Big Change: What’s driving these 21 stocks down?
American equity markets declined on Monday as investors cashed in recent gains that boosted the S&P 500 to a five-year peak and awaited the opening of the fourth-quarter earnings season.
Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) turned lower to appear in the top losers list on Monday after a US Securities and Exchange Commission (SEC) filing showed Schott Solar Wafer GmbH has filed a USD 17.8 million suit in a German court against Suntech Power’s Swiss subsidiary for breach of contract.
Another biggest loser ITT Educational Services, Inc. (NYSE:ESI) fell to new low after a decision to pay $46 million to student lender SLM Corp (NASDAQ:SLM) to settle a dispute.
Ferro Corporation (NYSE:FOE) shares traded with above average-volume but lost 15% by the end of the trading session.
SunPower Corporation (NASDAQ:SPWR) trimmed gains it made in prior two sessions to end the day down 12.60%.
Swisher Hygiene, Inc. (NASDAQ:SWSH) dropped over 10% after an article published on Seeking Alpha claimed the stock is overvalued by 75%-150%.
Incontact Inc (NASDAQ:SAAS) fell near 1-year low after Zacks downgraded the stock from an outperform rating to a neutral rating.
Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) ended down on Monday but was active in extended trading after the company’s preliminary data led it to anticipate its module shipment for the final three months of 2012 to reach a new historical high. Therefore, the module shipment for full year 2012 is projected to be surpassing 2.2 GW, beating the high end of its annual shipment forecast in a range of 2.1 GW to 2.2 GW.
Team, Inc. (NYSE:TISI) was also active after the company reported record second quarter results and boosted FY2013 earnings forecast.
First Solar, Inc. (NASDAQ:FSLR) extended decline after Raymond James analysts downgraded the stock from a “market perform” rating to an “underperform” rating.
Tesoro Corporation (NYSE:TSO) declined after increasing credit facility to $4 billion.
Western Refining, Inc. (NYSE:WNR) was down after the U.S. Energy Department’s weekly inventory report revealed that crude stockpiles declined sharply, as imports moved down even though production advanced to its best level in 19 years.
Some other noteworthy decliners (over 4% fall) were Corinthian Colleges Inc (NASDAQ:COCO), ServiceNow Inc (NYSE:NOW), Rite Aid Corporation (NYSE:RAD), Tellabs, Inc. (NASDAQ:TLAB), Hovnanian Enterprises, Inc. (NYSE:HOV), Dendreon Corporation (NASDAQ:DNDN), Archer Daniels Midland Company (NYSE:ADM) and MBIA Inc. (NYSE:MBI).