Why New Fortress Energy Stock Sank Today
Shares of New Fortress Energy (NASDAQ: NFE) fell on Wednesday. The company's stock plummeted 14.5% as of market close. The leg down comes as the S 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 1.6% and 1.4%, respectively.
The liquefied natural gas (LNG) company will not be able to take part in a key government auction in Puerto Rico. It was revealed late yesterday that New Fortress has been disqualified from a Puerto Rican government auction to secure temporary power generation, according to reports. New Fortress had bid on an 800-megawatt contract aimed at stabilizing the U.S. commonwealth's unreliable electric grid.
The company has sent a letter to Puerto Rico Governor Jenniffer González-Colón requesting reconsideration, but the initial news was enough to send New Fortress Energy's stock lower, especially given recent developments for New Fortress.
Source Fool.com
