#8: Great Lakes Dredge & Dock
Q2 Return: +16%
YTD Return: -14%
Investor: Greg Harmon
The good news is Greg Harmon’s pick of Great Lakes Dredge & Dock (GLDD) isn’t in last place anymore.
The bad news: It’s still two digits into the red, and only two spots better.
That’s especially painful considering that GLDD burst out the gates this year, beating the broader market until it fell off a cliff in early March.
The sudden change in direction came after the company disclosed an accounting error and said it would have to restate earnings for the second and third quarters of 2012. The company also is facing a class-action lawsuit as a result of the error and subsequent selloff.
That’s a tough turn of events for Harmon, who was banking on the dredging company’s technical strength. Even though the stock was the biggest Q2 gainer overall, the chart now is anything but pretty.