Why Shares of Tronox Plunged This Week
Outpacing the S&P 500's 3.7% decline, shares of Tronox Holdings (NYSE: TROX) have plummeted 16.4% from the close of last Friday's trading session to 9:48 a.m. ET today, according to data provided by S&P Global Market Intelligence.
While the company didn't announce any news that spooked the market, investors learned on Monday of an analyst's bearish stance on the titanium dioxide producer's stock -- and that was enough to send them reeling.
John McNulty, an analyst at BMO Capital, took a pessimistic turn in his view on Tronox's stock, downgrading shares to market perform from outperform. McNulty also downwardly revised the price target on the company's stock to $16 from $21. The new price target implies upside of 17% based on last Friday's closing price.
Source Fool.com
