The market downturn is accelerating into the noon hour as the Dow is down 337 points, the Nasdaq is down 67 points and the S&P is down 30 points. News about MF Global came out today where a trustee says shortfall may be double previous estimate and could reach $1.2 billion or more. Here’s the biggest losers of the day in midday trading.
Telecom Corp. of New Zealand Ltd. (NYSE:NZT) is down 21.51% at $7.37. NZT gaped down sharply this morning as the entire market started the day lower. NZT has traded 746 thousand shares so far today, about double its daily average. The company has a current market cap of 2.88 billion.
Pacific Ethanol, Inc. (NASDAQ:PEIX) is down 16.54% at $1.06 in midday trading today. PEIX has been trending lower the past few days after having a decent run up for the first half of November. PEIX has traded 9.3 million shares so far today, 3 million more shares than its daily average. The company has a current market cap of 80.95 million.
Focus Media Holding Ltd. (NASDAQ:FMCN) is down 17.80% at $21.00. FMCN has traded 9.4 million shares today, 9 times its daily average volume. FMCN has been selling off since Friday after it gaped up on earnings. The company has a current market cap of 2.86 billion.
Gilead Sciences Inc. (NASDAQ:GILD) is down 12.29% at $35.00. Gilead Sciences announced today they will buy Pharmasset (NASDAQ:VRUS) for $11 billion. GILD has traded 22 million shares so far today, nearly triple its daily average. GILD had been trending slightly lower this month before dropping big today with the market. The company has a current market cap of 26.36 billion.
Netlist Inc. (NASDAQ:NLST) is down 12% at $3.08 in midday trading. NLST has traded 1.2 million shares so far today, well above its daily average of 406 thousand shares. NLST was in an uptrend all last week, but with the market down this big pretty much everything will follow. The company has a current market cap of 79.17 million.
The markets are getting hammered today and unless a company had really good news, pretty much every stock is following the market down.