POSTED: 11:33 a.m. HST, Aug 08, 2011
Hawaii stocks were caught up in today's stock meltdown with Central Pacific Financial Corp., the parent of Central Pacific Bank, taking the worst hit as it fell 13.6 percent, or $1.64, to a 52-week low of $10.41.
Alexander & Baldwin Inc., the parent of ocean shipper Matson Navigation Co., also fell by double digits with a decline of 11.7 percent, or $5.03, to $38.09. After the market closed, A&B reported a 35.3 percent drop in second-quarter earnings.
Local banks were particularly hit hard as Territorial Bancorp Inc., parent of Territorial Savings Bank, fell 8.5 percent, or $1.78, to $19.05; Bank of Hawaii Corp. tumbled 7.9 percent, or $3.40, to $39.64; and Hawaiian Electric Industries Inc., parent of American Savings Bank, sank 6.6 percent, or $1.48, to $21.06.
Other big losers included Hawaiian Holdings Inc., parent of Hawaiian Airlines, down 8.7 percent, or 37 cents, to $3.87; Hawaiian Telcom Holdco Inc., off 7.3 percent, or $1.66, to $20.05; and Maui Land & Pineapple Co., down 7.9 percent, or 38 cents, to $4.45.
The only Hawaii-based stocks to rise today were alternative energy supplier Hoku Corp., which rose 4 percent, or 6 cents, to $1.56, and Cyanotech Corp., a producer of human nutritional products from microalgae, up 0.3 percent, or 1 cent, to $3.28.