The Week’s Biggest Market Losers (YHOO, BSX, C)

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By Douglas A. McIntyre Published
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Boston Scientific (NYSE: BSX) lost ground after it disclosed that its short-term CEO, Ray Elliott, would leave. Elliott joined the firm two years ago to engineer a turnaround which never happened.

Yahoo! (NASDAQ: YHOO) fell after China internet company Alibaba sold a controlling interest in its Alipay online payment operations to the parent company’s founder. Yahoo! owns 43% of Alibaba and the market’s perception is that its position was devalued by the Ailipay transaction.

Citigroup (NYSE: C) finally reverse split its stock 10-for-1. The market was not fooled by the new “higher” stock price and punished shares because the transaction reminded Wall St. that the split did nothing to help the bank’s weak position among large global financial firms.

Goldman Sachs was downgraded by renegade bank analyst Richard Bove of Rochdale downgraded the stock

Two home builders, Pulte and Lennar, sold off as news about the American housing market worsened.

S&P 500 WEEK: BOTTOM 10

(6 MAY – 12 MAY)

Ticker

Weekly Price Change (%)

Close Price 12May11

Close Price 6May11

Market Cap ($Mil)

Boston Scientific Corp BSX

-10.5

6.91

7.72

10558.6

Yahoo Inc YHOO

-7.9

17.17

18.65

22482.6

Block (H&R) Inc. HRB

-7.4

15.96

17.24

4871.8

Citigroup Inc C

-6.2

42.42

45.20

123255.7

First Horizon National Corp FHN

-5.1

10.43

10.99

2746.6

Archer-Daniels-Midland Co ADM

-4.9

32.30

33.97

20584.9

Goldman Sachs Group Inc GS

-4.9

142.75

150.10

73948.4

Tesoro Corp TSO

-4.5

23.80

24.91

3410.0

Lennar Corp LEN

-4.3

17.74

18.53

2760.9

PulteGroup Inc PHM

-3.8

7.66

7.96

2932.3

Source: Capital IQ
Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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