Discussion in 'Stocks' started by Sky123987, Dec 29, 2008.
it is down a TON but I can't find any news on it from yahoo, briefing or fly on the wall
-10% a ton?
there is a ton of stocks today, like this one,down 20-30% with no news,on decent volume.
my guess-tax loss selling.which will be till end of the year. same for entire market.
lots of people going to close losing positions to realize the loss,before year end
The decline is not as large as it appears. 12/29/08 (today) is the ex-dividend (.75) date.
REIT Shrs Trade Lower Amid Retail, Real-Estate Concerns
By Shara Tibken of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of real-estate investment trusts fell in recent trading Monday as concerns about commercial real estate weighed on the stocks.
Mall REITs CBL & Associates Properties Inc. (CBL) and Macerich Co. (MAC) were among the top decliners, down 12% to $6.59 and 13% to $17.45, respectively. Developers Diversified Realty Corp. (DDR) dropped 6.2% to $4.11, while General Growth Properties Inc. (GGP) slid 5.4% to $1.22.
"There is so much negative news about retailers, I think that's hurting the mall REITs again," RBC Capital Markets analyst Richard Moore said in an interview. "The weak outlook for retailers is putting pressure on the malls."
Despite a flurry of last-minute shoppers lured by deep discounts, holiday sales plunged across most categories on shrinking consumer spending, according to data released Thursday. Total retail sales, excluding automobiles, fell over the year-earlier period by 5.5% in November and 8% in December through Christmas Eve, according to MasterCard Inc.'s (MA) SpendingPulse unit.
Other REITs trading lower included iStar Financial Inc. (SFI), down 22% to $2.24, and Sunstone Hotel Investors Inc. (SHO), down 10% to $5.20. Redwood Trust Inc. (RWT) fell 8% to $13.40, and DCT Industrial Trust Inc. (DCT) dropped 8.3% to $4.45.
"There is a general feeling that commercial real estate is going to struggle," RBC's Moore said.
Meanwhile, SL Green Realty Corp. (SLG) fell 6.9% to $25.33 after cutting its quarterly dividend almost in half Friday to preserve capital for paying debt or making investments. The REIT expects the cut to save about $95 million next year.
As the largest owner and manager of commercial properties in New York City, the company is expected to bear the brunt of the financial-services layoffs in the next year.
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