This Huntsville telecom stock took a massive hit
Declines dominated Tuesday’s Huntsville and Alabama Stock Report, highlighted by a Huntsville-based telecommunications equipment company’s eye-popping drop.
Adtran shed nearly $2 a share, or 26.5%, to drop to a 52-week low of $5.39. The company on Monday reported a loss of $72.7 million in its third quarter and, according to reports, said job cuts were on the horizon. Shares have fallen 61% since the beginning of the year and 64% in the past 12 months.
Elsewhere, Sanmina fell 14.3% to drop to a 52-week low of $45.24 after the electronics manufacturing services company gave investors a disappointing profit forecast.
Overall, U.S. stocks ticked higher Tuesday as Wall Street continues to absorb the big swings that have shaken financial markets recently.
The S&P 500 rose 12.40 points, or 0.3%, to 4,378.38, as gains for some Big Tech stocks helped offset losses for the majority of stocks in the index. It’s the second straight quiet day for the index after months of heavy losses swiveled sharply to a rally last week, its best of the year.
The Dow Jones Industrial Average rose 56.74, or 0.2%, to 34,152.60, and the Nasdaq composite gained 121.08, or 0.9%, to 13,639.86.