October has been a rollercoaster ride for America’s largest companies, with even the healthiest corporate titans racking up tens-of-billions in lost market value since the month began. Greater Washington’s corporate giants were not immune.
Case in point: D.C.-based Danaher Corp.’s market cap fell $7.76 billion between Oct. 1 and Oct. 24. Bethesda-based Lockheed Martin Corp’s market value fell $7 billion, and Marriott International by $6.8 billion, during the same period. Even D.C.’s CoStar Group Inc., which as the WBJ’s Dan Sernovitz recently reported is seeing soaring revenue, lost $1.38 billion in market value during the first three weeks of the month.
A Business Journals analysis of the nation’s largest 3,000 public companies determined roughly $2.1 trillion in market capitalization was lost between Oct. 1 and Oct. 24, as uncertainties concerning trade, interest rates and economic instability abroad sent U.S. stock markets swooning.
Amazon (Nasdaq: AMZN) suffered the biggest hit…Read the full story from the Washington Business Journal.