Why Daqo New Energy Stock Sank Today
Shares of Daqo New Energy (NYSE: DQ) slumped roughly 14.7% today, according to data from S&P Global Market Intelligence. The Chinese solar energy materials stock gave up ground in conjunction with pricing moves for the company's Xinjiang Daqo subsidiary, which had its initial public offering (IPO) on the Shanghai Stock Exchange (SSE) yesterday.
Xinjiang Daqo's share price skyrocketed roughly 184% in its first day of trading on the market, and Daqo New Energy stock surged roughly 20% in the session thanks to excitement surrounding the Shanghai listing. However, Daqo New Energy stock then pulled back in conjunction with pricing moves for its subsidiary.
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Source Fool.com
