Worst Performers – Sysco, Idexx, USG, Freeport McMoRan
Today’s worst performance includes Freeport-McMoRan, Sysco Corporation, KT Corporation, Idexx Laboratories, and USG Corporation.
The Metal Mining Industry seems to have taken a good hit; I could only find one company, Southern Copper Corporation that actually performed better in the industry. All the other companies that had significant upward movement had a negligible stock price. In the mining industry, Stillwater Mining Companys posted a 1.95% increased and was last traded at $12.54. The company has a very high Price to Earnings ratio, 418, although its Net Income is in red, a negative $13.87 million.
Freeport-McMoRan shares dropped due to increased inventories, and falling price of Copper. Freeport-McMoRan dropped 5.81%, or $3.40. Freeport-McMoRan stock closed at $55.09, and was trading at $55.26, up .31%.
Sysco Corporation’s Earnings Per Share also met analyst expectations. Sysco Corporation was last traded at $34.07 in after hours, up .15%. Sysco Corporation dropped $2.08 or 5.76%, although the company's net earnings increased by 15.9% and its sales increased to 7.5% to $8.569 billion in the last years' second quarter.
KT Corporation reported better net profit for fourth quarter but due to higher marketing expenses and a change in accounting for labor costs, its Operating Earnings dropped. KT Corporation opened at $23.44 and closed 5.48% lower at $22.92. The stock last traded after hours at $24.74.
IDEXX Laboratories stock seems to just go downhill, and I can't find any news articles to correlate its free fall. The company posted a 24% rise in its profit in its 4 Quarter Results on January 26, 2007. Idexx Laboratories opened at $88.09 and closed at $83.45, down 5.34% or $4.71.
USG Corporation didn't meet analyst expectations. It was expected that the company would deliver earnings of $1.31 per share, but ended up reporting earnings of $1.11 EPS. USG Corporation's stock closed at $52.60, down 5.23%.
Key:
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX)
SYSCO Corporation (NYSE:SYY)
KT Corporation (NYSE:KTC)
IDEXX Laboratories, Inc. (NASDAQ:IDXX)
USG Corporation (NYSE:USG)
Comments (1)
Could it be recent complaint filed with the SEC over insider trading? Seems that Idexx failed to mention in three consecutive quarterly reports a suit brought against it by CYNTEGRA. The suit claims anti-trust/anti-competition following Idexx's threats to veterinary distributors that if they did not agree to cancel millions of dollars in orders given to CYNTEGRA for its diagnostic products by the distributors, that Idexx would withdraw their line of products - a threat the distributors who see a large chunck of income from IDEXX's products. CYNTEGRA now claims that Idexx has caused CYNTEGRA annual losses exceeding $700 million, and so far, the judge in the case had been on CYNTEGRA's side. Interesting to also note that Idexx insiders sold shares at the height of the market, but failed to mention anything about the lawsuit to their investors, claiming it wasn't material - a one eight turnaround from the statments they have made to the court in this case, i.e. that the CYNTEGRA suit IS very material.
Seems the SEC is now looking at insider trading in Idexx (the SEC received 6 inches of documents detailing this possible violation), while the DOJ is mounting an investigation into Idexx's practices.
Time to sell??
Posted by Bad Puppy | January 29, 2007 11:59 PM
Posted on January 29, 2007 23:59