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CW75 Index Falls 8%
August 11, 2011 | By KERRI WALSH
CW75 Stock Performance
The CW75 Index sank 8% for the week ended August 11. This is the index’s steepest decline since September 2008, when it fell 9% at the time of the collapse of Lehman Brothers.
The Morgan Stanley Global Composite also fell 8% this week, and the Standard and Poor’s (S&P) 500 index dropped 6.5%. Stock markets plummeted after S&P lowered its credit rating for the U.S., and fell on concerns about European sovereign debt. Basic, diversified, and specialty chemical stocks each fell slightly more than 8% for the week.
Cambrex topped the leaders’ list after reporting second-quarter earnings of 16 cts/share, beating analysts’ consensus estimates of 13 cts/share.
Clariant topped the laggards’ list; the company’s stock price dropped 33%, to $12.58/share, its 52-week low. Shares fell along with other Swiss stocks as the franc strengthened compared with other leading currencies including the euro.