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Published March 28, 2008 at 2:44 PM
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Los Angeles-based Maguire Properties Inc. [MPG] took down the for-sale sign Friday, prompting investors to flee the stock. Maguire joins a bevy of companies in the real estate sector and anything remotely related to that industry such as Bear Stearns Cos. [BSC] that have suffered, pushing the U.S. economy to a major slowdown. Meanwhile, investors traded with no conviction as the markets rose slightly midday Friday with the Dow up 4.88, or 0.04% to 12,307.34 and the Nasdaq up 3.86, or 0.17% to 2,284.69. Here's a closer look at the performance of Deal Stocks in Friday midday trading:
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- Maguire Properties, the second-largest office landlord in Orange County, Calif., nosedived nearly 16% as the company announced it would try to survive on its own, abandoning any plans of selling itself. The company said there were no qualified offers. Like many in the real estate market, Maguire blamed its worsening finanicials on the credit market and subprime meltdown.
- No stranger to subprime meltdown, Bear Stearns fell nearly 5% as a regulatory filing stated chairman Jimmy Cayne sold 5.6 million shares, or his entire stake in the securities firm, for $10.84 each on Tuesday.
- Lastly, Clear Channel Communications Inc. [CCU] fell nearly 4% as the reality of its $25 billion take-private deal may not happen at all. TheDeal.com's Donna Block reported that Clear Channel said it can't estimate a closing date, originally expected by March 31.
- Gerald Magpily
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