Why Uranium Energy Stock Is Plunging Today
Uranium Energy (NYSEMKT: UEC) stock cracked on Monday and sank as much as 13.2% as of 12:20 p.m. ET. Today's drop brings the red-hot uranium stock's unstoppable rally to a grinding halt -- Uranium Energy shares had jumped a whopping 90% since Feb. 1 through the end of last week.
Ironically, the price of uranium is soaring even as I write this. In fact, uranium spot prices have hit their highest level since March 2011 and are hovering around $60 per pound, according to TradingEconomics.com.
March 11, 2011 was an historical day that overturned the growth story for uranium companies, thanks to a major earthquake that caused one of the world's worst nuclear accidents yet at Japan's Fukushima Daiichi nuclear power plant. Japan shut down its nuclear reactors and sounded the death-knell for companies in uranium, a key fuel used in nuclear reactors.
Source Fool.com
