The biggest stock losers in early Wednesday trading include big names like Ford (F) and Micron Technology (MU). Tower Group (TWGP) was hit especially hard with shares down as much as 25% in the morning.
They weren’t the only big companies to post losses as a handful of others also took a nosedive today even though the broader market grew.
Take a closer look at Wednesday’s biggest stock losers.
Biggest Stock Losers
Tower Group (TWGP, -25%): TWGP stock took a tumble in early trading today after the insurer announced that it will cut 10% of its workforce to make up for some steep third quarter losses.
Jabil Circuit (JBL, -21%): JBL shares fell 21% after the company said it would sell its aftermarket services business for $725 million.
WPCS International (WPCS, -14%): WPCS stock is down 14% only a few days after enjoying a profitable month that saw its shares go up by 55%.
Gogo (GOGO, -10%): GOGO stock is down 10% following the company’s announcement that one of its private equity sponsors has distributed all of its Gogo common stock shares to its partners.
Amtrust Financial Services (AFSI, -10%): Amtrust shares are down 10% but there is reason to believe that AFSI stock is set for a comeback.
Micron Technology (MU, -8%): MU stock enjoyed a month of growth before taking a hit Wednesday morning.
VeriFone Systems (PAY, -8%): PAY stock took a hit after the electronic payment solutions company reported a fiscal fourth-quarter loss.
Ford (F, -7%): F stock is down 7% following the carmaker’s announcement that it will release a record 23 new models worldwide in 2014.