Why Century Aluminum Stock Slumped 11% Today
Last Thursday, aluminum maker Century Aluminum (NASDAQ: CENX) reported a small earnings miss for its fiscal third quarter, coming in at $0.22 per share, a penny short of analyst estimates. Wall Street was in a forgiving mood, however, and by the close of trading Friday, Century stock was down only a few pennies below where it had closed Thursday.
But that didn't last long.
On Monday, the long-delayed reaction to the earnings miss arrived, when a downgrade from investment banker J.P. Morgan sparked an 11.1% sell-off in Century stock.
Source: Fool.com