Why Shares of Tronox Are Falling Today
Shares of Tronox (NYSE: TROX) soared on Friday after the company released strong preliminary first-quarter results, but the mining company is giving up some of those gains on Monday as investors fret about commodity demand if the global economy falls into a recession. Tronox opened down 11% on Monday and was down 8.5% as of 11:00 a.m.
Tronox shares are down today, but the stock is still up 18% from its close last Thursday after the company forecasted first-quarter adjusted earnings of $0.20 to $0.26 per share on revenue of $722 million, well above the consensus forecast for $0.12-per-share earnings on revenue of $704 million.
As importantly, the company said its operations have so far not been affected by the COVID-19 pandemic to the extent that some investors might have feared.
Source Fool.com
