Piper, Granite City among rare gainers in market tumult
Minneapolis / St. Paul Business Journal - by Jennifer Niemela Staff Writer
In the midst of a broad selloff on Wall Street and swirling concerns of a deepening economic crisis, a few Twin Cities companies managed to eke out stock gains Monday.
Piper Jaffray Cos. was among one of just 16 publicly-traded Minnesota companies to post positive numbers in trading on Monday, as the Dow plummeted by 800 points before recovering to close just under the 10,000 mark.
The Minneapolis-based investment bank’s stock was up 7 percent, to $40.15 per share. Shares of Piper Jaffray (NYSE: PJC) have weathered the crisis that's claimed larger Wall Street rivals because Piper has been seen as less exposed to the sort of credit problems that have roiled the economy.
Plymouth-based Innovex Inc. (NYSE: INVX) was the day’s biggest loser, down 19 percent to 22 cents. Innovex makes electronics for disk drives, flat-panel displays and printers. Insurer Travelers Co. (NYSE: TRV) closed up 30 cents, at $39.10.
EnteroMedics Inc. (NYSE: ETRM) was up 12 percent at $2.92 cents per share. The Roseville-based firm is developing a device to treat obesity. Restaurant operator Granite City Food & Brewery (NYSE: GCFB) was up 16 percent to 72 cents per share.
Wells Fargo & Co. (NYSE: WFC), which was sued Monday by Citigroup Inc. for trying to buy Wachovia Corp. when the troubled bank had already signed an agreement to be acquired by Citigroup, ended trading down slightly at $34.08 per share.
jniemela@bizjournals.com | (612) 288-2138
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