Joy Global and 4 NYSE Tech Companies with the Highest Percentage Losses
LDK Solar Co. Inc. American Dep (NYSE:LDK): In light of news that LDK Solar may soon be subject to a preliminary antidumping tariff rate of 31.18%, shares have dropped drastically for the company. In a statement regarding the preliminary decision by the U.S. Department of Commerce, whose official decision is expected to be finalized in the fall, the company said, “LDK Solar has been a leader in the highly-competitive global solar industry since the company’s founding in 2005, and this decision will not change our strategy in developing markets worldwide. LDK Solar reaffirms its commitment to be one of the industry’s top tier companies in the US and global markets now and in the future by creating consistent value for our customers.” Shares plummeted 15.08% to $2.59, and they have traded in a 52-week range of $2.54 to $7.75.
Joy Global Inc. Common Stock (NYSE:JOY): Foreign investment doesn’t seem to be delivering the returns companies had hoped, and with China’s factory activity set for its seventh straight month of contraction, shares of companies with significant exposure to the country are dropping. Joy Global has been hit hard recently, first through its Chinese market and second by two analyst price reduction calls a week ahead of its May 31 earnings report. Shares dipped 6.66% to $59.74, and they have traded in a 52-week range of $57.48 to $101.44.
Yingli Green Energy Holding (NYSE:YGE): More poor news was in store for China, as the Chinese government accused the U.S. of violating free trade rules by supporting six unidentified renewable energy projects, according to the Associated Press. Local companies like Yingli Green Energy Holding have been affected, and shares dropped 6.07% to $2.63. They have traded in a 52-week range of $2.52 to $9.60.
VMWare, Inc. (NYSE:VMW): The technology sector appears to be hurting all over, as NetApp’s poor guidance is hurting storage-related names and infrastructure vendors with strong cloud exposure and Hewlett-Packard’s reported poor showings from its server business and Autonomy enterprise search unit. Vmware is doing no better, as its shares fell 6% and closed at $95.43 on the day. They have traded in a 52-week range of $74.69 to $118.79.
MEMC Electronic Materials, Inc. (NYSE:WFR): Disappointing news came from the S&P earlier this week, as it dropped MEMC Electronic Materials’ credit rating from B+ to BB, citing “continued weakening of the solar power sector.” MEMC said it was disappointed, but that “we are comfortable that our cash and liquidity position is sufficient to meet our current cash need.” Despite the company’s words, shares fell 5.95% to $1.58, and they have traded in a 52-week range of $1.53 to $10.61.
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