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Friday, January 02, 2009
Market Winners & Losers: Dynegy, HCP
David O'Brien
FOXBusiness
The first day of the new trading year saw a late holiday gift, the Dow closed above 9000 for the first time since early November. The major indices closed up around 3% each not affect by the weaker-than-expected manufacturing numbers.
Here are some of the day’s winners and losers:
Winners
Dynegy Inc. (DYN)
Despite the energy company’s deal with LS Power Associates being dissolved, the stock climbed 38 cents, or 19%, to start the New Year closing at $2.38.
Office Depot (ODP)
News of credit restructuring with Citibank (C) for the retailer’s privately held credit card helped the stock jump 52 cents, or 17%, to end the week at $3.50.
Massey Energy (MEE)
Coal companies could be the big buy for the New Year. Many of the producers, including MEE, had been hurt by the year-end decline in commodity prices. The stock gained $2.40, or 17.4%, on the day to finish at $16.19.
Developers Diversified Realty Corp. (DDR)
The retailer advanced as it attempts to solidify its financial position with refinancing more than a billion dollars in loans and selling a large chunk of assets. The stock closed 80 cents, or 16%, higher at $5.68.
Starwood Hotels & Resorts Worldwide Inc. (HOT)
After signing a confidential property agreement with Sam Zell, the hotel and leisure company saw shares climb. HOT ended the trading day up $2.84, or 16%, to close at $20.74.
Losers
HCP Inc. (HCP)
Real estate operations were down on the day as the housing market has yet to show signs of reaching a bottom. HCP closed down $1.51, or 5.44%, on Friday at $26.26.
Equity Residential (EQR)
Another REIT that got the short end of the stick to start the New Year, EQR closed down $1.53, or 5.3%, to end the day at $28.23.
Public Storage (PSA)
A last-minute downturn erased much of the gains from the last day of trading in 2008 as it dropped $3.92, or nearly 5%, to $75.58.
Hudson City Bancorp Inc. (HCBK)
Low volume and a lack of faith in the savings & loan market continue to hamper Hudson City; as it continues its decline from November. Shares dropped 74 cents, or 4.6% on the day, to close at $15.22.
Plum Creek Timber Company Inc. (PCL)
With timber and timber-related products still trading down, PCL watched shares drop $1.32, or nearly 4% on Friday, to close the week at $33.42.
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