Stocks continue to head lower this morning as investors are starting to feel more uncertain about anything getting done at the EU summit later this week. Economists were hoping for a large scale government bond purchasing program, but the ECB shot that down this morning. If Europe doesn’t get something concrete done in the next few days, we could see a big sell off. Each of the major indices is down more than 0.5% right now.
The overall market isn’t the only loser today. Here’s six stocks in the red in morning trading.
THQ Inc. (NASDAQ:THQI) is down 28.77% this morning at $1.04. THQI has traded 4.8 million shares so far today, more than 4 times its daily average. THQ is down today after the company lowered its revenue outlook for the third quarter by 25%. The company blames poor sales of its uDraw game tablet on the Xbox 360 and PS3. It will be also interesting to see how sales of Saints Row 3 fared. The company has a market cap of 71.12 million.
Tesla Motors, Inc. (NASDAQ:TSLA) is down 12.75% this morning at $29.81. TSLA has already traded more volume than its daily average with 1.2 million shares traded. Telsa is taking a hit today after Morgan Stanley reduced their price target by 37% to $44. Tesla has a market cap of 3.17 billion.
Frontline Ltd. (NYSE:FRO) is down 10.33% this morning at $3.30. FRO has traded 1.5 million shares so far today and trades 2.8 million shares a day on average. Frontline has been heading south since it released news of its restructuring. The company has a market cap of 255.37 million.
The McClatchy Company (NYSE:MNI) is down 11.52% at $1.69. MNI has traded 1.3 million shares so far today, already above its daily average of 906 thousand shares. MNI is dipping a little bit today after it rose from $1.20 to $1.80 yesterday. The company has a market cap of 148.34 million.
Dex One Corporation (NYSE:DEXO) is down 5.81% at $1.46 in early trading. DEXO has traded 527 thousand shares so far today and trades 1.1 million shares a day on average. DEXO has fallen nearly $0.40 a share since Monday. Dex One has a market cap of 72.84 million.
Hartford Financial Services Group Inc. (NYSE:HIG) is down 6.35% this morning at $17.52. HIG has traded 3.6 million shares this morning and trades 9 million shares a day on average. Financial stocks are following the overall market lower today as investors worry about the European debt crisis. The company has a market cap of 7.84 billion.