It has been almost impossible for most stocks to avoid the carnageand mayhem of late. It is interesting just how many widely held stocks have broken under the $10.00 share price level today. This can screw up optionstrading and begins to genuinely worry investors who were alreadyworried. Shares never dip under $10.00 because things are great.
Limited Brands (NYSE: LTD) broke $10.00 Monday, and it keeps looking farther and farther away at $8.80. Candles, body products, and undies… not recession-proof.
Omniture (NASDAQ: OMTR) re-broke the $10.00 barrier this week. Business optimization must not be good when the recession is there whether you optimize or not.
Radio Shack (NYSE: RSH), same boat as Best Buy sales even if CircuitCity died. Consumer electronics aren’t doing so hot, and PC’s under$500 just can’t be that profitable.
Regis Corp. (NYSE: RGS) broker under $10.00 today for the first timethis entire decade. Hair hasn’t stopped growing but in a financialpinch maybe less costly cuts and less product buying is being used.
comsScore Inc. (NASDAQ: SCOR) broke under $10.00 today for the firsttime since its IPO in late-2006. Paying for web metrics in a recessionmay be used, but the answer to the survey is the same as elsewhere:"The numbers suck, big time!"
Southwest Air (NYSE: LUV) just broke under 410.00 today, prior 52-weeklow of $10.26. The best fuel hedger in the world, now in the same boatas other carriers.
Starbucks (NASDAQ: SBUX) broke the $10.00 barrier briefly ahead ofearnings on Monday. I did my part to support it this morning andyesterday by buying its coffee, but shares are around $9.50 now.This is basically a decade-low.
Whole Foods (NASDAQ: WFMI) traded under $10.00 last week ahead of andafter earnings, but now "Whole Paycheck" is well under $10.00 at$9.15. The new acronym for the stock is now officially what tradersabbreviate the ticker as: "Whiff Me!"…
The only good news in this is that our weekly "10 Stocks Under $10"newsletter is getting more and more widely held stocks as candidates tobe covered.
Here is a link for the first list of major stocks breaking under $10.00 today or this week.
Jon C. Ogg
November 12, 2008