(Source: Asbury Park Press)
By David P. Willis, Asbury Park Press, N.J.
Aug. 16--A decline in shares of A.C. Moore Arts & Crafts Inc. led to an essentially flat week for the Asbury Park Press/Bloomberg 75 index, which fell less than 1 percent.
The index, made of 75 companies either based at the Shore or with a significant presence in New Jersey, closed at 101.08 on Friday, down 0.80, or 0.79 percent. The index has risen 4.99 percent this year.
Forty-four companies declined, 30 gained while one declined.
A.C. Moore Arts and Crafts closed at $3.25, down 35 cents, or 9.72 percent.
Last week, the retailer said sales declined 17.4 percent in the second quarter over the same period a year earlier.
Sales were hurt by the the operation of six fewer stores than in the second quarter of 2008 and a 13.8 percent decline in the sales at stores open at least a year, the company said.
Other stocks that saw a decline included: Red Bank-based Hovnanian Enterprises, $4.06, down 36 cents, or 8.14 percent; Shrewsbury-based Wayside Technology Group, $7.69, down 62 cents, or 7.5 percent; Provident Financial Services Inc., $11.63, down 88 cents, or 7.03 percent; Valley National Bancorp., $12.64, down 92 cents, or 6.78 percent; and Monmouth Real Estate Investment Corp., $6.24, down 45 cents, or 6.73 percent.
Stocks that saw gains included: The Great Atlantic & Pacific Tea Co., $6.97, up $1.19, up 20.6 percent; Avis Budget Group, $10.61, up $1.19, or 10.5 percent; Bank of America, $17.39, up 97 cents, or 5.91 percent; Gannett Co. Inc., owner of the Asbury Park Press, $8.17, up 43 cents, or 5.56 percent; and Wal-Mart Stores Inc., $51.79, up $2.50, or 5.07 percent.
Earlier this month, Great Atlantic & Pacific Tea announced that it had completed a $435 million capital-raising effort.
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