March's S&P 500 biggest losers

[HenryTo]

From the latest issue of Forbes. Delhi was the biggest loser but both SLR and ERTS weren't that far behind either. The 17% decline attributed to AIG didn't include yesterday's further 8% decline in the stock, by the way:
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S&P 500 March Losers
Peter Kang, 04.01.05, 6:30 AM ET

NEW YORK - Despite carving out multiyear highs in March, the benchmark S&P 500 index ended the month on a down note, with a decline of 1.91%. The bearish sentiment was fueled by yet another "measured" Federal Reserve interest rate hike, bundled with the compulsory verbiage from Chairman Alan Greenspan, just as crude oil prices notched a fresh high of more than $57 per barrel. Investors are becoming increasingly cautious, as profit warnings and corporate governance issues triggered the majority of March's biggest losses. Merger announcements, or rumors thereof, fueled many of the month's winning stocks, as the trading environment shifts from sector rotation to a stock-picking game.

Delphi (nyse: DPH - news - people ) was the big loser for the month, with a decline of more than 34%, as concerns of questionable accounting sent shares reeling. The car parts maker, whose chief financial officer resigned in March, said it will restate three years of results. The timing couldn't be worse for Delphi, as one of its largest customers, General Motors (nyse: GM - news - people ), said it would cut first-quarter production and plans to produce 10% fewer cars and trucks in the following quarter. Merrill Lynch cut the rating on Delphi to "sell" and said, in addition to the accounting woes, the company's fundamentals continue to be "disappointing."

Solectron (nyse: SLR - news - people ) shares continued a four-month funk, with a monthly loss of 30%. The selling accelerated late in March after the electronics supply-chain services firm issued lower third-quarter guidance. "In our view, end-market demand is not broad-based, and near-term visibility remains limited," said S&P Equity Research.

Shares of Electronic Arts (nasdaq: ERTS - news - people ) suffered a decline of almost 20% in March, following the videogame maker's lower-than expected fiscal 2005 guidance. The company attributed its disappointing outlook to hardware shortages and poor initial sales of newly released titles. Nevertheless, research firm Credit Suisse First Boston maintained an "outperform" rating and $85 price target for the stock. "While the lack of hardware supply cuts across the industry, we believe it is a distant second to EA's weak catalog sales as a driver of this result," it said. "Hardware availability has already begun to improve and EA's lineup for this year is significantly stronger than last. That said, we believe this event will create a solid buying opportunity for the entire group."

Nvidia (nasdaq: NVDA - news - people ) reversed its previous month's performance, with a loss of 18%. After posting the third-largest February gain in the S&P 500 on solid fourth-quarter results, the stock promptly topped on March 1 and has been on a steady decline since then.

Poor guidance and a patent infringement suit filed against Symbol Technologies (nyse: SBL - news - people ) took its toll on the stock, while Dow components General Motors and American International Group (nyse: AIG - news - people ) both posted 17% declines.