A slow-down in the Global economy is impacting the stock value of a number of businesses in the area.
On Wednesday, there was a big drop in the value of Tenneco or Monroe.
The stock tumbled 33% on the New York stock market, down by $1.29 to now sit at $2.56.
A year ago, Tenneco was trading hands for $31.61
The other local stock taking a significant hit on the market yesterday was Goodyear which fell by 11% in value.
Goodyear is now selling for $9.96 a share compared with nearly 28 dollars a year ago.
Meanwhile, General electric is now trading at just under 19 dollars a share compared with 40 dollars a year ago…
And other major local companies have seen less significant drops in their market value.
PPG has fallen almost 40% from it’s share value at this time in 2007.
and Transcontinental is off about 30% in value from last year’s level.
The big sell-off recently on the Toronto and New York stock exchanges …. gets the blame for much for the drop in value of the companies.
