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Investing

The 4 Stocks That Sank the Market

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By Paul Ausick Updated Published
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May 30, 2014: Markets opened mixed on Friday following reports that personal income in the U.S. rose more than expected, but spending was lower than expected. Chicago PMI rose sharply and the consumer sentiment index was up a tick in from the preliminary reading for May, but down sharply from the April final reading. Shortly before the closing bell the DJIA traded up an ever so small 0.03% for the day, the S&P 500 was up 0.14%, and the Nasdaq Composite traded down 0.15%.

Today’s big loser among the Dow 30 was Caterpillar Inc. (NYSE: CAT) which posted a drop of 1.58% today and traded at $101.96 in a 52-week range of $80.86 to $108.21. Volume was about 40% below the daily average of around 5 million shares. The company’s CIO resigned this morning, adding to concerns following a drop in sales announced last week.

Exxon Mobil Corp. (NYSE: XOM) which traded at $100.60, down 0.66% in a 52-week range of $84.79 to $103.45. Share volume was about 40% lower than the daily average of nearly 11 million shares traded. The company had no news today but crude oil spreads are narrowing, threatening margins.

Goldman Sachs Group Inc.(NYSE: GS) saw its shares slip by 0.54% to trade at $159.86 in a 52-week range of $148.71 to $181.13. A former company director lost his bid to stay out of prison pending an appeal for insider trading and will begin serving a two-year sentence next month. Share volume today was around 35% lower than the daily average of about 3 million shares.

The Travelers Companies Inc. (NYSE: TRV) traded down 0.64% today at $93.49 in a 52-week range of $77.38 to $94.31. There was no news on the stock other than the insurance company was hosting its four annual disaster preparedness symposium on getting ready for hurricane season. Hmm. Volume was about 35% of the daily average of around 2.3 million shares.

Of the Dow 30 stocks 20 looked to close higher today while 10 were on their way to a lower finish.

ALSO READ: America’s Most Unusual Public Companies

 

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About the Author Paul Ausick →

Paul Ausick has been writing for a673b.bigscoots-temp.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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