Why Core Labs Stock Crashed Today When Other Oil Stocks Went Up
Shares of Core Laboratories (NYSE: CLB) are down 10.5% at 1:08 p.m. EDT on Monday, after trading down as much as 15% during morning hours. Core Labs stock is moving in the opposite direction of most large oil and gas equipment and services companies today; the SPDR S&P Oil & Gas Equipment & Services ETF (NYSEMKT: XES) is up 2.3% on a relatively quiet day for the oil and gas industry. Beyond a handful of penny stocks in the sector (companies that are in serious financial trouble and at risk of bankruptcy), many of Core Labs' peers are up at least modestly today.
Today's big sell-off for Core isn't underpinned by any big news. The company issued no press releases and filed no documents with the Securities and Exchange Commission recently. There's also no big industry news, either today or over the weekend, that's the clear catalyst for today's sell-off.
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Source Fool.com
