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Stock market slide batters state companies, investors

 
BY DON MECOY | Published: October 7, 2008    Comment on this article Leave a comment
photo - Specialist Gregg Reilly works at his post on the New York Stock Exchange floor, Monday. Wall Street suffered through another extraordinary and traumatic session Monday. AP Photo <strong></strong>
Specialist Gregg Reilly works at his post on the New York Stock Exchange floor, Monday. Wall Street suffered through another extraordinary and traumatic session Monday. AP Photo

Gripped by a frozen credit market, economic fears and a wave of selling, the stock market swooned on Monday, and delivered a blow to Oklahoma companies and investors.

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Oklahoma
State stocks stumble
Monday’s stock market slide sent several Oklahoma-based stocks to new 52-week lows.

Previous

Stock

Closing price

52-week low

Bronco

Drilling$8.34

$9.55

Chesapeake

Energy$26.50

$28.76

OGE

Energy$28.26

$29.67

ONEOK $30.78

$32.57

Pre-Paid Legal

Services$37.30

$38.09

SandRidge

Energy$14.73

$14.76

Unit

Corp.   $39.85

$42.40

Williams

Cos. Inc.  $17.69

$18.93

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"We are in the throw-in-the-towel stage,” Tulsa money manager Fred Russell said. "We are seeing the beginnings of a capitulation and a fire sale.”

Russell, however, said he was buying beaten-down stocks on Monday, including some state-based issues.

"The mood is bad; the prices are low. What more could a long-term investor want?” said Russell, president of Fredric E. Russell Investments.

Closing below 10,000
The Dow’s skidded 800 points — its largest-ever point drop — before recovering to close with a loss of 370 points. The Dow ended below 10,000 for the first time since 2004.

Crude oil futures slid 6.5 percent to close at an eight-month low of $87.81, and natural gas futures fell to an 11-month low.

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Related Topics: Business, Financial Markets, Options and Futures Markets, Derivatives Markets



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