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.
Jinko Solar (NYS: JKS)
Trina Solar (NYS: TSL)
Advanced Analogic Tech (NAS: AATI)
Charm Communications (NAS: CHRM)
NovaGold Resources (ASE: NG)
Solar energy had another rough week.
Jinko Solar and Trina Solar were already two of the biggest losers the prior week, as falling prices for solar-grade polysilicon and finished photovoltaic panels spooked investors. Things didn't get any better last week, as the recent bankruptcy filing by Solyndra and the raiding of the solar panel maker's files by the FBI may slow government subsidies for clean energy.
Advanced Analogic Technologies came undone after Skyworks Solutions (NAS: SWKS) -- which back in May had agreed to acquire to company -- filed a breach notice against Advanced Analogic. A law firm is already investigating possible violations of federal securities laws against Advanced Analogic, and more class action hopefuls are likely to follow.
Shares of Charm Communications tumbled 18% last week. The Beijing-based advertising agency didn't move lower on any widely published news, but Chinese stocks have been volatile lately. At least Charm will get a chance to sell investors on its story. It's slated to present at Susquehanna Financial Group's Fifth Annual Beijing Management Summit on Friday morning.
Finally, there is NovaGold, falling after revealing the escalating costs to develop the Donlin Creek deposit that it jointly owns with Barrick Gold (NYS: ABX) . It will now cost roughly $7 billion to develop the deposit, a lot more than the $4.5 billion tab that was originally estimated two years ago.
It was a rough week for these five stocks. Let's see if they bounce back.
At the time this article was published Longtime Fool contributor Rick Munarriz calls them as he sees them. He does not own shares in any of the stocks in this story. Rick is also part of theRule Breakersnewsletter research team, seeking out tomorrow's ultimate growth stocks a day early.