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Wednesday, November 05, 2008
Market Winners & Losers: MBIA, Molson Coors
David O'Brien
FOXBusiness
As the markets saw their largest post election decline ever with an average drop of over 5% across the major U.S. indexes, the world marched on, earnings reports drove a number of stocks today and the continuing economic problems have not gone the way of a republican in office.
Losers
General Growth Properties (GGP)
The mall owner continues to fall as losses widened in the third quarter. The stock fell nearly 50%, to $2.25, as the company looks to close more properties in attempts to further cut costs.
MBIA Inc. (MBI)
This is one of the most-shorted stocks on the market, and recent negative ratings along problems with mortgage-backed securities caused the stock to drop 22% today as the stock closed at $8.16.
Developers Diversified Realty Corp (DDR)
Amid more problems with shopping centers, the mall developer is looking to sell its stakes in more than a dozen properties. This company has also previously stated that it will suspend its dividend in the fourth quarter. The stock tumbled 19.5% to $11.26.
Pioneer Natural Resources Co. (PXD)
The company reported third-quarter losses of $3 million; it suffered massive losses from hurricane-related damages. This drove the stock down more than 15% as its stock closed at $24.79.
Jacobs Engineering Group Inc. (JEC)
The stock plunged 15% amid reports that several oil-drilling projects have been canceled due to lower crude prices. Also, its third-quarter earnings, along with the recent cancellation of projects, helped drive the stock down to $35.52.
Winners
Medco Health Solutions Inc. (MHS)
Third-quarter profits up 38%, largely on increased sales of generic drugs during the recent economic crisis, helped the stock rise 9.1% today to $41.47. Projected earnings have the company set to weather the current recession fairly well.
Molson Coors Brewing Co. (TAP)
A great third quarter combined with growing sales in Canada and the U.K. helped the stock climb 8.3% to $41.78. Also the company was able to cut costs because of a joint-venture project with SABMiller PLC.
Chesapeake Energy Corp. (CHK)
Speculation of a buyout by BP (BP) pushed the stock up 8.2% today to $24.83. This is good news for an energy provider that had seen its stock drop severely over the last few months
Humana Inc. (HUM)
Even with a less-than-stellar third quarter, adjusted guidance drove the stock up 7.3% to close at $36.01. The health-insurance and health-benefits company is looking to rebound after recent problems driven by rising costs related to insurance and Medicare.
Hospira Inc. (HSP)
The company saw a third-quarter profit gain of 38% and reaffirmed its outlook for 2008, helping to drive the stock up 7.3% to $30.60 at the day’s end. The company, whose shares had fallen nearly $12 in October, is looking to bounce off its 52-week lows.
FOX Translator
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.






