March 17, 2020
Stock of 10 largest Central Mass. public firms plunged 29%
Photo | Grant Welker
Hologic's Marlborough headquarters
By Grant Welker
As recently as Feb. 19, stocks were riding high for Central Massachusetts-based public companies and beyond.
As coronavirus has spread into a pandemic that's brought much of the economy to a standstill, those stocks have not been spared.
Stock in the 10 largest public companies in Central Massachusetts have plunged 29% in the weeks since the market's peak, including Monday's drop of nearly 3,000 points or 13% on the Dow Jones Industrial Average, one of the largest falls in the market's history.
Hologic, the Marlborough medical device firm, dropped 39%. Stock has dropped by 36% or more for Framingham clean energy firm Ameresco, Worcester's Hanover Insurance Group, Marlborough medical device company Boston Scientific, who has said it expects a sales drop of $10 million to $40 million from the outbreak, and Acton insulin pump maker Insulet, whose Omnipod Systems are largely made in China.
TJX Cos., the Framingham retailer, dropped nearly as much, by 35.7%. Each of those fell by more than the Dow Jones Industrial Average (31.2%) and the S&P 500 (29.5%) over the same time period.
Oxford laser manufacturer IPG Photonics, which said in an earnings report Feb. 13 it expects roughly $45 million in reduced revenue from the outbreak, has fallen 26.8%.
One major corporation has been an exception to the rule: Westborough's BJ's Wholesale Club. The retailer, likely bolstered in large part by customers stocking up on necessities during the outbreak, has seen its stock rise 7%.
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