Every major Orange County stock and nearly all others closed lower Tuesday along with the global market downturn.
Foothill Ranch-based Kaiser Aluminum Corp. was among the biggest decliners, falling more than 7%. The aluminum products maker’s decline was compounded by Tuesday’s report that durable goods orders fell a worse than expected 8% in January, led by fewer airplane orders.
Ceradyne Inc., a Costa Mesa maker of military armor, fell more than 6%.
Oakley Inc., the Foothill Ranch-based maker of sunglasses and clothes, fell 6%, along with others in the apparel sector. Anaheim-based surfwear retailer Pacific Sunwear of California Inc. was off 5%, while Costa Mesa-based Volcom Inc. was off 3.5%.
The county’s largest stocks, Broadcom Corp. and Allergan Inc., fell in step with the broader markets. Irvine chipmaker Broadcom closed down nearly 4%. Allergan, the Irvine drug maker, was off 2.3%.
About the only gainer: Anaheim circuit board maker DDI Corp., which rose 2.5%.
The Dow Jones Industrial Average closed off 3.3%. Nasdaq was down nearly 4%. The S & P; 500 index was off 3.5%.
The catalyst: a 9% drop in China’s stock market as investors cashed out on concerns Beijing may try to temper its ballooning economy by raising interest rates again or reducing more of the money available for lending.
