Virginia stock prices fall Monday morning
- September 15, 2008
Almost all of Virginia’s largest public companies’ stock prices fell after Monday morning in the wake of financial turmoil over the weekend.
The majority of the largest Virginia public companies’ stock prices had fallen between 2 and 5 percent by 10 a.m. The Dow Jones Industrial Average lost 325 points, or 2.85 percent, after the markets’ opening bell on Monday.
However, two of the state’s biggest companies, Capital One Financial Corp. and Genworth Financial, were up after early morning trading.
World markets were expected to plunge after a devastating weekend for the U.S. finance industry. Lehman Brothers, the country’s fourth-largest investment bank, filed for bankruptcy Monday morning after federal officials failed to intervene this weekend. The investment bank suffered billions of dollars in losses during the fallout of the subprime mortgage market. In addition, Bank of America agreed to buy Merrill Lynch for $50 billion. The stock brokerage also was reeling from losses in the mortgage industry.
Here are how Virginia’s largest public companies are faring:
Altria Group, down 39 cents, $20.77
General Dynamics, down 82 cents, $84.11
Dominion Resources, down $1.49, $41.62
Smithfield Foods, down $1.54, $20.56
AES, down 90 cents, $13.35
Gannett, down 63 cents, $16.90
MeadWestvaco, down 48 cents, $27.17
Owens & Minor, down 57 cents, $45.05
NVR, down $11.10, $598.05
Advance Auto Parts, down $1.22, $40.50
Circuit City, down 4 cents, $1.59
Capital One, up 80 cents, $46.74, up 80 cents
Genworth Financial, up 7 cents, $15.19
Norfolk Southern, down $1.70, $66.38
CarMax, down 46 cents, $15.20