Why O-I Glass Stock Slipped Today
Shares of O-I Glass (NYSE: OI) finished today's session lower after the manufacturer of glass for beer bottles and other such containers issued a downbeat business update Monday. The stock closed down 14.3%.
The company said that it has experienced lower shipment volumes through the second quarter, as expected, due to challenges from lower demand because of lockdowns in various parts of the world. Quarter-to-date shipments were down through mid-May, falling 18% through May, but have improved in recent weeks as the markets it serves have begun to reopen.
Image source: O-I Glass.
Source Fool.com
