Why Brookfield Infrastructure Stock Tanked 5% Today
Units of infrastructure holding operation Brookfield Infrastructure Partners LP (NYSE: BIP) and the companion-stock Brookfield Infrastructure Corp (NYSE: BIPC) were getting hit hard today. Units of the limited partnership were down 4.7% as of 1:10 p.m. ET, and the stock was down 5.2%. If you're keeping score, the S&P 500 was down just 1.3%.
Many stocks involved with infrastructure and energy are falling far more than the stock market overall today. Oil prices were down 9.7% in afternoon trades. The reason seems to be mounting fears over a recession, which could reduce demand for energy and cool off soaring prices.
But what does that have to do with Brookfield Infrastructure? After all, this isn't an energy asset portfolio reliant on high prices to make money. Rather, it's a collection of stable revenue-generating infrastructure concerned with the transportation of energy, freight, and a small data center segment.
Source Fool.com
