Why Olin Stock Just Dropped 17%

Shares of chemicals and ammunition specialist Olin (NYSE: OLN) dropped precipitously in early Thursday trading, and remain down 17.1% as of 11:35 a.m. EDT. Why?

For a change, this is not a story about the novel coronavirus -- or not entirely so. The industrial company's downfall, you see, was tied directly to the Q1 2020 earnings that it announced yesterday evening. Despite reporting better-than-predicted sales for the quarter ($1.42 billion, versus the $1.37 billion analysts had expected), Olin's loss was nearly twice as bad as analysts had expected -- $0.51 per diluted share.

Image source: Getty Images.

Continue reading

Source Fool.com