Stocks continue leaking Wednesday
After two days of big losses, the HCN Stock Index showed strength on Wednesday before fading to finish the day down 1.33 percent at 766.22.
Amid international financial turmoil, the Dow Jones Industrial Average was down 189 points, or 2 percent, to finish at 9,258.
On the HCN index, a basket of 20 companies weighted by market cap, decliners led gainers 12 to 8. The best performing stocks on the day were Builders FirstSource, up 4.75 percent; Scotts Miracle-Gro, up 2.85 percent; and The Stanley Works, up 2.52 percent.
Thriftway files for Chapter 11
Thriftway, a one-unit lumberyard based in Owensboro, Ky., has filed for Chapter 11 bankruptcy protection, according to an article in the Messenger Inquirer. The owner of the 45-year-old business blamed the homebuilding slump for recent financial troubles.
“Building materials dealers are not in favor with lenders at this time,” said Ken Lawson, Thriftway’s president. “Our business is good, and the Owensboro economy is good, too — much better than the national economy.”
“We’ve provided service for 45 years and will continue to provide service,” Lawson continued. “Our people and inventories are still here, and our customers will see no interruption of service. It’s just paperwork.”
According to its web site, Thriftway also operates an affiliate, Wholesale Doors & Trim and Installation, and HardwareOvernight.com, an Internet business.