Up and Down: CapitalSource, Circuit City, Massey
Stocks had their best week in almost three months last week, helped by oil prices driving up energy stocks and Google's earnings.
*Shares of CapitalSource of Chevy Chase (CSE) jumped almost 14 percent last Monday, the day its deal for retail banking operations of Fremont General was announced. They dipped a little on Tuesday after analysts said the lender still faces some obstalces but spent the rest of the week going up, closing up 27 percent last week at $13.31 for the biggest one-week gain on our list. Despite the gains, shares are still less than 50 percent of their 52-week high of $27.40.
*Circuit City's (CC) shares are down 74 percent over the past 52 weeks - but that's not as bad than they have been. Shares gained 21 percent last week to close at $4.73 after Blockbuster's offer of more than $1 billion for the consumer electronics retailer. But that was after falling Tuesday, Wednesday and Thursday after a 27 percent jump on Monday.
*Massey Energy (MEE) of Richmond is the No. 1 one-year gainer (up 114 percent), the No. 2 three-month gainer (up 85 percent), and the No. 10 one-week gainer (up 14 percent). Shares closed at $52.55 on Friday; they hit their 52-week high of $53.14 on Wednesday. Their 52-week low of $16.01 came Aug. 9. The company on Tuesday filed its proxy statement with the Securities and Exchange Commission, revealing some nice perks for CEO Don Blankenship: a house valued at more than $129,000 and use of the company aircraft valued at $184,000. The fourth-largest U.S. coal company has benefited from problems at competitors that have made the coal market tighter.
*Shares of LandAmerica Financial (LFG) of Glen Allen, Va., have gained 50 percent in the past three months, closing at $38.95 on Friday. They hit their 52-week high of $108.92 in June. The provider of real estate transaction services swung to a loss of $54.1 million in 2007 after earning $98.8 million in 2006, hurt by problems in the credit and real estate markets.
*American Community Properties Trust (APO) said March 28 that it was exploring a restructuring that involves splitting the company's land assets from from rental properties. The company's controlling stockholders, the Wilson family (J. Michael Wilson is chairman and CEO), believe that would make the company a more attractive acquisition target for companies that own and operate rental properties, according to a statement. Shares of the St. Charles company dropped 6 percent last week to close at $17.
*USA Mobility (USMO) of Alexandria is No. 2 on the list of three-month losers, with shares down 43 percent in that period. Shares of the provider of paging and other wireless services hit their 52-week low of $6.50 on Tuesday, and shares closed at $6.72 on Friday. The key word behind its drop seems to continue to be "paging," as discussed last month.
*Shares of Coventry Health Care (CVH) of Bethesda are down 30 percent in the past three months, closing at $43.04 on Friday, suffering along with the broader health-insurance industry. A month ago, the company lowered its guidance for 2008 based partly on lower investment income because of the Federal Reserve lowering rates. Its profit margin is still one of the best in the industry, though.
April 21, 2008; 12:00 PM ET
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