#10: Great Lakes Dredge & Dock
Q1 Return: -25%
Investor: Greg Harmon
Greg Harmon’s pick of Great Lakes Dredge & Dock (NASDAQ:GLDD) got off to a strong spot and was sitting pretty in third place just over a month ago.
But, as Harmon has recently learned first hand: The higher you go, the higher you have to fall. Great Lakes went from slightly outpacing the broader market to sitting deep, deep in the red … and in dead last place.
The cause of the sudden change in direction? The company disclosed an accounting error and said it would have to restate earnings for the second and third quarters of 2012. That sent investors running and the stock sank a whopping 18% … in one day.
Since then, the bleeding has slowly continued, bringing GLDD’s total Q1 loss to an ugly 25%. Sometimes, no matter how strong the technicals … well, things just don’t go as planned. Of course, there’s still plenty of time for shares to recover and Great Lakes Dock & Dredge to put together one heck of a comeback.