5 Stocks a Raging Rally Could Not Save
The markets were in a frenzy Wednesday with the S&P 500, Nasdaq and Dow Jones Industrial Average all rising over 1%. However, there were a few companies holding back the rally. 24/7 Wall St. has taken some of the biggest losers of the day and added some color, as well as recent stock moves and consensus price targets.
Boulder Brands Inc. (NASDAQ: BDBD) had a rough time in the market Wednesday after its co-founder and CEO resigned, signaling a less optimistic view to investors. Not to mention that the company also sees its second-quarter sales down between 5% and 7% from the same period last year. As a result, shares hit a multiyear low on the day. Shares of Boulder were down 20.6% at $7.05 on Wednesday afternoon. The stock has a consensus analyst price target of $11.91 and a 52-week trading range of $6.82 to $15.47.
DreamWorks Animation SKG Inc. (NASDAQ: DWA) was started as Sell with a $17 price target (versus a $27.84 close on Tuesday) at CLSA. While this is much more negative than the consensus, the consensus price target is about $5 less than the current share price. The stock has a consensus analyst price target of $22.32. DreamWorks shares were down 5.3% at $26.37, in a 52-week trading range of $18.16 to $29.75.
MannKind Corp. (NASDAQ: MNKD), as we have previously noted, was one of the six most shorted stocks in May. It has been a big battleground stock as well. 24/7 Wall St. explains more about how this has been an endless tug-of-war stock. Shares of Mannkind were down 9% at $6.10. The stock has a consensus analyst price target of $7.46 and a 52-week trading range of $3.46 to $11.48.
Newmont Mining Corp. (NYSE: NEM) was dropping as a result of a secondary offering that sold Wednesday morning. The offering will include 29 million shares, and Newmont expects to raise about $682 million in gross proceeds. Newmont shares were down 2.7% at $23.76, in a 52-week trading range of $17.60 to $27.90. The stock has a consensus price target of $26.93.
Sears Holdings Corp. (NASDAQ: SHLD) took a sharp downturn Wednesday after announcing on Tuesday that it has commenced a rights offering to spin off around 254 stores into a real estate investment trust (REIT). According to the terms of the offering, Sears is distributing to its shareholders one transferable subscription right for every share of its common stock. Shares of Sears were down 18.5%, at $29.84 in a 52-week trading range of $22.45 to $48.25. The consensus analyst price target is $16.00.