Columbus companies feel the pain of slumping stock market

Dow Jones now down more than 7 percent from late December high

tadams@ledger-enquirer.comFebruary 3, 2014 

It was yet another bruising session Monday for stocks of companies headquartered in Columbus, with three of the four tumbling more than 3 percent.

Aflac, Synovus Financial Corp. and TSYS all fell sharply amid an overall downer stock market that closed with the Dow Jones index 326 points lower, or 2 percent, and the S&P 500 off nearly 41 points, or 2.2 percent.

Supplemental insurer Aflac lost $2.06 per share, or nearly 3.3 percent, closing at $60.72, but is still closer to its 52-week high of $67.82 than its low of $48.17. Aflac is scheduled to report its fourth-quarter and full-year 2013 earnings information after the market’s close Tuesday.

Regional bank Synovus, parent company of Columbus Bank and Trust, slipped 12 cents, or nearly 3.6 percent, to $3.23 per share. It’s trading range for the past year is $2.44 to $3.79.

Global credit-card processor TSYS fell $1.10 per share, or nearly 3.7 percent, to $28.78. The company’s stock is trading in a range of $21.53 to $33.44 per share for the past year.

Carmike Cinemas, meanwhile, dipped 66 cents, or 2.4 percent per share, to close at $26.45. The stock’s 52-week range is $14.95 to $28.95 per share. The movie-theater chain has yet to deliver its earnings report.

The stock market had been on an upward surge through 2013, reaching record highs, before starting to lose ground in January. The current tumble comes with concern among investors about the prospects of overseas economies, along with a dearth of positive news for the U.S. so far in 2014.

The Federal Reserve has started reducing economic stimulus in the form of bond purchases, while a weak report Monday indicated U.S. manufacturing slowed to a three-month low in January.

A stock market correction is considered to be losses amounting to at least 10 percent. The Dow Jones Industrial Average closed at just over 16,576 at the end of December. It ended Monday at nearly 15,373, which is down about 7.2 percent.

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