Investors crush Genesco

UPDATE 3:30 p.m. with closing prices: Genesco shares closed the day down 35.7 percent at $11.40. Brookdale closed down 22 percent, NHI down 17 percent, CBRL down 14 percent, O'Charley's down 5 percent and J. Alexander's down 14 percent. The broader market faded further during the afternoon, with the S&P 500 closing down 6.1 percent at 806.

As originally reported:

Shares of Nashville-based Genesco fell more than 30 percent Wednesday after the company slashed its outlook [2] for the coming quarters.

At about 11:50 a.m., Genesco (Ticker: GCO [3]) was off more than 32 percent at $12 on volume that already was almost four times its daily average. The stock, which was trading at $35 in late September, is now at its lowest point since March 2000.

Around noon, a handful of other Middle Tennessee stocks – concentrated in retail and health care – also are on their way to posting double-digit daily losses.

– Brookdale Senior Living (Ticker: BKD [4]) – which traded at $11 on Nov. 11 – is down 17 percent at $3.65. It is down 87 percent this year.

– National Health Investors (Ticker: NHI [5]) is off 15.3 percent at $20.30. Since Jan. 1, it has lost about 28 percent.

– CBRL Group is off 12 percent at $12.37. The shares (Ticker: CBRL [6]) are down about 62 percent in 2008.

– O’Charley’s is changing hands at $2.56, also off 12 percent on the day. The stock (Ticker: CHUX [7]) is off 83 percent so far this year.

– J. Alexander’s is down a little more than 10 percent to $2.20. The share (Ticker: JAX [8]) have lost 70 percent since moving from the Amex to the Nasdaq in late May.

The broader market indices are down about 3 percent as investors face more downbeat economic news [9] and the possibility that the Big Three automakers will not get their $25 billion emergency loan package they’re requesting.

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