Wednesday’s Biggest Stock Losers: MU, F, and More

by Karl Utermohlen | December 18, 2013 11:05 am

Wednesday’s Biggest Stock Losers: MU, F, and More

The biggest stock losers in early Wednesday trading include big names like Ford (F[1]) and Micron Technology (MU[2]). Tower Group (TWGP[3]) was hit especially hard with shares down as much as 25% in the morning.

winnerslosers185 Wednesdays Biggest Stock Losers: MU, F, and More[4]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[3], -25%): TWGP stock took a tumble in early trading today after the insurer announced that it will cut 10% of its workforce[5] to make up for some steep third quarter losses.

Jabil Circuit (JBL[6], -21%): JBL shares fell 21% after the company said it would sell its aftermarket services business[7] for $725 million.

WPCS International (WPCS[8], -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[9], -10%): GOGO stock is down 10% following the company’s announcement[10] that one of its private equity sponsors has distributed all of its Gogo common stock shares to its partners.

Amtrust Financial Services (AFSI[11], -10%): Amtrust shares are down 10% but there is reason to believe that AFSI stock is set for a comeback[12].

Micron Technology (MU[2], -8%): MU stock enjoyed a month of growth before taking a hit Wednesday morning.

VeriFone Systems (PAY[13], -8%): PAY stock took a hit after the electronic payment solutions company reported a fiscal fourth-quarter loss[14].

Ford (F[1], -7%): F stock is down 7% following the carmaker’s announcement that it will release a record 23 new models worldwide in 2014[15].

Endnotes:
  1. F: http://studio-5.financialcontent.com/investplace/quote?Symbol=F
  2. MU: http://studio-5.financialcontent.com/investplace/quote?Symbol=MU
  3. TWGP: http://studio-5.financialcontent.com/investplace/quote?Symbol=TWGP
  4. [Image]: http://investorplace.com/wp-content/uploads/2013/10/winnerslosers185.jpg
  5. it will cut 10% of its workforce: http://www.bloomberg.com/news/2013-12-18/tower-group-tumbles-as-insurer-reports-reserve-shortfall.html
  6. JBL: http://studio-5.financialcontent.com/investplace/quote?Symbol=JBL
  7. sell its aftermarket services business: http://www.reuters.com/article/2013/12/17/jabil-results-idUSL3N0JW3BH20131217
  8. WPCS: http://studio-5.financialcontent.com/investplace/quote?Symbol=WPCS
  9. GOGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=GOGO
  10. the company’s announcement: http://online.wsj.com/article/PR-CO-20131218-904738.html
  11. AFSI: http://studio-5.financialcontent.com/investplace/quote?Symbol=AFSI
  12. AFSI stock is set for a comeback: http://www.zacks.com/stock/news/117224/amtrust-financial-services-inc-is-now-in-oversold-territory
  13. PAY: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAY
  14. reported a fiscal fourth-quarter loss: http://online.wsj.com/news/articles/SB10001424052702304858104579264641293423968
  15. a record 23 new models worldwide in 2014: http://www.forbes.com/sites/joannmuller/2013/12/18/ford-projects-profit-dip-in-2014-as-it-rolls-out-new-models/

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