Tuesday, September 30, 2008

Don't Call It a Recession: How'd the East Bay Do Yesterday?

By Chris Thompson
Tue, Sep 30, 2008 at 8:07 AM

What a day, huh? The Bay Area's tech sector took a real beating yesterday, as the NASDAQ dropped nine percent, and the region's most sophisticated and profitable companies led the charge toward the basement. Apple's stock lost a remarkable 18 percent of its value, and Google's stock fell more than ten percent, dropping below $400 a share for the first time since 2006, when it was on its way up. So, how did the East Bay's biggest public companies do in yesterday's bloodbath?

Surprisingly well, since we've never been too tech heavy. Chevron, the region's biggest powerhouse, took a beating as the price of oil fell, losing more than ten percent of its value. But while everyone else was chugging Pepto-Bismol and watching their stock options evaporate, the East Bay weathered the storm with reasonably light damage. Here are the 12 largest companies, after Chevron, and how they did:

Safeway: down 3.6 percent

Synnex, the Fremont tech supply chain company: down 3.9 percent

Ross Stores: down 1.9 percent

Longs Drug Stores: down 1.3 percent

Clorox: down 1.3 percent

Lam Research Corp. (semiconductors): down 4.9 percent

UTStarcom (telecommunications): down 6 percent

Pacer International (logistics and transportation): negligible movement

Central Garden and Pet Co.: negligible movement

Bio-Rad Laboratories: down 5.3 percent

PMI Group (insurance): up 7.7 percent (this is really weird, since PMI is holding so much in bad mortgage insurance. We suppose investors still think the bailout will eventually happen)

Cost Plus: down 4.7 percent

Sybase: down 8.5 percent


Subscribe to this thread:

Add a comment

Anonymous and pseudonymous comments will be removed.

Author Archives

Readers also liked…

Most Popular Stories

© 2016 East Bay Express    All Rights Reserved
Powered by Foundation