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Tough Week for N.J. Stock Index
Sunday, September 06, 2009 7:07 PM


(Source: Asbury Park Press)trackingBy Michael L. Diamond, Asbury Park Press, N.J.

Sep. 6--Losers outpaced winners by a two-to-one margin last week on the Asbury Park Press/Bloomberg 75 index.

The index, made up of 75 companies either headquartered at the Shore or with significant operations in New Jersey, was at 102.31 Friday at 5 p.m., down 1.75 points, or 1.68 percent.

Fifty companies lost ground, 24 companies gained ground and one was unchanged.

The index has risen 6.3 percent since the beginning of the year.

The companies with the biggest percentage declines were: Hovnanian Enterprises Inc., $3.94, down $1.67, or 29.8 percent; Jackson Hewitt Tax Service Inc., $4.61, down $1.29 or 21.9 percent; The Macerich Co., $26.18, down $3.86, or 12.8 percent; Gannett Co. Inc., $8.11, down $1, or 11 percent; AC Moore Arts & Crafts Inc., $3.52, down 43 cents, or 10.9 percent.

Red Bank-based Hovnanian, the biggest homebuilder in New Jersey, reported a third-quarter loss that was more than analysts expected. Separately, prices for new homes are expected to drop 13 percent this quarter and 2 percent in the next, according to a report by the National Association of Realtors.

Parsippany-based Jackson Hewitt, the second-biggest tax filing firm, said it lost $21.8 million, or 76 cents a share, during the quarter ended July 31, compared with a loss of $20.5 million, or 72 cents a share, the same quarter last year.

The companies with the biggest percentage gains were: Vonage Holdings Corp., $1.50, up 13 cents, or 9.49 percent; Commvault Systems Inc., $20.08, up $1.73, or 9.43 percent; Knight Capital Group Inc., $20.48, up 80 cents, or 4.07 percent; Comcast Corp., $16.33, up 62 cents, or 3.95 percent; and Avis Budget Group Inc., $10.39, up 38 cents, or 3.8 percent.

Holmdel-based Vonage, an Internet phone carrier, said Apple Inc. approved its mobile-phone application for the iPhone and IPod Touch devices. The company didn't provide details on what the application does.

And Philadelphia-based Comcast continued to rise a week after a court threw out a ruling that limited cable companies to 30 percent of the market.

Bloomberg News Service contributed to this story.

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