Only a handful of companies posted gains as the Dow Jones Industrial Average fell 684.71 points, or 7.13%--the largest single-day point drop in stock market history. For a historical comparison, the composite index fell 508 points on Black Monday, Oct. 19, 1987, following a week of sharp drops.
Among those posting gains, were Palm Beach Gardens, FL-based Wackenhut Corp. and the affiliated Wackenhut Correctional Services Corp. It's a pretty good bet, however, investors weren't focused on their correctional facilities management and development operations.
Shares in Wackenhut Corp. closed up $4.45 a piece at $21.15 on volume of 458,900 largely because of the firms' security services operations. Wackenhut Correctional closed up 65 cents at $13.80 on volume of 167,000.
Miami-based homebuilder Lennar Corp. posted significant one-day losses Monday, closing down $2.81 at $36.81 on volume of 935,000. The company's commercial real estate affiliate, LNR Property Corp., closed down $2.27 at $28.50 on volume of 99,100.
The market also soured for South Florida-based hotel development and operations companies such as Fort Lauderdale-based Extended Stay America Inc., which is in the process of relocating to Spartanburg, SC; Palm Beach-based Innkeepers USA Trust; and Boca Raton-based Boca Resorts Inc.
Shares in Extended Stay closed down $2.54 at $13.97 on volume of 1.13 million. Innkeepers closed down $1.85 at $8.95 on volume of 1.27 million. Boca Resorts closed down $1.30 at $11.55 on volume of 92,700.
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