Today's 3 Worst Stocks
Apr 29th 2013 7:20PM
Updated Apr 29th 2013 8:25PM
All in all, not a bad day for the S&P 500 Index , which rose to an all-time high today. Markets gained ahead of a two-day Federal Reserve meeting that begins tomorrow -- the sentiment seems to be that Chairman Ben Bernanke and the rest of the committee will continue their bond-buying program, injecting more money into the U.S. economy. That's all well and good for the markets, but the growth didn't translate to today's three major S&P laggards.
Just after the craziness of tax season, you might expect H&R Block shares to be doing just fine. Instead, its stock slipped 2.5% after investors showed serious concerns with the number of tax returns the company has prepared this year. Flat year-over-year returns means H&R Block hasn't shown it can take market shares from ambitious and prevalent competition.
Retail companies took a hit today, and shares of Kohl's lost 2% after a streak of cold weather is set to hit business. Most of the cold weather setbacks are happening in the Northeast, and Kohl's has a large portion of its business in the region. With people not venturing outdoors as much when temperatures plummet, shareholders could be in for a nasty surprise come the earnings announcement May 16.
The last of the day's laggards, Abbott Laboratories spinoff AbbVie , lost 1.3% Monday. Shares may have simply sold off after shares bounced on Friday, when quarterly results beat expectations. Though revenue only added a little less than 4%, the sales growth in the company's primary moneymaker, Humira, surged 16%. The CEO was tough on the company's results Friday, criticizing the effect of patent expirations on results. Today, the market realized that those concerns may be a little more material than previously expected.
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The article Today's 3 Worst Stocks originally appeared on Fool.com.Fool contributor John Divine has no position in any stocks mentioned. You can follow him on Twitter, @divinebizkid , and on Motley Fool CAPS, @TMFDivine . The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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