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Thursday, October 30, 2008
Market Winners and Losers: Office Depot, Hartford
David O'Brien
FOXBusiness
The major market indexes gained more than 2% each on Thursday, Oct. 30. Here’s a list of some stocks that were the biggest winners and losers in the trading session.
Winners:
Office Depot (ODP)
The stock ended the day at $3.12, up $1.02 -- 48.57% -- on plans to close North American stores to cut costs after posting worse than expected third-quarter losses.
IntercontinentalExchange (ICE)
Shares gained $25.21, or 40.80%, to $87 as the company reported that third-quarter profit rose 12% with a net income of $75 million.
Manitowoc (MTW)
The crane manufacturer ended at $10.67, up $2.19 or 25.21%, on optimism for future because its expects the market to calm.
Legg Mason (LM)
Investors had feared a greater fall in assets, so sent the stock up $3.84, or 22.70%, to $20.76. The company plans to cut one-third of its work force.
General Growth Properties (GGP)
The company rose to $3.59, gaining 60 cents, or 20.07%, as the appointment of new executives to help with financial restructuring.
Losers:
Hartford Insurance Group (HIG)
Shares closed at $9.62, falling $10.24, or 51.56%, after reporting third-quarter losses of $2.6 billion on Wednesday evening.
Assurant (AIZ)
The company saw its stock decline $8.42, or nearly 25%, to $25.35 after it reported losses of $111 million amid skyrocketing hurricane-related claims.
Cigna (CI)
Earnings were down more than 50% from the same period in 2007, causing the stock to fall to $15.58, down $4.27, or 21.5%.
Prudential (PRU)
The insurer reported poor earnings and withdrew projections for the rest of the year, then fell to $28.87, down $6.38, or 18%.
Symantec (SYMC)
Shares tumbled $2.36, or 15.9%, to $12.20 as forward earnings guidance missed analysts’ expectations.
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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.






