No one would be surprised to see mortgage lender Countrywide (CFC) of the list of biggest losers for the third quarter The company’s shares were down 48% to $19. The fall of Circuit City (CC) was more surprising. But, its shares dropped 48% to $7.91.
No one would have imagined that internet content delivery company Akamai (AKAM) would be on any list of falling stocks. But, in Q3 its shares were off 42% to $28.73 and are down from a 52-week high of almost $60. With the increase in video traffic on the web, Akamai would seem to have the perfect business, but pricing pressure from competitors seems to be eating it alive.
It never hurts to have a home builder on the list, given all of the bad news in that sector. Pulte Homes (PHM) dropped to $13.61.
The largest losers on in the Dow 30 were Home Depot (HD), down 17% and Wal-Mart (WMT), down 9%.
Douglas A. McIntyre