 MAY)

Ticker

Weekly Price Change (%)

Close Price 12May11

Close Price 6May11

Market Cap ($Mil)

Boston Scientific Corp BSX

-10.5

6.91

7.72

10558.6

Yahoo Inc YHOO

-7.9

17.17

18.65

22482.6

Block (H&R) Inc. HRB

-7.4

15.96

17.24

4871.8

Citigroup Inc C

-6.2

42.42

45.20

123255.7

First Horizon National Corp FHN

-5.1

10.43

10.99

2746.6

Archer-Daniels-Midland Co ADM

-4.9

32.30

33.97

20584.9

Goldman Sachs Group Inc GS

-4.9

142.75

150.10

73948.4

Tesoro Corp TSO

-4.5

23.80

24.91

3410.0

Lennar Corp LEN

-4.3

17.74

18.53

2760.9

PulteGroup Inc PHM

-3.8

7.66

7.96

2932.3

Source: Capital IQ