Dallas Business Journal
Published: 10-13-08
As the Dow Jones Industrial Average plunged more than 400 points Friday morning stocks felt the residual effects of the decline including many leading Dallas stocks.
Who’s down? And who’s up?
Several companies in the energy and oil and gas industries experienced stock price declines.
Irving-based Exxon Mobil Corp. (NYSE: XOM) saw its stock plunge 13.40 percent to $58.89 around noon on Friday. The drop occurred as crude oil prices fell The Associated Press reported Friday.
Other energy companies feeling the pinch in the Dallas-Fort Worth area include Atmos Energy Corp. (down 8.42 percent last trade: $20.44); XTO Energy Inc. (NYSE: XTO) (down 15.74 percent last trade: $27.14); Quicksilver Resources Inc. (NYSE: KWK) (down 14.89 percent last trade: $9.20); and Exco Resources Inc. (NYSE: XCO) (down 7.50 percent last trade: $6.41).
Airlines stocks fared better rising or only dipping slightly as crude oil prices fell.
By midday Dallas-based Southwest Airlines Co. (NYSE: LUV) was down 0.51 percent trading at $11.69 per share. Meanwhile Fort Worth-based AMR. Corp. (NYSE: AMR) the parent company of American Airlines Inc. was up for most of the morning before experiencing a slight 1.05 percent drop. American was trading for $6.60 per share at 11:28 a.m.
Dallas-Fort Worth area retailers and hospitality providers also experienced significant drops on Friday.
Home accessories retailer Tuesday Morning Corp. (Nasdaq: Tues) saw its stock price plummet 10.47 percent hitting $2.65 per share. Other companies experiencing stock price declines include: J.C. Penney Co. (NYSE: JCP) (down 6.66 percent last trade: $21.86); Pier 1 Imports (NYSE: PIR) (down 9.76 percent last trade: $1.85); Blockbuster Inc. (NYSE: BBI) (down 7.65 percent last trade: $1.57); Brinker International (NYSE: Eat) (down 16.50 percent last trade: $10.98).
Brinker’s drop occurred as the company released its preliminary results for the first fiscal quarter of 2009 which showed earnings per diluted share in the 22 to 23-cent range down from earnings of 34 cents per share during the same quarter last year. Brinker attributed the expected decline in earnings to a decrease in restaurant sales at locations open for more than a year.
Who’s up?
Despite a volatile stock market several area stocks were up Friday morning. Sally Beauty Holdings Inc. (NYSE: SBH) a distributor and retailer of discount professional beauty supply products started the morning with its stock price rising as much as 2.28 percent and trading at $6.72 per share mid-morning.
Other stocks that are up include: EF Johnson Technologies Inc. (Nasdaq: EFJI) (up 3.50 percent last trade: $1.48); Viewpoint Financial Group (NasdaqGS: VPFG) (up 1.20 percent last trade: $15.22); Adams Golf Inc. (Nasdaq: ADGF) (up 2.12 percent last trade: $3.80).
