5 of Last Week's Biggest Losers
There's never a shortage of losers in the stock market.
Let's take a closer look at five of this past week's biggest sinkers.
Primo Water (NAS: PRMW)
Stereotaxis (NAS: STXS)
Adventrx Pharmaceuticals (ASE: ANX)
Limelight Networks (NAS: LLNW)
China Information Tech (NAS: CNIT)
Primo Water was last week's biggest loser, plunging more than two-thirds of its value after failing to impress investors with its latest quarterly report. Primo is a distributor of purified water, selling its three- and five-gallon jugs through thousands of retail outlets.
Delays in rolling out a promotion through two major retailers led to Primo posting an unexpected loss in its latest quarter, and forecasting an equally unexpected deficit for the current quarter.
Stereotaxis, a maker of cardiology instrument control systems, was slammed on Tuesday after posting a widening quarterly loss. Announcing that its CFO would leave the company also spooked investors, as this comes at a time when Stereotaxis is trying to cut costs to ease its problematic cash burn.
Adventrx tanked after the FDA failed to approve its treatment for lung cancer. Adventrx will have to fare better in repeating a pivotal clinical trial for Exelbine if it feels the drug has a shot at an eventual regulatory approval.
Limelight Networks took its lumps after the content-delivery network failed to live up to its earlier guidance. This has become a cutthroat niche, with Limelight battling Akamai (NAS: AKAM) and Level 3 Communications (NAS: LVLT) for new contracts even if it means sacrificing margins to make deals happen.
China Information Tech stumbled after posting a 17% slide in revenue. The Shenzhen-based provider of information and display technologies also saw its adjusted profitability shrink to $0.11 a share, well short of the $0.17 a share that Wall Street was forecasting.
It was a rough week for these five stocks. Let's see which ones bounce back this week.
At the time this article was published Motley Fool newsletter services formerly recommended Akamai Technologies. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.Longtime Fool contributorRick Munarrizenjoys cheering on winners and whispering words of encouragement to the losers. He does not own shares in any of the companies in this story. He is also part of theRule Breakersnewsletter research team, seeking out tomorrow's ultimate growth stocks a day early.
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