Most Virginia stock prices are still down in mid-day trading, and they continue to fluctuate.
Some, such as Dominion Resources, have improved since morning trading. Dominion’s stock price was down $1.49 at 10 a.m., but was only 69 cents below Friday’s closing price. On the other hand, other companies, such as AES had dropped. AES’ stock price was down $1.19 to $13.03 at noon, but was only down 90 cents in earlier trading.
Stock prices were expected to plunge Monday following weekend turmoil in the U.S. financial markets. Lehman Brothers, the fourth largest investment bank in the country, filed for bankruptcy this morning after major losses in the mortgage industry. In addition, Merrill Lynch, another investment bank roiled by losses in the mortgage industry, agreed to be bought by Bank of America and Insurer AIG sought a $40 billion bridge loan from the Federal Reserve to avoid a downgrading from credit agencies.
The Dow Jones industrial average has also fluctuated throughout the day. The Dow Jones immediately dropped 300 points after U.S. markets opened Monday morning, then recovered to 250 points down, but was back down 315 points by noon.
The following are the noon stock prices of the state’s 15 largest public companies:
Altria Group, down 24 cents, $20.92
General Dynamics, down 93 cents, $84
Dominion Resources, down 69 cents, $42.42
Smithfield Foods, down $1.35, $20.75
AES, down $1.19, $13.03
Gannett, down 40 cents, $17.13
MeadWestvaco, down 53 cents, $27.12
Owens & Minor, up 38 cents, $46
NVR, down $8.97, $600.18
Advance Auto Parts, down $1.21, $40.51
Circuit City, down 3 cents, $1.64
Capital One Financial Corp, up 11 cents, $46.05
Genworth Financial, down 41, $14.70
Norfolk Southern, down $1.56, $66.41
CarMax, down 28 cents, $15.38