Why LyondellBasell Industries Stock Slumped Today
Chemical conglomerate LyondellBasell Industries (NYSE: LYB) wasn't offering the right kind of chemistry for investors as the trading week began. Those folks traded out of the storied company's shares on Monday on continued bearishness following a weak second-quarter earnings report. This was exacerbated by a set of price target cuts from analysts.
Ultimately, LyondellBasell's shares lost more than 4% of their value on a day when the S&P 500 index rose by 1.5%.
LyondellBasell's performance for the quarter wasn't overly impressive. Revenue sank marginally on a year-over-year basis to just under $7.66 billion. Although non-GAAP (adjusted) net income nearly doubled to $202 million, it fell short of the consensus analyst estimate.
Source Fool.com
