Vonage (VG) made the list today. The stock hit a low of $4.50 today after trading at $17.25 the day of it IPO. At least the company had an excuse. It lost a patent lawsuit to Verizon (VZ) and was ordered to pay the phone giant $58 million.
McClatchy (MNI) The newspaper chain had its own excuse today. The stock hit $35.39 as S&P put it on negative credit watch due to declining advertising revenue across the newspaper industry. The 52-week high was $53.24.
Micron (MU) The prices for flash memory keep declining and Micron goes right down with them. It hit $11.27 today down from a 52-week high of $18.65.
Constellation Brands (STZ) Selling wine used to be a good business, but there appears to be a glut in Australia. At least according to Constellation. Since issuing a bleak forecast, the share keep falling and today hit $18.83 down from a 52-week high of $29.17.
Hollis-Eden Pharma (HEPH) According to TheStreet.com HEPH shares fell "after the Department of Health and Human Services said Neumene, a treatment for acute radiation syndrome, is technically unacceptable." The shares dropped 32% and got as low as $2.81. The shares have a 52-week high of $7.49.
Distributed Energy Systems (DESC) Shares in the alternative energy company fell almost 30% to a 52-week low of $1.93. The company reported a large loss and was downgraded by Merriman Curhan and Ardour Capital. The 52-week high was $7.51.
Insmed (INSM) The company entered a litigation settlement with Genentech (DNA) and Tercica (TRCA). The biopharmaceutical company will cut 34% of its workforce to save dwindling cash. Stock fell to $.76 from a 52-week high of $2.26.
Transaction System Architects (TSAI) The online payment software company said it would have to restate numbers due to problems with stock option grants from 1995 to 2002. The company also missed Wall St. expectations for its earnings. The stock was down 6% at one point to a 52-week low of $28.39 against a 12-month high of $43.
Progressive Gaming International (PGIC) Revenue fell in the fourth quarter at the maker of casino software. Goldman Sachs downgraded the stock. It hit a bottom of $6.37 down from a 52-week high of $11.40.
Douglas A. McIntyre
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