Buffalo stocks fell this week, after five straight weeks of gains, led by HSBC Holdings Plc, General Motors Corp. and Hartmax Corp.
The Buffalo Bloomberg Stock Index fell 5.24, or 2.57 percent, to 198.72. The index was developed with a base value of 100 as of Dec. 30, 1994. Decliners outnumbered gainers 41 to 8 this week, with one stock unchanged. U.S. markets were closed Monday for the Presidents' Day holiday.
The employee-weighted list of 52 companies with operations in the Buffalo region set a 52-week high of 210.50 on March 27, and a 52-week low of 160.20 on July 14.
London-based HSBC Holdings fell $2.35 to $74.50 this week. The world's third-largest financial-services company by market value is expected to report Monday that net income rose to $6.92 billion, or 81 cents a share, in 2000, from $5.41 billion, or 53 cents, in 1999, according to the average forecast of analysts surveyed by Bloomberg News.
General Motors Corp. this week fell $1.11 to $53.01. The company expects to earn at least $2 billion from North American operations, and hopes to break even in Europe this year as the world's biggest automaker acts on the restructuring plan announced in December, Chief Executive Rick Wagoner said.
Hartmax, the Chicago-based maker and seller of Hickey-Freeman and other clothing lines, fell 40 cents to $3.20.
Among this week's gainers was Moog Inc., a maker of control systems for missiles and commercial aircraft, which rose $1 to $34.20. The company this week won contracts, valued at $12 million, to deliver dual axis gun-aiming systems to Sweden's Hagglunds Vehicle AB.
Shares of Ford Motor Co., the world's No. 2 automaker, rose 75 cents to $28.35.