Why Olin Stock Dropped 11% by 11 O'Clock
It didn't take a fortune-teller to predict this one: Fears of a Coronavirus apocalypse are having the expected effect among disaster "preppers" in America, who are now buying ammunition in bulk.
As Ammo.com announced on Friday, the past couple of weeks have seen a 68% increase in online purchases of ammunition through its website -- with spikes well above 100% in multiple states, reports Fox Business. One of the biggest brands benefiting from the sales is Winchester, the ammunition brand manufactured by Olin Corporation (NYSE: OLN).
And yet today, Olin stock is down 11.3% as of 11 a.m. EDT. Why?
Source Fool.com
