Business Journal: Wall Street Tanks, Local Companies Impacted
Several Sacramento-area companies are feeling the pain of Monday's record drop on Wall Street.
Monday, September 29, 2008
Shares of American River Bankshares, the parent company of American River Bank, declined 10 percent, while stock of GenCorp Inc. – the parent of Aerojet -- fell 7 percent after its chief financial officer and controller left the Rancho Cordova company. And Chapeau Inc. — a clean-tech company in El Dorado Hills — plunged 26 percent in trading Monday. But there were a few winners, including FirstGold Corp., a Cameron Park company that will start mining for gold in Nevada in the next few months. FirstGold shares gained 29 percent, as investors looked for a safe haven during the tough economic times. But the big winner? Pacific Ethanol, with a more than 50 percent increase of its stock. The Sacramento-based company announced the opening of its latest ethanol plant in Stockton on Monday.