Area firms: Big losers, but some winners

0 Comments | Philadelphia Inquirer, The, July, 2007 | by Joseph Galante Inquirer Staff Writer

Shares of Philadelphia companies followed Wall Street's downward march yesterday as struggling mortgage and lending markets drove fears that corporate borrowing would become more expensive.

The Inquirer/Bloomberg Philadelphia Index of 219 area firms fell 8.55 points, or 3.2 percent. The Dow Jones industrial average tumbled 311.50 points, or 2.3 percent.

"The market is very nervous," said Michael Crofton, chief executive officer of the Philadelphia Trust Co. Inc., which manages $1.6 billion in assets.

Most companies finance their operations in part with debt - and higher borrowing costs reduce corporate profits.

Among the biggest losers yesterday in the Philadelphia area:

Telefex Inc., of...