Why Shares of MasTec Fell Today
Shares of MasTec (NYSE: MTZ) fell more than 18% on Monday despite a lack of company-specific news. A sharp drop in the price of oil put the stock under pressure, as did increasing worries that the COVID-19 coronavirus will push the U.S. economy into a recession.
MasTec is an infrastructure company, providing engineering, building, and maintenance services for the communications, energy, and utility segments. Oil and gas is a large part of that business, but a plunge in crude prices over the weekend -- if sustained -- would likely mean a suspension of some projects and a drop in funding for new production.
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Source Fool.com
