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Why New Fortress Energy Plunged This Week

TheMotleyFool

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Why New Fortress Energy Plunged This WeekPhoto, wide shot, wide-angle lens, Coal company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.midjourneyapi.xyz/temp/2a011bdc-adca-4de9-8457-d868b31178cf.png

Shares of liquid natural gas company New Fortress Energy (NASDAQ: NFE) plunged this week, falling 45.7% as of Friday at 12:41 PM ET.

New Fortress delivered a disastrous second-quarter earnings update this week, showing a dramatic decline in revenue and profitability. The company noted the drop in profitability had put it in violation of its debt covenants, which raised the possibility of bankruptcy.

Last Friday after the market close, New Fortress released its delayed quarterly results for the second quarter. When a company makes a filing late on a Friday, it's almost always bad news.

Source Fool.com

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