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.
Shares of Freeport McMoRan tumbled after the company agreed to pay $9 billion in cash and stock for Plains Exploration and the out-of-favor McMoRan Exploration . Investors see the copper and gold miner overpaying here, taking on new risks along the way.
Amarin shed some pounds after revealing plans to take on $100 million in debt financing to build up its sales force to market its triglyceride-lowering drug on its own. It's easier to team up with a seasoned major pharmaceuticals company for the marketing push.
TIBCO Software fell after the enterprise software provider offered up weak preliminary figures for its latest quarter. The company is eyeing adjusted earnings of no more than $0.38 a share on $292 million to $295 million in revenue, well short of the $316 million in sales and $0.44-per-share profit that analysts were targeting. TIBCO blames Hurricane Sandy and a slowdown in government spending for the projected shortfall.
Sarepta slipped after releasing a new report on its Duchenne muscular dystrophy drug. The 62-week results for Eteplirsen were generally encouraging, but the market was apparently expecting more out of the updated look.
Shares of Vringo failed to close higher during any of last week's five trading days despite taking its patent fight global. Vringo updated the market on its patent litigation against ZTE in China and Germany, widening the scope of the legal fisticuffs by filing an additional patent infringement lawsuit against ZTE's U.K. subsidiary.
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The article 5 of Last Week's Biggest Losers originally appeared on Fool.com.Longtime Fool contributor Rick Aristotle Munarriz and The Motley Fool own shares of Freeport-McMoRan Copper & Gold. Motley Fool newsletter services recommend Tibco Software. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.