Despite the big gain in many stock prices Tuesday, the third-quarter performance was mixed for Chattanooga-area publicly traded companies.
In addition, the next three months could be volatile ones, said Paul Fitzgerald, a financial representative with Northwestern Mutual Financial Network in Chattanooga.
“Going into next year, I’m very optimistic,” he added, though a bounce back in the markets may be slow.
Banking company First Security Group posted the largest percentage gain in its share price, up 31.1 percent, among Chattanooga area businesses in the period amid tough times in the sector.
Also, Chattem, which makes consumer health products, and insurer Unum Group, recorded double-digit percentage gains. Chattem was up 20.1 percent, while Unum gained 22.7 percent.
Next Inc., a designer and distributor of licensed imprinted sportswear, and Miller Industries, which makes tow trucks, were both down more than 25 percent in the quarter.
Stan Russell with the firm Edward Jones said fear and greed often drive the markets in the short term.
“It’s been a roller coaster,” he said. “If you don’t jump off, you don’t get hurt.”
Mr. Fitzgerald said history shows markets always bounce back, but he said there is a lot of mistrust.
He said while consumers bear blame, so do regulators for the current turmoil.
“We’re going to have to face the music, swallow the pill and move on,” Mr. Fitzgerald said.
Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...