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Tampa Bay businesses take part in market party

Now this is more like it.

The Dow Jones Industrial Average's amazing rebound Monday — more than doubling its previous record one-day point gain — reverberated into a huge rally by Tampa Bay area public companies.

Many of the area's largest companies posted double-digit jumps, though the surge couldn't quite erase the market carnage of the past three weeks. Of course, as with any market rally, not everyone wound up happy.

Winners

RAYMOND JAMES: +23%

His brokers are still busy handling the concerns of investors across the country, but Tom James, chairman of the St. Petersburg financial services company, can breathe a sigh of relief. Raymond James stock closed at $26.10, recovering from the tumultuous end of last week.

JABIL CIRCUIT: +22%

The global electronics manufacturer based in St. Petersburg has been on a steady decline since a recent peak above $18 a share in mid August. Despite the rise, it's not even back to being an $8 stock yet.

GERDAU AMERISTEEL: +19%

The surge boosted the Tampa steelmaker to close at $6.67, just about negating its big loss on Friday.

TECO ENERGY: +16%

Both investors and customers of the Tampa utility had something to cheer. As its stock rose almost $2 a share, TECO told regulators that it wouldn't have to seek as hefty a rate increase as envisioned because of a drop in fuel prices.

WELLCARE HEALTH PLANS: +12%

The Tampa-based managed-care company, which closed at $27, has had a year of wild swings as it fluctuated between a federal investigation into its operation and buyout rumors.

WALTER INDUSTRIES: +11%

Finally a day to smile. After a prolonged slide from its late July high over $100, the Tampa company's stock rose almost $4 to close at $38.77. Maybe it helped that Motley Fool on Monday mentioned Walter as a coal stock investors may want to consider.

Losers

HSN: -7%

It was only a 30-cent slide, but it was enough to make the St. Petersburg-based home shopping network the biggest loser, percentagewise, in the bay area.

MARINEMAX: -6%

The rising tide couldn't lift the Clearwater-based boat seller. An analyst said Monday that MarineMax and boatmaker Brunswick Corp. are in danger of violating debt covenants as sales in the industry sink. MarineMax closed at $4.80.

Tampa Bay businesses take part in market party 10/13/08 [Last modified: Tuesday, October 14, 2008 11:33am]
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