#7: Great Lakes Dredge & Dock
YTD Return: Flat
Investor: Greg Harmon
Greg Harmon’s pick of Great Lakes Dredge & Dock (GLDD) actually has been posting somewhat of a comeback in the Best Stocks of 2013 contest. In the last three months alone, GLDD stock has soared over 30%.
So why isn’t GLDD one of the best stocks of 2013? Because before that run, the stock’s performance was downright ugly.
In Harmon’s defense, the struggles for GLDD stock were largely due to factors he couldn’t have seen coming. Harmon was banking on the dredging company’s technical strength to make it one of the best stocks of 2013.
But GLDD struggled thanks to an accounting error that forced the company to restate earnings for the second and third quarters of 2012. The result: a class-action lawsuit and an ugly selloff.