Shares of Finova Group Inc. sank further Tuesday, continuing a long slide that began in March when the finance company's chief executive officer, Sam Eichenfield, resigned.
Since then, the stock has lost 76.9%. It reached $9.50 on May 11, stabilized in early summer, then dropped to $9 on Thursday, when Moody's Investors Service downgraded the Phoenix company's bonds to the junk category. Michael T. Vinciquerra of Raymond James & Associates of St. Petersburg, Fla., reiterated his "buy" rating for Finova, following a 22.1 % drop in the company's share price last week. Shares fell 25 cents Tuesday, or 3.28% to close at $7.375.