Why TransUnion, Teck Resources, and Star Bulk Carriers Group Slumped Today
The stock market didn't make any major moves on Wednesday, responding to a lack of noteworthy news after an eventful couple of weeks. Major benchmarks were little changed, with most indexes seeing minimal gains from Tuesday's closing levels. The overall mood was fairly positive, especially in the context of a seasonally weak period for the market. Yet some individual stocks did suffer, and TransUnion (NYSE: TRU), Teck Resources (NYSE: TECK), and Star Bulk Carriers Group (NASDAQ: SBLK) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.
Shares of TransUnion fell 8.5% in the wake of fallout from fellow credit reporting bureau Equifax's breach of sensitive financial information. The episode at Equifax has caused consumers to become more aware than ever of the potential to have their personal data stolen, and TransUnion has said that it has faced a rising tide of inquiries in response. Some might believe that the news would be good for TransUnion, as it could persuade some consumers to prefer its services over those of Equifax. Yet consumers are likely to take the same actions across the industry rather than dealing with just one agency, and TransUnion will also potentially be subject to any added regulation that could result from the breach.
Image source: TransUnion.
Source: Fool.com
