Tough Year For Michigan Companies, Investors
DETROIT (WWJ) – Analysts expected a better stock market this year. But it didn’t happen.
WWJ and Fox 2 Business Editor Murray Feldman says investors fled some Michigan companies in droves sending stock prices plummeting. Metro area-based Energy Conversion Devices lost 95 percent of its value this year, falling from over five dollars a share to just pennies. ”They’ve been talking with creditors working to restructure the 50-year-old company,” Feldman said.
Flagstar Bank stock was down 65 percent, closing some Midwest locations to concentrate more on their core markets.
Whirlpool stock was down about 45 percent and along with the housing problem. Pulte Homes saw its stock lose 18 percent.
Feldman said, however, some Michigan companies are smiling as we wind down 2011.
Citizens Republic started the year at $6 per share and now is at $11 – an update of 80 percent. Other Michigan winners were Perrigo, Saga Communications along with Lazy Boy and Taubman Centers. DTE and CMS Energy also did well.