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Sunday, 26 June 2016 12:09

Post-Brexit, West Michigan public company stocks take a beating

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Stock prices of West Michigan’s publicly traded companies tumbled on Friday as Wall Street succumbed to the uncertainty caused by the U.K.’s decision to exit the European Union.

In Friday trading, markets in the U.S. and globally fell sharply as news spread of the unexpected results of the so-called Brexit referendum, which passed on a narrow 52-48 percent vote. The Dow Jones Industrial Average was off 610 points or 3.39 percent, while the NASDAQ plunged 202 points or 4.12 percent.

Locally, shares in Zeeland-based office furniture manufacturer Herman Miller Inc. (Nasdaq: MLHR) fell the most, dropping 9.66 percent from $32.49 on Thursday to $29.35 at the close of the market on Friday.

Meanwhile, Benton Harbor-based appliance maker Whirlpool Corp. (NYSE: WHR) saw its share price dip from $178.86 to $162.57, a loss of 9.11 percent. On paper, the company lost more than $1.23 billion in market capitalization, the largest such decline among West Michigan-based public companies.

Market capitalization reflects the market value of a company’s outstanding shares.

Overall, the West Michigan public companies trading on major exchanges lost more than $3.37 billion, or 3.06 percent, in market capitalization in the day following the Brexit vote, according to an analysis by MiBiz.

[RELATED: Persistent uncertainty over Brexit, EU’s future could affect West Michigan companies]

None of the West Michigan companies tracked saw their share prices increase, but the share price for five companies dipped less than 2 percent: Kellogg Co. (down 0.82 percent), Stryker Corp. (down 1.51 percent), Macatawa Bank Corp. (down 1.88 percent) and NeoGen Corp. (down 1.92 percent). 

Here’s a look at how West Michigan-based public companies fared in the wake of the Brexit vote: 

Company

Thursday close

Friday close

% change

Chemical Financial Corp.

$39.29

$36.82

-6.29%

Gentex Corp.

$16.29

$15.42

-5.34%

Herman Miller Inc.

$32.49

$29.35

-9.66%

Independent Bank Corp.

$14.78

$14.27

-3.45%

Kellogg Co.

$77.83

$77.19

-0.82%

Macatawa Bank Corp.

$6.90

$6.77

-1.88%

Mercantile Bank Corp.

$24.63

$23.71

-3.74%

NeoGen Corp.

$53.16

$52.14

-1.92%

Perrigo Co. plc

$95.12

$91.01

-4.32%

Spartan Motors Inc.

$6.31

$5.76

-8.72%

SpartanNash Co.

$29.65

$28.70

-3.20%

Steelcase Inc.

$14.45

$14.06

-2.70%

Stryker Corp.

$118.38

$116.59

-1.51%

Universal Forest Products Inc.

$91.49

$86.37

-5.60%

Whirlpool Corp.

$178.86

$162.57

-9.11%

Wolverine World Wide Inc.

$20.62

$20.15

-2.28%

Read 2793 times Last modified on Sunday, 26 June 2016 13:14

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