Tuesday was a rough day for the Dow Jones. It closed the day down 200.38 points, or 1.09% lower. These three stocks were the biggest losers for the day: MRK, UNH, and INTC. Here’s why:
1. Merck & Company (MRK)
Shares for Merck & Company closed the day down 3.08% on Tuesday. The company is in the midst of shutting down its Florida factory and will begin laying off over 100 employees in the facility plant starting in November. The company will lay off employees in two waves. Only two employees will remain in 2017 to complete the factory’s closing.
The plant’s closure is part of the company’s plan to reduce its manufacturing network. It has already shut down facilities in Puerto Rico and Ireland.
2. UnitedHealth Group Inc. (UNH)
UnitedHealth closed the day down 2.41%. News broke yesterday that Huntington National Bank reduced its stake in the company by 11.4% in the second quarter, as per a recent SEC filing. Huntington’s shares in the company were worth $21,520,000.
In early September, Director Richard T. Burke sold 400,000 shares of the company’s stock at an average price of $135.31. The transaction totaled $5,412,400. The director now owns 2,003,550 shares worth $271,100,350.50.
UnitedHealth has a market cap of $128.34 billion and a PE ratio of 21.09. Its 50-day moving average is $137.69.
3. Intel Corp. (INTC)
Intel Corp.’s stock closed the day down nearly 2%. Late last week, the stock surged to $38.31 per share, a level not seen since the dot-com bubble. Experts speculate that the company’s early announcement of positive earnings likely drove the stock higher. Intel said sales for personal computer chips were better than expected.
Analysts speculate that Intel’s stock will rebound after Tuesday’s decline. The company is expected to release its quarterly earnings report on October 18.
