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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.
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