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.
|April 20||Weekly Loss||My Watchlist|
|Firsthand Technology Value (NAS: SVVC)||$26.50||(28%)||Add|
|Arena Pharmaceuticals (NAS: ARNA)||$2.17||(25%)||Add|
|Tempur-Pedic (NYS: TPX)||$66.53||(23%)||Add|
|Riverbed Technology (NAS: RVBD)||$19.85||(22%)||Add|
|Clearwire (NAS: CLWR)||$1.67||(21%)||Add|
Firsthand Technology Value Fund -- a closed-end fund that took off earlier this year after snapping up shares of Facebook -- tumbled after pricing a secondary offering at a deep discount to its market price. Firsthand also revealed that its net asset value was a lot lower than its market price. It was easy to see this tumble coming.
There was no material news driving shares of Arena Pharmaceuticals lower. The company's potentially promising obesity drug is still a couple of weeks away from its next regulatory hurdle. However, after seeing its stock soar 73% last month, a correction is perfectly natural in this competitive niche.
Tempur-Pedic wasn't as crowd-pleasing as its premium mattresses after posting uninspiring guidance for the entire year. Tempur-Pedic's outlook for net income to fall within a range of $3.80 a share to $3.95 a share is short of the $3.97 a share that analysts were expecting.
Riverbed Technology took a hit after posting quarterly results that came in on the low end of already-soft guidance. The network optimization specialist's guidance for the current quarter is also below where the pros were perched.
Clearwire disconnected with investors after Verizon Wireless moved to sell some of its wireless spectrum, a move that may introduce more competition to the already debt-saddled company.
Ready for a bounce
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At the time this article was published The Motley Fool owns shares of Riverbed Technology. Motley Fool newsletter services have recommended buying shares of and writing covered calls on Riverbed Technology. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.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.