There’s never a shortage of losers in the stock market. Let’s take a closer look at five of this past week’s biggest sinkers.
|Company||May 10||Weekly Loss|
|Ruckus Wireless Inc (NYSE:RKUS)||$13.34||26%|
|Fusion-IO, Inc. (NYSE:FIO)||$15.05||18%|
|Rackspace Hosting, Inc. (NYSE:RAX)||$40.43||18%|
|Dendreon Corporation (NASDAQ:DNDN)||$3.98||15%|
|Universal Display Corporation (NASDAQ:PANL)||$27.50||14%|
Let’s start with Ruckus Wireless Inc (NYSE:RKUS). A little more than a month ago, there was a mind-boggling streak of a dozen consecutive negative trading days for the supplier of wireless systems for the mobile Internet infrastructure market, but now we see that those marching to the exits knew what they were doing. Ruckus Wireless Inc (NYSE:RKUS) tumbled after posting quarterly results that fell short of expectations, blaming weak Chinese demand and delays from stateside wireless carriers. Its guidance for the current quarter is also below where the pros were perched.
Fusion-IO, Inc. (NYSE:FIO) shares were defused after CEO David Flynn and CMO Rick White — co-founders of the data storage solutions provider — left the company. Fusion-IO, Inc. (NYSE:FIO) named a seasoned tech veteran who’s a board member as its new CEO, but the market wasn’t impressed.
Rackspace Hosting, Inc. (NYSE:RAX) gave investors a 404 error — fundamentals not found — after the Web-hosting giant posted poorly received financials. Several analysts downgraded the stock on the soft quarter and the uninspiring glimpse of its current quarter.
All of Dendreon Corporation (NASDAQ:DNDN)’s 15% plunge took place on Thursday, as the market reacted to a disappointing quarterly report. There was a surprisingly steep sequential drop in sales for Provenge, the biotech’s flagship prostate cancer treatment. Slowing sales of its marquee drug led a couple of analysts to lower their ratings.
Finally, we have Universal Display Corporation (NASDAQ:PANL) dimming after posting a problematic contraction in margins. The patent-rich champion of OLED technology saw a larger portion of its revenue coming from host materials that carry low margins.
Ready for a bounce
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The article 5 of Last Week’s Biggest Losers originally appeared on Fool.com and is written by Rick Munarriz.
Longtime Fool contributor Rick Munarriz has no position in any stocks mentioned. The Motley Fool recommends Rackspace Hosting, Ruckus Wireless, and Universal Display and owns shares of Dendreon and Universal Display.
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