Tuesday, October 23, 2018
Business

Stock market drops for a second straight day, dragging many Tampa Bay area stocks down with it

Stocks fluctuate, and on Thursday, they fluctuated downward for a second straight day, dragging share prices for many of the Tampa Bay area’s biggest publicly traded companies with them.

Among major local companies, Raymond James Financial saw the biggest drop-off in its share price: almost 7.5 percent over Wednesday and Thursday. In contrast, Welbilt’s share price rose about half a percent over the two days, but New Port Richey restaurant equipment manufacturer was the exception among bay area companies.

On Wednesday, the culprit on the national level was technology stocks, which drove the market’s worst decline in eight months. The Dow Jones Industrial and Standard & Poor’s indexes were both down more than 3 percent. The tech-heavy Nasdaq index dropped more than 4 percent.

On Thursday, the S&P 500, the market bench mark, closed lower for the sixth straight day.

"The global economy and markets are in a delicate situation," Carsten Brzeski, chief economist at ING Bank in Frankfurt, told the New York Times. "While the status quo is still good, risks are increasing."

Domestically, the Federal Reserve is expected to increase interest rates further, which could raise the cost of borrowing in the United States and around the world.

And abroad, the Trump administration’s adversarial trade relationship with China is getting worse, not better. If tensions between the United States and China continue to rise, International Monetary Fund managing director Christine Lagarde warned that "the global economy would take a significant hit."

Here’s how stocks for 10 of the bay area’s biggest publicly traded companies fared Wednesday and Thursday:

WELLCARE, Tampa

Health care management

Close Thursday: $302.10, down eight-10ths of a percent

Two-day loss: 2.9 percent

Market capitalization: $15.1 billion

RAYMOND JAMES, St. Petersburg

Financial services

Close Thursday: $87.72, down 2.5 percent

Two-day loss: Nearly 7.5 percent

Market capitalization: $12.8 billion

JABIL, St. Petersburg

High-tech manufacturing

Close Thursday: $23.50, down 1.3 percent

Two-day loss: 4.9 percent

Market capitalization: $3.96 billion

TECH DATA, Clearwater

Technology and software distribution

Close Thursday: $68.50, down 2.3 percent

Two-day loss: 4.1 percent

Market capitalization: $2.63 billion

BLOOMIN’ BRANDS, Tampa

Restaurants

Close Thursday: $19.58, down 2.25 percent

Two-day loss: 3.2 percent

Market capitalization: $1.81 billion

MASONITE INTERNATIONAL, Tampa

Door manufacturer

Close Thursday: $59.72, down 1.8 percent

Two-day loss: 1.8 percent

Market capitalization: $1.65 billion

SYKES ENTERPRISES, Tampa

Staffing and customer service

Close Thursday: $29.05, down 1 percent

Two-day loss: 3 percent

Market capitalization: $1.24 billion

WELBILT, New Port Richey

Food service equipment

Close Thursday: $19.02, up 2.2 percent

Two-day gain: Almost half a percent

Market capitalization: $2.67 billion

KFORCE, Tampa

Staffing and IT services

Close Thursday: $34.06, down 1.3 percent

Two-day loss: 3.9 percent

Market capitalization: $889 million

MOSAIC, Minneapolis but moving corporate headquarters to Tampa

Mining, fertilizer

Close Thursday: $32.69, up nearly 1.2 percent

Two-day loss: 1.2 percent

Market capitalization: $12.6 billion

MORE: Go here for more Business News

This report includes information from the New York Times. Contact Richard Danielson at rdanielson@tampabay.com or (813) 226-3403. Follow @Danielson_Times

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