Carnival and Kinross Gold Among Biggest Stock Price Losers Today
Despite a strong upside day for the U.S. financial markets today, here are the companies seeing a sell-off due to the following reasons:
Biggest stock losers of the day:
Carnival Corporation (NYSE:CCL): JP Morgan cuts Carnival from overweight to neutral and target from $38 to $30. The firm feels the Costa Concordia tragedy will impact “an already soft consumer environment (particularly in Europe), and the resulting price discounting…that we believe will follow.” Shares closed at $29.60, down $4.68, or 13.65 percent. Their 52-week trading range has been $28.52 to $48.13.
Kinross Gold Corporation (NYSE:KGC): Kinross Gold picks its way after announcing only a slight 2012 production increase. A slight bump in from 2.6 million ounces in 2011 to a predicted 2.6 million – 2.8 million ounces in 2012. Not much consider costs to gold production costs are rising from around $600 per ounce to $670-$715 an ounce. Capital expenditures for 2012 were forecast to be about $2.5 billion. Shares closed at $10.27, down $2.38, or 18.81 percent. Their 52-week trading range has been $10.80 to $18.25.
R.R. Donnelley & Sons Company (NASDAQ:RRD): R.R. Donnelley drops to 52-week low. The company said it cannot provide fiscal year 2011 generally accepted accounting principles (GAAP) earnings estimates because of ongoing considerations for “a pension curtailment gain, acquisition-related expenses and other items.” Full year revenues for the printing company came in at $10.6 billion, below a consensus $10.72 billion. The company says it is above estimates for free cash flow. Shares closed at $12.13, down $2.28, or 15.82 percent. Their 52-week trading range has been $12.90 to $21.34.
New Oriental Education & Tech Grp (NYSE:EDU): New Oriental Education posted $0.05 second quarter fiscal earnings-per-share missing by $0.01 while revenue was up 38 percent year-over-year at $132 million beating estimates by $3 million. Shares closed at $22.36, down $2.86, or 11.34 percent. Their 52-week trading range has been $20.61 to $34.77.
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