Eagle & Beagle, Dec. 31
Eagle & Beagle is a weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by The Oklahoman's Business Editor Don Mecoy.
Eagle & Beagle
A week spent dangling from the fiscal precipice left traders surly, and they pushed stocks down for five consecutive days.
For the week, the Dow dropped 252.73 points, or 1.9 percent; the S&P 500 flopped 27.72 points, or 1.9 percent, and the Nasdaq plopped 60.70 points, or 2 percent.
The widespread slump produced few gainers among Oklahoma-based stocks, so ADDvantage Technology's 3.1 percent price increase was notable.
AEY's 6-cent gain to $1.98 per share might appear unimpressive, but there are about three dozen publicly traded companies in Oklahoma that would have gladly traded their stocks' price changes with ADDvantage's.
Last week clearly was a bad one on Wall Street. But, the bigger (and more important) picture is that major indexes have recorded solid gains in 2012.
For the year, the Dow is up 5.9 percent. The S&P 500 has a robust 11.5 percent gain. And the Nasdaq has soared 13.6 percent.
Happy New Year!
Despite the market's bad week, state stocks generally were only modestly lower.
Our beagle, Oklahoma City-based energy company GMX Resources, fell 17.5 percent. But the stock price declined just a dime, closing Friday at 50 cents.
Next week, however, the stock price of GMXR will climb considerably. But only because the company plans a 1-for-13 reverse stock split.
Eagle & Beagle is a weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.